Good luck Minyans!
- Ralph Bloch, who I respect, was on CNBC discussing the "non-confirmations" we've been chatting about.
- Why have I been so loud on the psychology bubble? Because by the time most people hear about it, it's gonna be too late. What might prick it? More likely than not, it's something that's not on anybody's radar (and hence not priced in). I have my thoughts (and fears) but suffice to say that I think it's a matter of time.
- In English pubs, ale is ordered by pints and quarts. In old England, when customers got unruly, the bartender would yell at them to mind their own pints and quarts and settle down. Thus the phrase: "Mind your P's and Q's."
- SOX 495-500 is next support and yes, that head and shoulders we eyed earlier is most certainly in play.
- The all-important financials are trying to offer the branch on the side of the cliff. The BKX is holding 1000, as of now, but it's battling bad breadth (2:1 negative).
- The football huddle originated at Gallaudet University -- a college for the deaf -- when it was discovered that opposing teams were reading their signed messages and intercepting plays.
- The great debate is one of a new productivity paradigm vs. a hollow recovery. To quote Dr. Kurt Richebächer, "From its peak five years ago in 1998, manufacturing employment has plunged 2.1 million, or about 18.3%. This is the single greatest percentage decline in the labor force in almost seven decades since the Great Depression of the 1930s. What has been happening to American manufacturing can only be described with the word 'depression.'"
- The London FTSE has a mind of its own. It's up almost 1% while the rest of Europe is taking it on the kisser.
- Gold is taking a breadth while the dollar is trying to find traction, any traction.
- Yes, I eat meat. Yes, I have a leather coat. And yes, maybe I'm a hypocrite. I still skeeve out when I see furs.
- The bulls won't 'really' break a sweat unless we break S&P 1120.
- How do you know what a double top looks like on a chart? Look for the big "M."
- We're still pushing for a Thursday mega-launch but there's a LOT of heavy hauling involved. As we don't want to interrupt the 'Ville during market hours, we're discussing the possibility of the following Monday (such that we can hammer during the weekend). Just keepin' the Minyanhood in the loop and will let you know as soon as I know.
- We've gotten a lotta vibes back regarding the maple syrup/balsamic vinegar salad dressing. Seriously.
- It's probably too early to tell if the biotechs are a false breakout or if she's just storing energy for the next leg. The bulls "need" the BTK to hold at 526ish....in the face of "hooking" stochastics (negative).
- The bond market just closed so be aware that the liquidity may begin to thin as traders turn down the volume.
- Could we Snapper? With things Kate Moss thin (and the financials hanging), anything can happen. Unless the breadth turns, however, I'm content with my current stance.
- Sorry for the sparse posts today, thank you for understanding. Will do my best to get another post out but in case that I don't, please have a fantastic three-day weekend and remember to focus on the important stuff. And the end of the day, that's what it's all about.
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.
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