The War Zone
Fare ye well into the closing bell!
You thought you was the cool fool
Never could do no wrong
Had everything sewed up tight
How come you lay awake all night long?
Is this the Steve Kerr market? I mean, honestly, three pointers are great if you're playing hoops but not so fun if it's a trading range! As it stands, we're still doing the minxy meander (right near resistance) and it seems like every trader in the free world is keying on the same levels. That's an unfortunate by-product of the hedge fund proliferation but, hey, it's the hand we're dealt.
The economic calendar heats up tomorrow with some gross domestic products (eww!), consumer confidence and existing home sales. We've also got the Novellus (NVLS:NASD) mid-quarter update tonight and that should color semicaps...which will color the semis...which will color tech...which will color the market. That's alotta crayons, granted, but in a slow tape, traders will wrap their arms around what they can.
The general rule of thumb is that markets that are up (down) all day tend to end that way. This juncture may be different in that we're bumping up against some decent resistance and it's waif thin. That dynamic works both ways, however, so put limits on your orders and understand that there may be vacuums in the pits. The last thing you want is to receive an unwelcome surprise from your trusty broker.
I'm gonna flip and tickle so lemme jump. Congrats to Minyan Tim Thornton of Rice University for correctly identifying Coolige, KA. as cousin Eddie's domain. For that, he'll be sporting his choice of a Minyanville tee to the next college world series!
Good luck into the close.
Todd Harrison is the founder and Chief Executive Officer of Minyanville. Prior to his current role, Mr. Harrison was President and head trader at a $400 million dollar New York-based hedge fund. Todd welcomes your comments and/or feedback at firstname.lastname@example.org.
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