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A Morning Sniff

By

On my signal....

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A few trading vibes out of the gate:

  • The reaction of the financials to 'better' earnings is always a strong tell for the tape.

  • The Saddam gap--not to be confused with his teeth--remains as an upside line in the sand.

  • The S&P and Dow are offering stochastic sell signals.

  • Breadth is laggy out of the gate (much worse in the N's)

  • There's nothing semi about the SOX weakness. 475 remains an inflection point.

  • Sometimes the ability not to trade is as important as one's trading ability.

  • The consensus now seems to be that the tape will be drifty and full of nothingness into year end. That raises my antennas for a drafty move.

  • The dollar continues its quest for a monopoly peg.

  • I just saw 1,000,000 SMH hit the tape on the sell side (macro account).

  • Retail is due for a bounce. Think Raiders.

  • Unless there's a compelling fade opportunity (with the futures gappy either way), I generally like to sit on my hands for the first half hour.

  • There 'should' be at least one push attempt back above yesterday's high. If it happens, I'll likely fade it with a stop above Monday's levels.

  • T-minus 8 hours till Daisy jumps out of the cake.

  • Speaking of non-confirmations, check out the trannies.

  • If you haven't seen the Minyanville holiday gift baskets, click here!

  • Gun to head? Lower into year end.
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No positions in stocks mentioned.

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 todd@minyanville.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.

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