A Quick Sniff
If this Seagate doesn't hold...I may not get held!
The opening bell is met with a bit of selling and Hump Day is underway. A couple of quick thoughts off the bat:
- Quest Diagnostics is being added to the S&P tonight and I'm hearing that there are 2300 spoos (S&P futures) for sale into the bell.
- Watch the Seagate I.P.O (STX)--and it's ability to hold it's issue price of 12--as a "tell" today.
- Software and Media act well out of the gate.
- I just saw a Macro hedgie take a million QQQ's.
- Hearing chatter of an alligator sighting (allocation) out of stocks and into bonds.
- KMB soiled themselves this morning-should color the soft goods.
- Morning breadth is 3:2 negative (very early).
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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