One Way Street
Good luck into the close!
Is it getting better
Or do you feel the same
Will it make it easier on you now
You got someone to blame
I don't know about you guys but I'm eating a puffy eye sandwich today. All this back and forth, in and out, up and down--I feel like I'm trading from Hedonism! Speaking of swingers, this tape can't seem to make up her mind. One minute she's kissing the downside, the next minute she's hugging the shorts. Where's the love, baby?
A couple of observations from the front. The (rate sensitive) financials continue to struggle and the banks (BKX) have snuggled up to the 50-day moving average (934). If you were to look at the mortgage lenders and home builders in a vacuum, you'd think the tape would be down a few Benjamin's. The very fact that it's not may be a bullish sign--or it may be our chance to get out.
Looking across the financial horizon, gold has (gasp) turned lower and the mining stocks are getting socked. Not surprisingly, the greenback is also bouncing (meow) as it gains ground on the Yen and (to a lesser extent) the Euro. I don't trade currencies--some would argue I can't trade equities--but the dollar squalor (and bold gold) has gotten rather loud in teletubbie circles. Almost as loud as the booming recovery.
After tomorrow's breakfast with Beeks (sorry Adam) and a brief word with Ciena (CIEN:NASD), it's pretty quiet on the catalyst front (Adobe (ADBE:NASD) will report after Thursday's close but the financial tides won't hinge on these reports). The metrics to watch are the technicals (shocker), psychology and structural. They're inter-dependent, to a degree, but each will add spice to the minxy mix.
I'm gonna turn my attention to tape so lemme hop, rabbit. Neal "the real deal" continues to sit atop the auction leader board (with a generous $4000 bid) and, as of now, he'll be joining the Minyanville professors and a cast of critters for our December 17th holiday gala. I've got a coupla tricks up my sleeve on this one--the Minyan team has busted their hump this year and they deserve it--and whoever wins this auction will be front and center. Besides, it's not about us--it's about the kids.
Fare ye well.
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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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