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Wings and Prayers

By

N's over S's!

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Well, The Rain Exploded With A Mighty Crash
As We Fell Into The Sun,
And The First One Said To The Second One There
I Hope You're Having Fun.


(Paul McCartney)


The squiggles and wiggles continue to jiggle as we ready ourselves for a full day of giggles. In between the trading tickles, I've been fielding alotta questions about the "non-confirmations" and what it will take to color them gone. Simple--the techs would need to confirm the new reaction high (if and when) with similar strength. It's certainly not out of the question, mind you, but it's a good 60 (NDX) handles away.

I've been pinging back and forth with Professor Brodsky all morning on instant message (a conversation you'll be privy to as of Monday) as we discuss the current juncture. As always, there are two viable arguments in the near-term but it really boils down to momentum vs. resistance. The former has been fierce while the latter has been looming and one of them is gonna give. If we do, in fact, bust out, we'll need to monitor the breadth, volume, and leadership characteristics involved for signs of sustainability.

Early standouts include the biotechs (the BTK is sportin' acne) and the semis (firm on the heels of Broadcom's (BRCM:NASD) business outlook). The other sectors are relatively nondescript, Europe is flatlining (gave back gains), breadth is even and the gold/dollar duopoly is in nowhere's land. All the while, the tape is trapped between upside resistance (S&P 1160/NDX 1515) and the downside gaps (from yesterday's opening).

Finally, before I flip lids, I want to urge the Minyanship to read Jessie Eisinger's excellent article in the C-section of this morning's Wall Street Journal. It touches on the dark side of the deal frenzy and while we've heard (and seen) the positive spin, his take offers perspective for all involved. It's clearly not today's business but it's surely worth a gander when you find the time.

I'll be back.
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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 todd@minyanville.com.

The information on this website solely reflects the analysis of or opinion about the performance of securities and financial markets by the writers whose articles appear on the site. The views expressed by the writers are not necessarily the views of Minyanville Media, Inc. or members of its management. Nothing contained on the website is intended to constitute a recommendation or advice addressed to an individual investor or category of investors to purchase, sell or hold any security, or to take any action with respect to the prospective movement of the securities markets or to solicit the purchase or sale of any security. Any investment decisions must be made by the reader either individually or in consultation with his or her investment professional. Minyanville writers and staff may trade or hold positions in securities that are discussed in articles appearing on the website. Writers of articles are required to disclose whether they have a position in any stock or fund discussed in an article, but are not permitted to disclose the size or direction of the position. Nothing on this website is intended to solicit business of any kind for a writer's business or fund. Minyanville management and staff as well as contributing writers will not respond to emails or other communications requesting investment advice.

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