Hey T-O-N-Y, you're the best!
I think this morning's fracas freaked out Fokker! Say THAT ten times fast--Facas? Frokker? What the fruck?!? I guess Romy's right---maybe I am bizarre!
Sorry, I was having a moment there. Let's talk tape. The opening jig was met with supply as sellers filled in above S&P 850. For you gippers out there (chartists), I've settled on a 21-day S&P chart and I've drawn a trendline from the January 23 high though Monday's top. That gives me a frame of reference and perspective as I wade through this morning's muck.
The early morning breadth is marginally positive, the industrials, banks, biotechs and retailers are the heavier and the semis are holding their early upside bid. I 'think' that the overnight DRAM pop has as much to do with the semi firmness as the upgrade, so you know, and I've added the foundries (TSM, UMC) to my list of today's tells.
I'm sticking with my current posture and, while it's slow, scanning my charts for anything of interest. Two names I've technically taken notice of are FNM and QCOM. According to my trusty Dorsey Wright charts, the former will break a triple bottom at 61 (if and when) while the latter has rallied back to resistance at 36ish. In the interest of full disclosure, I have small positions in these names and--let me be clear--I'm sharing my process with hopes of educating and in NO way is it meant as advice.
I'll be back.
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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