What a pity you don't understand
You take me by the heart
When you take me by the hand
The early fray is underway as the cats away and the mice all play. The obvious headliners today--Disney (DIS:NYSE) and Elmer--are battling for attention as we edge through the morning muck. The standout stocks, from a price action standpoint, are the brokers. Goldman (GS:NYSE) got upgraded, Comcast (CMCSK:NASD) is writing checks and traders are bettin' that the easy Al won't come with a scowl. Please note that, as it stands, the piggies have yet to join the party. Perhaps it has something to do with the fact that Argentina was down 8% yesterday?
Should the Minx have opened "better?" I opined to Fokker one and Fokker deux that I was surprised the futures weren't higher pre-opening but, with that said, there's alotta trading left in the session. Before we get into the guts, I wanna paint a coupla broad strokes. The Investor's Intelligence Sentiment survey has been above 52% bulls for 25 straight weeks--that's the longest in history. That, in and of itself, isn't bearish but, without question, it makes the market more susceptible to shock.
Jumping back to the here and now, the semis are somewhat sticky and that's lending a bid to the N's (over S's). Breadth is nowhere, man, and I would consider that a negative considering the news. Retail has regained its crowded mall status, oil service is still hot, storage has a bid and the drugs are getting smoked. Hey Greg RN, do some work and see where John Kerry stands on big cap pharma.
Thoughts? I expected them to try the upside (and they still might) but the fact that they haven't yet, is intriguing. Regardless, Matador Elmer will be here in a bit and that'll likely set the tone for the rest of the Hump. Technical levels remain NDX 1500 (1515) and S&P 1150ish on the upside and NDX 1490/S&P 1138 are the nearest term support zones.
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.
The information on this website solely reflects the analysis of or opinion about the performance of securities and financial markets by the writers whose articles appear on the site. The views expressed by the writers are not necessarily the views of Minyanville Media, Inc. or members of its management. Nothing contained on the website is intended to constitute a recommendation or advice addressed to an individual investor or category of investors to purchase, sell or hold any security, or to take any action with respect to the prospective movement of the securities markets or to solicit the purchase or sale of any security. Any investment decisions must be made by the reader either individually or in consultation with his or her investment professional. Minyanville writers and staff may trade or hold positions in securities that are discussed in articles appearing on the website. Writers of articles are required to disclose whether they have a position in any stock or fund discussed in an article, but are not permitted to disclose the size or direction of the position. Nothing on this website is intended to solicit business of any kind for a writer's business or fund. Minyanville management and staff as well as contributing writers will not respond to emails or other communications requesting investment advice.
Copyright 2011 Minyanville Media, Inc. All Rights Reserved.
Daily Recap Newsletter