Rosie's Palm Reading
If you're a bear, higher prices are your friend!
Spread out now Rosie
Doctor come cut loose her mama's reins
You know playin' blind man's bluff
Is a little baby's game
The opening bell rings and the Minx sings--and expiration Friday in Minyanville has officially begun. My eyes this morning are watching the brokers (lethargic), semis (near resistance), Orcl (funky), storage (heavy), the autos (shorts pressing) and our levels (held first test). I'm also watching Tony on CNNfn and I've gotta tell ya--he's got some serious mojo working. Hey Tone--how about tossing a "wasabi" out there for your fellow Minyans?
A quick check of the morning breath shows winners trumping losers 3:2 on the NYSE while it's flat as a pancake on the Nazz (S's over N's). I'm keying off of S&P 836 and NDX 990ish as levels that must hold if Snapper and Hoofy are gonna dance the Texas two-step. Again, I'm not playing it that way (I've got a leg in my bear outfit), but IF you're bullish, you may wanna use those levels as a stop.
More importantly, remember that you're not mandated to play every day. Wait for your pitch and don't drive blind. It's a mixed metaphor...but hey, work with me. It's Frieday!
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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