Good luck into the close!
"This is a mutiny, Peter. There's only two sides to a mutiny."
--Lt. Roy Zimmer, USS Alabama
Captain Elmer has left the con and the USS Minx has set a course for adventure. Is she sea worthy? As it stands (or floats), the bilge bay has taken in some water but the hatches are within reach. Periscope depth remains centered at S&P 1060 (holding) although Vosler reports some damage to technology (NDX under 1400). Sonar to con--stay on your toes!
The semis remain problematic as Intel (INTC:NASD) continues to trade waterlogged. The SOX is now below November levels (broke a double bottom) and--rotation or no rotation--that's a red flag. Toss into the mix the lethargy in the financials (failed at BKX 950 again) and the break of NDX 1400 (so far) and, well, that's what Mister Boo is watching.
With that said, S&P 1060 is still afloat and until that breaks, the crew will give Hoofy the benefit of the doubt. We're not there yet, mind you, but the jerkle smirk at Dow 10,000 clearly trapped some players on the long side. The longer it takes to revisit that level, the less likely a forthcoming Snapper is. He's still got a chance--he's just gotta get through basic training.
Tomorrow is slow on the catalyst front but it'll likely be a day when today's watchers dip their toes (if they're going to). For my part, I'm jugglin' some exposure so I've gotta flip lids and tickle ticks. Minyan Neal ends the first day of the auction atop the leader board and, as it stands, he and a guest will be joining the Minyanville family for our first annual holiday dinner. We can trade seven ways till Sunday--but on Sunday, a lot of children will lead better lives. Wasabi Sir!
Fare ye well.
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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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