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.
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