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 email@example.com.
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