Wouldn't you know it--Fokker's head cold from last week seems to have made it into my crowded keppe (how did it fit?). I know that this is the big leagues (and in the bigs, we play in pain)...I just can't believe that the kid would do that to me. Martin never did that to me!
The early green was short lived and, after last week's slippage, that was to be expected. In the absence of overt positives, straight "up" would (most likely) have failed as the most recent trend was down (and that side of the tape needs to be probed). Getting the "test" out of the way doesn't mean we're going to rally--but it is certainly more bullish than a spike out of the gate.
I opined last week that S&P 810ish was a zone that, if reached sooner rather than later, intrigued me on the long side. I'm not sure if we get there--yet--but if we do, I may put a harness on Hoofy and let him try the bungee. That's admittedly an abstract thought as we're not there yet and we've got plenty on our plate in the meantime. One step at a time, kid.
The (oversold) financials have withstood the first test and the NYSE internals have edged to 3:2 winners over losers. The Nazz breadth isn't as sweet and, potentially, this portends an S's over N's day. It's still very early, mind you, but I'm looking for clues...any clues.
Ever see a tape in headlights? You're seeing it now and everyone is waiting for a direction to emerge before committing capital. I don't see anything compelling (yet) but my sense is that they'll get 'em down a bit and then we'll take a look.
Fare ye well.
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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