I'm not going down without a fight, Toddo!
Man oh man, I gotta hand it to the Dolphins. They came to play and they scrubbed the field with my beloved Raiders. On a positive note, I can't imagine Oakland playing any worse, yet they were in it until the very end. I take small solace in the fact that Ricky barely got 100 yards but that's admittedly a reach. Snaps to the fin fans on a job well done-we'll see you in the postseason!
It's been a very busy day in Minyanville but a very quiet morning on Wall Street. The Empire State Manufacturing survey was released and it's building a bit faster than expected but, other than that, it's super quiet. After the Minx's recent double dose to the downside, many market players are pegging this week (and the next couple of sessions in particular) as the trendsetter into year end. I see what they're seeing-a dull tape that's down a lot-but there are a couple of patterns that I want to make sure you're aware of.
As I was walking through my charts, I noticed that the Dow and the S&P are potentially in the process of putting in a "double top" (negative) with the August highs. I know this isn't a revelation for many but, after all the hoopla of October's double bottom, it was interesting to me that this wasn't as loud. Also, I would once again like to note the potential "head and shoulders" formation in the S&P, Dow, NDX, BKX (banks), XBD (brokers) and SOX. Yes, we've seen this movie before as it's worked sometimes (into September) and been a head fake others (mid-November). Regardless, we must be on dandruff alert as we trade ahead.
With the market oversold and most sub-indices probing their 50-day moving averages, the bulls will likely put their game face on to begin the week. I'll once again be keying on the macro variables such as the dollar, crude and gold as they've been driving the psychology of the tape. Within our market, watch the brokers as many of them report later this week and they'll color the overall action of the financials. Other tells include the retailers (consumer proxy), the semi's (MU), storage and our trusty internals.
We're getting close to "put up or shut up" time for Hoofy and his year-end rally thesis and that fact is not lost on portfolio managers. The institutions have been particularly quiet but I sense that many of them are in "watch mode" and will respond to the action if a further trend emerges. Patience and discipline remain the cornerstone of successful trading so be smart when committing capital, my friends, the waters are about to kick up.
With regard to the auction, it will begin around lunchtime today and yes, we'll be displaying the artwork on the site. This is a one-of-a-kind Minyanville collector's piece (never to be replicated) and 100% of the proceeds will be donated to the Ruby Peck Foundation for Children's Charity. Good stuff!
See you after the opening.
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