The Road to Evermore
What, did world peace break out?
Looking out at the road rushing under my wheels
Looking back at the years gone by like so many summer fields
In sixty-five I was seventeen and running up one-on-one
I don't know where I'm running, I'm just running on
I've never been a big JB fan but I actually enjoyed his music when he opened up for Petty on Friday night. Regardless, it's a fitting song as I prepare to close one chapter of my life and begin another. As I said in the last post, when you're in the trenches with your fellow soldiers, you develop camaraderie-and when you're as loyal as I am, that means something. I have many emotions as I take this next step and as I've always laid it on the line with my readers, you'll likely know 'em as I'm feeling 'em.
Alas, this is the big leagues and in the bigs, you shake it off and play your game. We know from experience that tapes that are strong all day typically end that way but, with volume the lightest it's been in a week (and that's saying something!), I'm admittedly suspect. A layer of resistance is sitting above (S&P 910 and NDX 1050) and despite that sneaky little "W" formation in the three day S&P chart (potentially bullish), I'm not biting...yet. If those stochastics cross (they haven't) or if something material changes, I'll readdress. Until then, it's ol'e I say!
The catalyst parade should pick up tomorrow as we'll get E.P.S from Best Buy, Circuit City and Micron along with Storage day with TWPT. Not to be forgotten, Clarence Beeks will swing by in the morning with the Consumer Price Index (exp .2%, ex food/energy .2%), Industrial Production (exp..2%) and Capacity Utilization (exp. 75.4%). These inputs should help to provide clarity for the days ahead but, with that said, I sense that the macro variables will be more "telling." Yes, I say this with crude and gold both ripping-along with the tape!
The shooter who bought the 55,000 QQQ puts last week just turned and puked them. That little snippet of information, coupled with the overhead resistance in the S&P and QQQ is enough to tingle my senses and add an arm into my metaphorical bear costume. This makes three appendages (75% conviction on the short side) in our furry little friend. Hey...if you're gonna be a bear, be a grizzly baby!
I've got to run on the bell as I try to coordinate a lot of things in a little time. Again, apologies on the lag in posts today as, well, it's been a very heavy day. Take me at my word when I tell you that my commitment to the critters and to the readers of this site will only strengthen as a result of this morning's announcement.
I've included a picture of the charity auction one-of-a-kind signed poster and, as it stands, the high bid is for $1100 by John B. Collier. The bidding will stay open through Thursday's close so please feel free to send your bid into firstname.lastname@example.org. 100% of the proceeds will be donated to The Ruby Peck Foundation for Children's Education.
Have a peaceful night.
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.
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