Toddo, please take me with you on vacation--this is no weather for a snake!
Heads up trading fans, oil is up another 3% and my gas station attendant has informed me that it's a function of Venezuelan concerns. Hmm...Latin America....price of Crude...sounds awfully familiar! I'm not rooting, mind you (emotion has no place in the trading process)-I'm just trying to wrap my mitts around conventional wisdom such that I can take the other side. I paid particular attention to the rags over the weekend to make sure that the bear camp didn't get too crowded and I don't think it did.
There is a gap in the S&P futures from Friday's opening which we're currently in the process of filling. That price point is 902ish which, by the way, coincides nicely with the four day downtrend line so keep your eyes peeled at that zone. I know a lot of futures players have placed their stops in and around there too so, if they trigger, you prolly get some short-term poppage. Speaking of gaps, the corresponding NDX gap begins at NDX 1030, so use that as a short-term inflection point for the techs.
The networkers have yet to join the party and I'm keeping an eye on that complex as we trudge ahead. Other than that, they act "ok but it's early-maybe too early. If they can push 'em through these levels, watch last week's highs as the next point of contention. Its whisper thin out there, my friends, and there's likely air pockets in the futures pits. Stay on your toes!
I'll be back.
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.
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