This isn't my type of tape!
The morning zoo is underway as traders decide if they wanna stay. The first half hour is always noisy--this we know--and after a couple of Jedi mind tricks, the Minx is settling into her groove. Whippy? Thin? Choppy? I would say D--all of the above.
The semis were sloppy out of the gate and that sparked some initial jitters. The U-turn, or should I say V-turn, was sparked by a spate of short covering when the S&P failed to take out yesterday's low (1068ish). We're still flopping around and despite the knee jerk, the breadth is still a tad sour. Losers are beating winners 3:2 on the Nazz and marginally on the big board.
The semis and retail continue to underperform (themes from yesterday) while the all-important financials are (thus far) holding steady. It's also interesting, for lack of a better word, that the internet space is sluggish as they're the master betas in today's tape. Oracle (ORCL:NASD) is also a focus (on the heels of earnings) as is Amgen (AMGN:NASD)--both from a sentiment standpoint. Finally, remember that Friday is December expiration so be on the lookout for pin pulls.
"Mistere" remains atop the leader board for our holiday charity auction that ends at 4:00 sharp. Coincidently, I'm meeting with the Little Kids Rock folks tonight about furthering our efforts to supply musical instruments to inner-city children. That's a snazzy tune any way you slice it!
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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