Ear to Ear!
Thanks Jackson and Sam!
"I guess I could be pretty pissed off about what happened to me, but it's hard to be angry when there's so much beauty in the world. Sometimes, I feel like I'm seeing it all at once, and I can't take it. My heart swells up like a balloon that's about to burst."
--Lester Burnham, American Beauty
We interrupt the morning fray with some fantastic news from the 'Ville. Minyan Jack Tarver has stepped forward in our mission to help young Jackson Reamer and, with his friend Sam Smartt at King Air, we've taken another step towards finding a cure! Thank you ever so much, guys, for what you've done and who you are. This is what the spirit of Minyanville is all about!
As I try to wipe the smile from my face (not really), my eyes are scanning the eight screens that sit on my desk. The opening take resembles yesterday's snake as traders jockey for position in front of Elmer's spew (tomorrow). While themes are just now starting to emerge, the semicaps are pink (a bit red), oil service is drilling higher, the dollar is weak (off its lows), Europe trades a tad heavy and we continue to challenge initial resistance (S&P 1142/NDX 1500).
Slow (catalyst free) sessions tend to defer to the psychology metric which, in turn, dictates the technical effort. If we can spurt higher through these levels, S&P 1150 and NDX 1515 will be the next magnets. If we fail to rail, we'll likely make a run at the recent lows (S&P 1124/NDX 1460). With breadth flattish (marginally positive) and the semis slightly below their 50-day support, we should monitor both for intraday directional clues.
I still wanna lean short with tight upside stops and will punt if the financials and/or breadth start gaining traction. There's a case to be made both ways, Minyans, but you can try anything as long as you're disciplined. My sense is that Friday's lift was dominated by short covering. My fear is that we're never supposed to short a dull tape. Just lettin' ya hear the jibber jabber that's going on behind my eyelids! It's insanity!
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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