Briefs and Boxers
I am just a poor boy,
Though my story's seldom told,
I have squandered my resistance
For a pocketful of mumbles such are promises
The morning spew begins anew as the critters wonder what to do. As per the earlier UMV debate, the zone diet for the Minx is S&P 1150-1165 and that's what traders are watching. The early action is relatively nondescript with breadth slightly negative, gold holding a bid, drugs and energy a tad lower, Europe surprisingly heavy and Fokker barking orders at the new kid. Do unto others as you would have them do unto you, boss, and you'll always have the loyalty of your troops!
Elmer and Jill will climb the hill in a bit and most eyes will be glued to the tube. Our bespeckled friend seems intent on saying (and doing) whatever it takes to keep the chainsaws in the air and while his Senate commentary will mirror the House text, the Q&A will be dynamic. I suppose it's par for the course in the era of reality TV...although I'm not quite sure what reality he's living in!
Hoofy's gonna try to get spry and trigger a coverfest north of S&P 1165. I don't think he does--although I'm clearly in the minority--and I'm looking for a trapped bull scenario if the shtick doesn't stick. If Boo is wrong, the current resistance will become support and the bovine will have a new platform on which to dance. That certainly could happen, mind you, but jump off, I mean cross that bridge when we get to it.
As of now, it's fairly quiet although I continue to see puts for sale. We know that the macro community was caught short yesterday and provided a chunky bid to the tape. I haven't wrapped my arms around their current stance but if I hear, you'll know. In the meantime, we're just wading through the muck and trying our luck.
Hit 'em hard.
ps - Stevie Cohen is about to appear on CNBC and he's considered by many as one of the greatest traders of all time. Worth a listen.
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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