Wax and Wane
Fare ye well into the bell!
A connecting principle, linked to the invisible
Almost imperceptible, something inexpressible.
Science insusceptible, logic so inflexible
Causally connectable yet nothing is invincible
The Minx continues her grindy slink and it's enough to drive Boo to...think. There's ample grist for him to chew on these days as he's been an island unto himself. He's been black listed at all the best clubs, restaurants no longer take his dinner reservations, his friends don't return his calls...it's just brutal. In the old world, that type of isolation would be exactly what he would want. The problem is that everyone now believes we're in a new world. Remember friends, it's always a new paradigm...until it isn't.
After this morning's pop, the ensuing drop is starting to raise eyebrows. The semis started the south side soirée and they continue to lead by example (both ways). To add an element of spice to the mix, we started to fill this morning's gaps (S&P 1058 and NDX 1424). To add even more spice, girls, the trading chatter is picking up a story of a shooting at the United Nations. While I can't confirm this (and it's bothersome that every dip is rationalized), I wanted to pass it along.
The breadth in four-letter land has come off its best levels (9:7) while the stubborn S&P's still boast two winners for every losa. I haven't seen much in the way of flow during the hiccup but a few gorillas just bought multiple sixes in the SPY. I'm not sure if the "run" is over but I can tell you that the angst levels (and the potential for trapped longs) is high. Do you think Happy Jack is a trader?
I'm gonna flip such that I can post this in a timely manner and focus on the task at hand. 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 email@example.com.
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