The Mysterious Minx
No sizzler for me!
You're sliding down
She'll be there when you hit the ground
I've got to tell ya, I'm a little surprised by the lack of noise accompanying this slippage--the wires are quiet, the VIX is still down and the trading rooms are quieter than a kitty fart. Where's the fear, Mon Frere? Despite the failure at resistance and the fugly action in the banks, nobody seems that concerned. Is it me?
For the Bloomberg players among you, pull up a five day gip (chart) of the S&P and look at the trendline from yesterday's lows. We were hugging it for the better part of the session and then--BAM--we spilled miserably. The next support zone is yesterday's lows of S&P 824 and NDX 950ish. So you know...and if you care.
The internals have (understandably) taken a turn south and, while they haven't confirmed (the upside) all day, it's worth a mention. They certainly tried to rally but, as Slaino would say, "Thas no real buyahs in tha mahket." I hear ya Dave--if they're gonna bust through triple resistance, SOMEBODY has to step up!
We've got AMAT earnings tonight and, while they've already messed their pants, traders will be paying attention to their verbiage--and so should you. KO, COX, DCN, KEA, SPW and VIA all report tomorrow morning so factor that into your risk profile as well. Finally, YHOO and PEP will both be holding company sponsored meetings in honor of hump day.
I know this is hard, Minyans, and I know it's no fun. Take a deep breath and don't make a bad situation worse by mentally throwing in the towel. In this game, one moment of indiscretion can cause a lifetime full of angst. Stay sharp, remain lucid and, if you're gonna trade, trade to win, baby.
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 email@example.com.
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