Now you wanna play nice Saddam?
We chased our pleasures here
Dug our treasures there
But can you still recall the time we cried
Break on through to the other side
Walking through my morning technicals, I've picked up first resistance in the S&P at 822ish, a downtrend line at S&P 830ish and more formidable resistance at S&P 840 (I've got a 21-day chart up). In the NDX, the downtrend comes into play at 975ish which is, more or less, the level of contention on the upside.
My eyes continue to migrate between Citigroup, Microsoft, the internals, and the intraday stochastics. The longer term stuff is still coiled--but those guides aren't timers (as we know). They act firm (thus far) but, with so many unknowns in front of us, we're FAR from out of the woods. In all honesty, I would have thought we'd see some testage on the downside by now (and we still might).
Despite the traction in the semis and DELL, the Nazz hasn't exhibited much jig (relative to the old school) and this could be signaling my cousin's much anticipated S's over N's trade. Hey Richard--that's some head of hair!
I'm not really sure what we're gonna get from Franz but I will say that trading on every stutter is a mistake. The tape is jittery and reactive but that doesn't mean you have to be! Craft a plan, attempt to use prices to your advantage and remove emotion from the mix--it's the enemy when trading.
Shoes off, heads up, spirits high--and let's end this week with some jingle in our jeans!
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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