Someday love will find you
Break those chains that bind you
One night will remind you
How we touched and went our separate ways
The afternoon lift is a horse with a gift as we hold our gains and start to drift. Professor Succo and I have been going back and forth on IM (a feature soon available to Minyans) as we digest the current juncture. Dow 10,000. NDX 1406 and SOX 494 (50-day moving averages). S&P 1070-1075 (highs for the year). One of two things is gonna happen, Minyans, and they're both pretty trippy. Let's take a peek.
The conventional wisdom (among those I chat with) is that further acne is inevitable. I see what they (and you) see--minty breadth, decent leadership, anxious psychology--and after the stiff lift of Hoofy's gift, nothing would shock me. With that said (and respected) the other side to that argument is that traders are gunning for new highs again. If they can't push through, the Snapper trapper could kick in to the downside.
What am I watching? Intel (INTC:NASD), for one, as it's been the single best tech tell the last few sessions. It's started to labor (slightly) and if that chip double dips, it'll weigh on the semis (which, in turn, will quell sentiment). Along those lines, SMH 40.50 is uber-short term support for the active Minyans among you. Along other lines, keep half an eye on the banks here...Bank of America (BAC:NYSE) is red and Citigroup (C:NYSE) is up a meager dime.
Gotta hop--keep your wits about you and remove emotion. These last three hours are gonna be chock full of nuts!
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.
The information on this website solely reflects the analysis of or opinion about the performance of securities and financial markets by the writers whose articles appear on the site. The views expressed by the writers are not necessarily the views of Minyanville Media, Inc. or members of its management. Nothing contained on the website is intended to constitute a recommendation or advice addressed to an individual investor or category of investors to purchase, sell or hold any security, or to take any action with respect to the prospective movement of the securities markets or to solicit the purchase or sale of any security. Any investment decisions must be made by the reader either individually or in consultation with his or her investment professional. Minyanville writers and staff may trade or hold positions in securities that are discussed in articles appearing on the website. Writers of articles are required to disclose whether they have a position in any stock or fund discussed in an article, but are not permitted to disclose the size or direction of the position. Nothing on this website is intended to solicit business of any kind for a writer's business or fund. Minyanville management and staff as well as contributing writers will not respond to emails or other communications requesting investment advice.
Copyright 2011 Minyanville Media, Inc. All Rights Reserved.
Daily Recap Newsletter