Sniffin' the Drift
Uhh...discipline over conviction, right Toddo?
The tape opens strong and the scramblers gunned out the upside "stop" levels in the futures. For my part, and in the interest of furthering my real-time trading example, I faded this lift (small) at bought 50 more of those S&P puts. So you know, I'm going to hold off on the "stop" until I see some more egg whites in their eyes. It's admittedly dicey as the ranks are thin and sentiment is jittery--but I would 'think' we see some sort of downside testage in here. Hey, not always right....
Keep an eye on the BKX as it flirts with resistance at 725 and note that Citigroup, if and when, should have technical trouble at 34. Early breadth is strong, Walmart is down, big cap acts dry--and Fokker the snow angel is doing his best to keep me up.
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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