Right on your nose, Maryann!
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.
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.
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