A Morning Sniff
On my signal....
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.
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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