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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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