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Lurking in the Shadows

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Prices are our friend...right?

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I'm being followed by a moon shadow
Moon shadow moon shadow
Leaping and hopping on a moon shadow
Moon shadow moon shadow


(Cat Stevens)

Well, the Michigan confidence number and the Chicago PMI both came in better than expected and the bulls have set their sights on the upside resistance. Again, the first level is S&P 846ish and then S&P 850-855. Also, creeping while ya sleeping, we're right at BKX 725 resistance.

The dollar is marginally weaker while the gold/crude duopoly is up marginally. Flow wise, I've seen call buyers in the semis, coverers in QQQ and SPY and a smattering of industrial longs. Yes, I'm conscious of my pangs this morning but, again, setting a defined level removes emotion. The bullish elements--breadth, banks, broadening--cannot be ignored. Still, there's over 5 1/2 hours of trading (and auction!) left--stay on your toes, my friends.

STOP THE PRESSES--a new bidder has emerged! Mr. Wells has entered the fray with a $15,500 bid for the kick-ass Minyanville charity auction. Wowzers, man--we've got some kind souls out there in Minyanville. Rock on!

As always, I hope this finds you well.

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position in s&p and smh

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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