Good luck into the bell!
Somebody's gonna hurt someone
Before the night is through
Somebody's gonna come undone
There's nothin' we can do
While I suppose there are worse things than overwhelming demand, I can't (and won't) hide my frustration with the glitches associated with today's launch. The site is entirely too slow, features kept hiccupping and the critters day in the sun was called for a rain delay. End of the world? Heck no--it's all part of growing up. Besides, I can think of worse things than Daisy in a wet tee!
In all seriousness, I give you my personal guarantee that we're gonna juice up the Minyanville mojo. Another server here, a twist of a screwdriver there and Voila!, we're back in the saddle boss. In the meantime--and on a brighter note--the columnists wrote some fantastic content today so if you didn't have the time (or patience) to surf the 'Ville, please do so later when you get a chance.
With regards to the Minx, the semiconductors are having some technical difficulties of their own. Once the Intel (INTC:NASD) pin magnet ($30) was removed, it was babaloo Lucy for the entire chip sector. Not only did the gap fill, the chip dip is in danger of breaching SOX 490, which is the last real support for another 20 handles. It hasn't pulled the rip cord yet, mind you, but watch this complex as we edge towards the bell.
On the other side of optimism, the banks are firmer than a college cheerleader. The BKX toed the G-spot all day and as you know, I don't think the market can (or will) have major issues unless the frisky financials crack. Still, and while the piggies offer a glimmer of hope, the internals continue to smell like Fokker's feet. Whenever there's two losers for every winner, it warrants both attention and respect. Remember, breadth was the fail safe tell during the entire eleven month climb.
We've got a handful of earnings in the morning--Home Depot (HD:NYSE), Clear Channel (CCU:NYSE), Federated (FD:NYSE)--along with the consumer confidence (exp. 92). We're also due to get the PPI one of these days and traders are starting to chat up the significance of this number (and its delay). Stay on your toes and keep your ear to the ground as we trudge ahead.
Are we in the early stages of denial in a more ominous downside picture? Perhaps--double tops, non-confirmations, negative divergences, bad breadth, trapped longs....the ingredients are there. Still, I have a hard time unleashing the hounds as long as the financials trade this firm and NDX 1450 (support) is directly below. That doesn't mean it can't happen, it just means that some of our ducks aren't aligned.
I'm gonna jump (on my tech team) so lemme hop and get to work. Thank you kindly for your patience today--I know it's frustrating at times--but it'll all work out in the end. Also, while I've got ya, I want to tell you that the new 2004 passport rates will be announced later this week. I know it's probably not the best day for some of you (us) but, hey, if nothing else, we'll always give it to you straight in the city of critters.
Have a peaceful night.
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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