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The semis are acting pretyy dry, baby...a classic sign of N's over S's!


A couple of quick thoughts out of the gate. We've (obviously) broken those saucy 5-day gips (charts) in the N's and S's. I still have those charts up and will be watching for signs of traction at Friday's lows. That's S&P 840ish and NDX 970ish for those that want to play along.

An early check of the morning breadth is...anyone? Anyone? Fugly. That's to be expected on a "gap down" as the reactive crowd jumps in and plays along. We've got factory orders at 10am (exp. .3%) and, once that's out of the way, the noise should begin to abate.

Defense, the semis and the oil service names are showing signs of early dryness while (pick a group) has come under pressure early. I'd expect to see a fade (read: rally) attempt early--particularly with the SOX acting well. Still, without the financials, the Minx is gonna have a tough time Snappin.

I continue to hop around with one leg in my metaphorical bear costume (25% conviction on the short side) and, consistent with the Shim Sham thesis, will look to turn my lid around (at a point) and trade from the long side. I'm not there yet, mind you, but I always like to give the readership an early look into my crowded keepe and, well, there it is.

Good luck...and hit 'em hard, baby.

No positions in stocks mentioned.

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

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