Fokker!!! You tripped over the plug again!
"Now I don't have to tell you good folks what's been happening in our beloved little town. Sheriff murdered, crops burned, stores looted, people stampeded, and cattle raped. The time has come to act, and act fast. I'm leaving."
Reverend Johnson, Blazing Saddles
The Battle of Rock Ridge continues as Sheriff Hoofy and the Waco Bear size each other up. The prize, as we all know, is technical supremacy in the land of critters. If we push north of S&P 1165, the 50% retracement crowd (leaning against resistance) will be forced to chase their stinkin' badges. If we fail, a heckuva lotta bulls will be left twisting in the trees and stuck in a double top. Speaking of which, has anybody seen Daisy Von Shtupp lately? She wooks weally womantic!
The nearest term support (S&P 1150/NDX 1500) is being tested as we speak and as long as it holds, the bovine will opine that everything's fine. That's the focus on the equity side and other than some bold gold, the rest of the asset classes are similarly slithery. There is some action under the hood--the semis are giving back yesterday's gains, big cap pharma is weaker, the biotechs are going nutz - see Imclone (IMCL:NASD), the BKX is retesting their G-spot and the drillers hold a bid.
Dell (DELL:NASD), Analog Devices (ADI:NYSE), NVIDIA (NVDA:NASD), Cephalon (CEPH:NASD), and Minyanville (private) will highlight tonight's spotty conference call schedule. Not to be forgotten, Monsieur Beeks swings by for breakfast and drops off the trade balance (exp. -$40 big beans), import price index (exp. .4%) and the Wolverine confidence index (exp. 103). Also, for those of you trading ol' yella, Barrick Gold (ABX:NYSE) will chat it up in the ayem.
The dynamic discussed this morning remains largely in tact. Most everyone I speak to is bullish and viewing this as a necessary respite in a much bigger upside picture. I, as you know, am not so trusting (and it's cost me) but my risk is relatively defined and I'm trading "in between." The direction of the next "break" will go a long way in spelling out the landscape and I'm typing with one hand and sitting on the other. So while there will be no hand outs, I am happy to award Canadian Minyan Nhan Nguyen a free tee for correctly nailing 8 miles per hour (and seven minute abs) as the answer to today's trivia.
As always, I hope this finds you 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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