Good luck into the close!
I make my living off the evening news
Just give me something, something I can use
People love it when you lose,
They love dirty laundry
Thataways abound as we collectively edge through a Minxy Monday meander. Wanna feel bullish? Look at the action in the Dow (as she stealths towards 10,000) or the financials (which are stubbornly sticky). Feeling Boo? Intel (INTC:NASD) & friends are probing tech support (NDX 1400) as the retailers are on sale everywhere. Talk about bipolar tapes, jeesh--I'm schizophrenic...and so am I!
There have been numerous times today when it felt as if we'd break down or bust out. If you're a reactive type (and emboldened by the price action), there's a chance that you bit on both sides. As it stands, the jury is out but the bulls deserve the benefit of the doubt. Why? Because we're still basing above support and the bears have yet to exhibit motivated selling. More likely than not, the only thing that'll wake up supply is lower prices.
Texas Instruments (TXN:NYSE) will offer their mid-quarter update tonight before all eyes shift to Elmer. The tape is particularly thin (and will likely remain so as we edge closer to baby new year) so factor that into your strategy if you're active. There are motivated agendas in play and rest assured, they'll kick up before long. Stay lucid, remain diligent and craft a strategy before stepping onto the field.
We've drifted in an uber-tight range today so there's not much to report from the front. If I had to venture a guess into the close, I'd be wary of the upside (S's over N's). The banks are up a percent, there seems to be an underlying bid to the cyclicals, big board breadth is decent and we remain above support (S&P 1060). Of course, it's also not written anywhere that we're mandated to trade so if you're pressin' and guessin', take a deep breath and wait for your pitch.
Have a peaceful night.
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 email@example.com.
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