Crunch N' Munch
Saddle up, Sally!
Well, Minyans, I'm gonna go for it--we've packed up Del Boca Vista, Dorothy packed me an apple and the critters have given me the nod to head north. I've got a sneaking suspicion that I should wait a day before braving the beastly weather but, hey, maybe American Airlines will surprise me!
The 3pm crunch brought those pesky intraday stochastics to the first oversold reading of the day and, while I'm holding onto my cheapie punts, I'm respectful of the end of day ramp potential. I'd be surprised if the buyers put their game face away in the last half hour but, in this tape, I've learned to expect the unexpected--both ways.
As it stands, the tape has (thus far) exhibited all the elements the bulls could have hoped for. The breadth is strong, the financials are (trying) to exert leadership and the Minx has snuck through the first resistance zone. We know that the most vicious of rallies occur in a bear market and, as such, I'm keeping my right hand up. Still, aside from the light volume, this is a constructive session.
I've got to hop and head towards the airport--you know how grandmothers can be, they always want you to arrive 3 hours early! Still, no complaints here Dorothy--I love you more than words can possibly explain and seeing you this weekend was, by far, the most wonderful Valentine's Day gift I could have received.
Good luck into the close, my fellow Minyans--I'll see YOU tomorrow morning.
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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