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Blind Ambition


The financials should continue to tell the tale.


Like a moth to a flame
Burned by the fire
My love is blind
Can't you see my desire?

(Janet Jackson)

The morning nip continues to grip as traders try to get abreast of the situation. While the critters scan the landscape for actionable clues, Daisy has been particularly guarded during this daily dance. "Go ahead Fokker," she seethed, "make my day!" Uh, Greg...perhaps you should put that tongue back in your mouth and join me for a stroll through the 'Ville. There's lots to do...

The initial flutter was churning butter in the green fields until the 10am economic data. The orange crop report hit the tape with slightly weaker construction spending (.4 vs. .7) and ISM manufacturing (63.6 vs. 64). In both instances, the prior months were also revised lower. Initial breadth, which was minty, is now down across the board (albeit marginally).

My eyes have been continually drawn to the internets (for some reason) as they seemed "laggy" out of the gate. Those names, along with the semis, are pretty good tech sentiment proxies and leading indicators for the group. Further, I'm watching the Cisco disco (CSCO:NASD) ahead of tomorrow's earnings. The name has been down eight of the last nine sessions and I'm starting to see call sellers. This lil' stat is surprising to me but as ALL catalysts must factor in field position, it's worthy of a mention.

In Flow's Diner, I've just picked up a couple of size S&P sellers (just now) so let's see what kind of impact they have. Europe, for its part, is flatlining, Brazil is getting waxed for another 330 points (1.7%), gold is getting sold and is down a finski and Dubya is on the tube talkin' budgets. I will say this-- if my checkbook looked like Uncle Sam's, I'd be pretty freaked out right now.

S&P 1115-1120 is the next big support while NDX 1515 is the "best" upside resistance. I gotta hop, Minyans, we're jammin' a bit in the city of critters. Hit 'em hard.

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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

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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