For What it's Worth
Come on, Toddo, if you're gonna be a bear--BE A GRIZZLY!
Stocks open a touch firmer and Hump Day in Minyanville is officially underway. The tape remains coiled, the banks act (relatively) o.k, breadth is marginally positive and gold just got waxed (hard!). It's uber-early, Minyans, so please don't read too much into the first half hour--it's noisier than usual!
While the banks and semis both stick out on the buy side, I'm admittedly suspect of a 'straight up' day. Elmer takes the hill soon, Franz Blix's U.N chit chat is on Friday (and will likely overhang the market) and, well, a ton of unknowns remain in our midst. As it stands, my early inclination is to fade rallies and patiently wait for some whooshage as an entry on the buy side.
Too scripted? Perhaps...and I know enough to know that it's hard to know, with certainty, what's going to unfold today. I can tell you this--New York City is on edge and there's a collective trepidation ahead of the weekend. If that's any indication of the prevalent mindset, stocks will be hard pressed to significantly lift ahead of the looming three-day respite.
As always, just one trader's (humble) opinion.
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