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Lurking in the Shadows


Prices are our friend...right?


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
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