The Petty Zoo
Gee, I sure home my evil twin brother doesn't show up!
Yeah runnin' down a dream
That never would come to me
Workin' on a mystery, goin wherever it leads
Runnin' down a dream
Mucho snaps to Tom Petty for a rockin' Garden performance Friday night. I've always dug his music but, truth be told, he blew me away with his energy, verve and style. I think my brother also had good time but, due to the fact that he was jumping up and down the entire time, I never got a chance to ask him! I'll tell ya, there's nothing better than throwing down a couple of cold brews and sharing a smile with your brother. It truly is as good as it gets!
Meanwhile, turnabout is fair play in the city of critters as the Minx caught Boo nappin' and is recouping some of her losses. As discussed, the NDX is in the process of filling Friday's gap (NDX 1040) and, if it does, we'll be right back where we started. Geez, that's a lot of work for nuttin, honey! The tenor of the old school is markedly better than the techs as the financials continue to set the pace. Interestingly enough, the internals on the NASDAQ are lethargic (given this move) and Hoofy is keeping a close eye on this measure as we trudge into the afternoon.
I haven't heard much on the flow side (dead quiet) and the catalyst calendar is empty, so I've been keying off the chart levels. The next resistance levels for the S's is S&P 910 (area of congestion last week) and NDX 1050 (past support). I would think that the bears make a stand there although I will say that it's so thin, there's a chance for gorillas in the midst. In other words, a few funds with a large agenda can push the tape around and they generally like to emerge when it's thin and reactive. Just something to put in your pipe as we digest the coming days.
I'm sticking with the bear costume (50%) but I'm conscious of the fact that my last trading day of the year is Friday. I've always been a big believer that when you take a vacation, you should take a vacation. As such, I'm inclined to flatten as much risk as possible before my much needed break and leave the flickering ticks at the office. Change is in the air, cookie, and before I move forward, I want to breathe. It's easy to use words like "balance" and toss around phrases like "work to live" but, unless you practice what you preach, you're a hypocrite-and I'm guilty of that very thing.
Alas, it's a time for new beginnings and in the spirit of the season, I'd like to announce that our annual holiday auction will begin with the next post. Again, this year's item is a one-of-a-kind 13" x 19" matted poster framed in Plexiglas and signed by myself and each member of the Menagerie. This will be the only official poster of its kind and 100% of the proceeds will be donated to the Ruby Peck Foundation for Children's education. It's a most worthy cause and I thank you for your consideration!
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.
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