If I can turn these financials and breach these immediate resistance zones, it's game on!
"The path of the righteous bull is beset on all sides by the inequities of the selfish and the tyranny of evil bears. Blessed is he, who in the name of charity and good will, shepherds the longs through the valley of darkness, for he is truly his brother's keeper and the finder of lost profits. And I will strike down upon thee with great vengeance and furious anger those who would attempt to poison and destroy thy bovine. And you will know my name is Hoofy when I lay my vengeance upon thee!"
The fliff and fluff continues to shluff and we gimp our way through the gruff. We've gotten quite a response on the Fokker Valentine date charity auction and as it stands, a guy named Zed (with a southern accent) is top bid. Speaking of choppers, the minxy bump and grind continues as Hoofy and Boo take turns at juggling the red rubber balls. As I've got a visitor of my own coming in, let's take a quick peek behind the leather curtain.
The prospect of a Snapper vs. the risk of a trapper is what's dominating the trading mindset. With legitimate support below (S&P 1115-1120/NDX 1450), we've got a bit of room before the technical types toe the line. With that said, and as discussed, we've already gotten a few probes (Fokker notwithstanding) and the potential for higher prices INTO tomorrow's orange crop data exists. Edges are few and far between right now (breadth flat, semis offset banks, posturing ahead) so factor the here and now with the what could be.
Meanwhile, keeping half an eye fixated on the volatility indices, the VXO is straddling the all-important 18 level (where it's had issues). As the thinking goes, a breach of this level would coincide with a break of S&P support (they're inversely correlated) and pave the way to (and possibly through) S&P 1100. It's not today's business, but that's what conventional wisdom is among the trading set.
The keys heading into the afternoon will be the ability of the semis to squeeze through SOX 500 (and trigger the stochastics buy signals), any traction/slippage in the internals and initial resistance at S&P 1130 and NDX 1480 (there now). They "feel" higher and could possibly run till the closing gun but remember, Minyans, alotta folks will be posturing from here on out. That's just the way it works.
With that said, Brian is here and I'm gonna chew and spew with our resident bond guru. Good luck into the early afternoon and I'll circle back in a bit. 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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