Good luck into the bell!
My love is bigger than a Cadillac,
I try to show you but you drive me back
Your love for me has got to be real
You're gonna know just how I feel.
Holy guacamole, Fokker, it's thinner than Victoria's secret out there! Whenever you see large cap stocks gapping ten, twenty...fifty!...cents at a clip, you know it's waify. When that SPY buyer walked into the market--he bought up to 3,000,000--the dealers stepped aside and went for the ride. Now, with the NDX above its 50-day, the big board battle is front and center. Dow 10,000. S&P 1075. Whataya got?
The breadth remains splendid and, as we know, tapes that are up all day tend to end that way. The caveat that must be noted is that, this time, we're also at some technical inflection points. That doesn't trump the mojo, per se, but it adds an element of "pressiness" to the mix. Since the upside break at 2:00, I've seen nothing but buyers (long and covers) as traders try to give this acne a full fledged complexion. In other words, there's still (some) trappage potential as we eyeball the bell.
With all that said, Hoofy is walking around with a puffy chest as he surveys his empire. Equities are sticky green, the dollar has given back all its gains (interesting), gold is digesting, bonds are higher and psychology is froth and frothier. It promises to be a freaky Friday--and Master Brodsky promises to sneak a Random Thoughts into his daily vibe. Let's make him feel right at home.
The results of the Minyan poll are in and the pecking, er, picking order remains the same. Ditto for the charity auction as Neal looks to steal some face time with the critters. I'll be back in the saddle on Monday so lemme take this time to wish you all a prosperous Friday and a safe weekend. Work to live--don't live to work--and remember that your p&l doesn't define you...it only paves the way.
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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