The Georgia Peach
Let the levels work for you!
The devil went down to Georgia
He was looking for a soul to steal
He was in a bind cause he was way behind
And he was willing to make a deal
(Charlie Daniels Band)
The morning dew begins anew as the ticks flick and the critters review. Today, in band camp, we should take our flutes and watch S&P 1060-1065 and NDX 1400-1425. Those are the nearest levels and alotta traders are keying on them. The lower end is clearly more of a focus, mind you, but if the upper tags get taken out, the green seeds could begin to sprout.
An early check of the morning breadth finds two winners for every loser. That' clearly constructive--it's also clearly early--but it's something to monitor as we edge through the muck. The dollar continues to puke but, at this point, it's almost dry heaves. The greenback has been dancin' with the devil for quite some time and nobody seems to care.
Where do I stand? Over here on my hickory hump watching the fiddles unfold. While it's almost too pat to say "bullish above S&P 1060 and bearish below," that's kinda how I'm feelin' (for the next trade). It's tight enough that my risk is defined and disciplined enough to incorporate our trading tells. Thus far, the banks hang tough, the small caps are trying to regain traction and Europe is crawing back. Watch Intel (INTC:NASD) and the internets (lower) as psychological tech tells as we find our way.
Finally, for those wanting for more granularity among the Minyanville holiday gift baskets, ask and you shall receive. We've updated Spirited Sweets to facilitate those requests and the critters are standing by.
I'll be back.
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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