Random Thoughts to Start the Day!
I don't know about you but I sure could use a three day grazing!
- Professor Brodsky wrote an excellent piece this morning that every trader should read. You don't have to agree with it--everything on Minyanville is offered with educational intent--but it's always good to view the Minx through different lenses.
- Every time I walk past someone wearing a fur coat, I blurt out "BAD FUR!" I must really be a tree hugger.
- Levels to watch - S&P 1150, S&P 1140 (weekly lows), S&P 1120ish (monthly lows), S&P 1112 (50-day) on the downside. S&P 1160 (new high) and S&P 1165 (stop levels set) are upside areas of focus.
- Please keep in mind that the close is much more important than the intraday migration.
- It's gonna get thin and thinner as we edge closer to the three day weekend. What, doesn't everyone have a massive mega-relaunch next week?
- Sideways action might store up energy for a leg higher. And yes, Adam, IF we don't hold these levels, there will be a double top in place in the S&P (and the BKX) with upside "non-confirmation" from the trannies and techs.
- "7's the key number here. Think about it. 7-Elevens. 7 doors. 7, man, that's the number. 7 chipmunks twirlin' on a branch, eatin' lots of sunflowers on my uncle's ranch. You know that old children's tale from the sea. It's like you're dreamin' about Gorgonzola cheese when it's clearly Brie time, baby. Step into my office!" - the Hitchhiker, Something About Mary
- AMG data reports inflows of $4.1 Billion. Mo' money Mo money Mo money!
- If the reverse dandruff (bullish) will, in fact, produce no more tears, the retest of NDX 1500 was a natural and healthy development. Watch NDX 1515 for the first resistance...and if the Fugly fur shampoo gets in our eyes, NDX 1450-1560 will be next support.
- I've had 9-11 on my mind a lot lately. It's alright to admit that.
- I had my weekly Succofest last night. Seeing good friends is always good for the soul.
- Are guys caught Dell (DELL:NASD)? A few folks I spoke to yesterday were playing it for a south side soiree.
- White light to JTB.
- Trade balance is $2.5 billion worse. Shocker.
- We all see the constructive Minxy dynamic that's been in play. Still, we must acknowledge the current psychology bubble (the biggest of all bubbles in my opinion). When it pops, it's gonna be quite loud. (Don't shoot the messenger)
- Lotsa schvitz in Redmond.
- Think positive, Minyans--energy is transcendent.
- There are near-term positives and big picture negatives. The shift, when it happens, will dictate the rift.
- Good luck today.
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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