All Eyes on You
Hey Daisy--how bout I plant one of these on ya?!?
There's talk on the street, it sounds so familiar
Great expectations, everybody's watching you.
The snow continues to fall in Minyanville and thus far we've accumulated a Jewish eight inches-which, of course, is only six inches in absolute terms! In all seriousness, its pitch white outside (if there is such a thing) and I know a lot of traders who've hit the road already. What does that mean for the market? It's gonna get thinner (and whippier) as we edge towards the closing bell and the price action has the potential to snowball.
The billion dollar bogie on the horizon continues to be Intel's mid-quarter update tonight and expectations are fairly lofty. When trading catalysts, we always like to "set the bar" of expectations and despite the 15% pullback in the SOX, I would guess the bar is still around seven. With that said, please understand that what they say will set the tone for tech in the days ahead. NSM also reports tomorrow but understand that Intel is the horse that leads the semi-cart.
Breadth continues to smell and it seems that every trader I've talked to in the last hour is fading (read: buying) this selloff for an afternoon Snapper. I mean, jeez, I even took a leg out of the warmth of my bear costume out of respect for these levels-what does that tell you?!?
We discussed the different ways to approach these levels this morning but it's worth noting that the ability not to trade is sometimes as important as our trading ability. In other words, if you're flipping a coin with your exposure, you may want to flatten out and build a snowman.
In Minyanville news, we continue to iron out the kinks on the flagship site and welcome any thoughts on how to make your experience better. If you'd like any definitions added to the dictionary or simply have questions or ideas, feel free to ping us at firstname.lastname@example.org. We rely on our readership to spread the word so, if you're diggin' the site, please help a critter out!
Hope your jinglin' baby!
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