No worries mate!
Hello darkness my old friend
I've come to talk with you again
Because a vision softly creeping
Left its seeds while I was sleeping
The morning zest took a rest and--shockingly enough--Boo sauntered into my office with a shvitz-eating grin. I'm not quite sure what he's looking at but I told our furry friend to stick with his disciplines. We have our levels, we have our tells, we have Fokker wearing his Underoos--it could be worse. Let's take a look.
Thus far, we remain dead smack in the middle of the tight trading range (S&P 1060-1075) and there are likely some "stop orders" on either side of that fence. The early traction in the internals gave some of it up (on the heels of the I to the ISM manufacturing report) and that, coupled with the relative slippage in the piggies, are the potential flies to watch. On the flip side, the Merck (MRK:NYSE)/General Motors (GM:NYSE) jig is propping up the industrials and keeping the green on the screen.
The supply of the equation remains unmotivated (thus far) and, more likely than not, it'll take lower prices to spook the sell side. With Intel (INTC:NASD) tomorrow (who doesn't know it'll be good?) and the Beekfest on Friday, there's a decent chance we meander until we get fresh news. That seems to be the feel on the Street and, until either of our levels are breached, lotsa traders are in watch mode.
In response to the many inquiries, the holiday gift baskets will arrive shortly and will be available in plenty of time for the stocking stuffing and menorah fluffing. The critters were up all night stocking the holiday artwork (and treats) so, at your convenience, take a stroll down Main Street. We finally have our E-Commerce solution up so that will hopefully make for a more enjoyable shopping experience.
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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