Some quick thoughts before we get this party started...
There is 'some' S&P resistance near 1084-1086ish (the upper Bollinger band--it's been good--and the overhead trendline from the highs in September, October, November and December). That will be the first area of contention for the Saddam glom, as will NDX 1450-55 (yearly highs).
I'm being told that much of the short base was taken out on Thursday (hearing it's a 3 out of 10) so the fast money buyers may be limited in nature. The sustainability of this move will be a function of conventional accounts putting money to work and, perhaps more importantly, the continued lack of motivation by the sellers.
Look for an early fade from the opening highs and then we'll see what's what in the scuttlebutt. The graphics on television (Dow 15,000) and the bravado of the bulls (Hoofy is wearing cashmere) piques my interest on the short side but the opening print may not be the best entry. As I said earlier, regardless of your view and/or posture, timing is particularly important today.
Please note that the dollar has given back most of its gains and gold is crawing back some of its losses. Europe is well off its highs (it'll key off the stateside ride) and Fokker is taking final RSVP's for the holiday bonanza on Wednesday!
Hit 'em hard!
To bid on this item, click here!
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.
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