That'll leave a mark!
Turnaround, every now and then it gets a little bit redder
As the Google gaggle starts to unwind...
I've got pretty quick eyes--it comes with the territory after watching flickering ticks for sixteen years. As I scribe vibe on the two screens to the right--and watch the tape on the six screens to the left--I've developed a knack for the 'quick glance' over the left shoulder to see what's up (or down, as the case may be).
Suffice to say that the landscape shifted dramatically mid-glance about twenty minutes ago. While the Minx was strugglin' with Google at $395, I did a legitimate triple take when I saw this puppy trading off fitty handles in as many seconds. The catalyst, as we know, was comments from the CFO as he offered that "search monetization gains are largely realized, growth is slowing and...the company will need to find other ways to boost revenues." "I'm not turning bearish," he said, "there's a lot of growth ahead but the rate is the question."
As Mr Reyes walked away from the podium, he was also heard saying " I ran out of gas. I, I had a flat tire. I didn't have enough money for cab fare. My tux didn't come back from the cleaners. An old friend came in from out of town. Someone stole my car. There was an earthquake. A terrible flood. Locusts. IT WASN'T MY FAULT, I SWEAR TO GOD!" We understand, sir, but if you're gonna live by momentum, you gotta assume risk for the other side of that ride.
While a 10% shave in the poster child for speculation is clearly the top story of this young session, the collateral damage, as we see, is starting to seep across my screens. Breadth is sitting at 3:1 negative, the financials are starting to flux (watch BKX 106 as an important support), the energy and metal complexes are soft anew (I'm eyeballing Newmont $50ish as a potential nibble spot), my mainstay S&P stochastics are twisty (overbought) and it feels as if alotta folks were anticipating the acne yesterday.
That plants seeds for a potential bottleneck, Minyans, so keep your eyes open and those right hands up.
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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