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Fantasy Island

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Right on your nose, Maryann!

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Just sit right back and you'll hear a tale,
A tale of a fateful trip.
That started from this tropic port,
Aboard this Minxy ship.

(Gilligan's Island)


Pass the Ginger, MaryAnn, this tape is getting a little spicy. I've got a one month chart of the S&P on one of my (eight) screens and today's trading is an island unto itself. Remember we spoke about those gaps this morning? Well, with nary three hours left in today's tour, they're the center of attention. Mr. Howell is quite perplexed and he asked me to quickly walk through the view.

The first thing that jumped out earlier was the reversal of the NASDAQ breadth. It never put in a higher high (negative non-confirmation) and the internals soon followed suit. The Red Sox are leading by example and I'm paying particular attention to Intel (INTC:NASD, the semicaps (they're a pretty decent proxy for tech sentiment) and Micron (MU:NYSE) (warrants a mention in crimson detention). SOX 490 is support du jour and that's where Snapper will try to make a stand.

As I write, S&P 1075 is being tested (on the downside) and all eyes are on the SPY's. If they can hold (NYSE breadth is still positive), Hoofy will argue that this is a textbook retest of the latest and greatest breakout. If they can't--and the market closes lower on good news--it'll bode well for Boo. I will say this--the dollar (getting hit), oil and gold (up on the day) are non-believers. It remains to be seen if investors follow suit.

As always, I hope this finds you well.
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