You can game timing or the direction but it's very hard to nail 'em at the same time.
Alan Stanwyck: You do own rubber gloves?
Fletch: I rent 'em. I have a lease with an option to buy.
Using the whole fist there, Doc? The moon river morning is starting to unfold as the initial jig turned down like a pig. We figured it would--tapes typically test the direction of the previous day's "outsized" move--and now it's time for the oral examination. Lets focus on these flicky ticks my friends, and with a little luck, Mr. Stanwyk will soon join us for a steak sandwich (and a steak sandwich).
The financials stand out early as both the piggies and the brokers are pink on the inside. That quelled the early sentiment and offered pause to the upside cause. Could this be yet another rotation (perhaps into some four-letter freaks)? Sure, especially since the semis have gotten smoked of late and the banks have held up relatively well. Makes sense, intuitively, particularly if rate hikes are perceived on the horizon.
Breadth hangs tough early and, as that was the Snapper trapper yesterday, we gotta pay attention to it. The semis, for those watching, are now testin' SOX 500 the other way and while my stochastics haven't "crossed" (confirmed), they're awfully close. There's something a bit too obvious about semi snappage but, either way, they'll set the tone for tech.
Other observations include the homies (who's down with O.P.P), the internets (trying), retail (continues to act like a crowded mall), the dollar (heavy), Europe (firm), gold (flat) and Fokker (flush). We've officially started training the new blood and as I watch Greg RN, I can't help but feel as if my baby is all grown up. Take it easy on him, Florence, and stop drinkin' so much coffee!
Gonna hop (a bit busy) but nothing I see changes my initial take from earlier (could test our support zones and snap higher). Those thoughts are offered against a troublesome backdrop (my humble opinion) so while I may rent (read: buy to sell) at times, I want to be quite tight on my risk profile. The winds,as whippy as they are, may be a'changin'.
As always, hope you're hittin' 'em hard.
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 email@example.com.
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