Go ahead, make my day!
I looked out this morning and the sun was gone
Turned on some music to start my day
I lost myself in a familiar song
I closed my eyes and I slipped away
Oh jeez, I suppose it was only a matter of time. Senor Slaino, my trading rebbi, just bounced into my office with a schvitz eating grin. "Lemme tell ya how it works," he proclaimed in his south Bah-stan accent, "First it's the Patriots, now it's Kerry, next it's the Red Sox." Pedro my Eggo? I'll give you the Pats--and take Bridget--but the other two are far from a lock. And I'm not even gonna talk about the Celtics, brah--what the heck is Danny Ainge doin' up there?
Turning our attention to the Minx, the initial flurry is a two-sided affair. I've got half an eye firmly fixated on the SOX as it tickles it's trendline (after a 10% pullback and with oversold stochastics). Intel (INTC:NASD), along with the downgraded semicap space, are my reads in that arena. I also wanna watch the internets as they were yesterday's tell that Snapper was a trapper.
Across town in the S&P, Boo is probin' yesterday's lows and will attempt to trigger the "stops" that are surely set below. 1115-1120 is the more legitimate support and a breach of current levels will likely get us there. Still, the financials hang tough and I'm hard pressed to see any serious damage as long as the piggy banks remain porcelain. The cyclicals and trannies are a tad heavy (again), but nothing to write home about yet.
My feel here? I think Snapper is gonna give it a go and test the will of the bears. How far will his beak peek? Not sure--the overnight unknown will color the trading landscape as we edge closer to the bell. Define your risk and understand your time horizon before you step on the field. A'right?
Gotta hop, Mon Frere...fare ye well.
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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