And Away we Go!
Triple Bottoms? More to spank!
S&P 840 has now confirmed the triple bottom break--in Dorsey Wright Analysis, it just needs to "tick" there--and I've seen the requisite technical sellers (as we discussed). 250,000 SMH just flashed by, 500,000 Q's on the rope at Bear, 200 NDA's (Nazz futures) for sale by a Macro...and here we are. Now, with the shorts getting loud, we have to be particularly careful of Snapper's revenge.
An early check of the morning breadth shows decliners firmly in charge with a (relatively) better tone in the N's. The dollar is marginally weaker (watch this!), gold is 1% higher (be careful) and telecom is outperforming. We know the WMT news and that's my retail tell du jour.
Over in Semi-land, Intel's chatter about a second half P.C upgrade cycle is making the rounds today--although, the problem is, the story was out yesterday! Let's see...Chambo saying "eventual recovery," Intel's saying that things are better a few quarters...I'd like to go on record and say that I'm gonna lose 10 pounds--in September!
I am going to place an S&P 840 (soft) stop on my bear appendage and if we continue lower, I'll roll it down in kind. I understand the potential for meltage (we've been discussing it all week) but discipline trumps conviction and baby steps add up. It feels N's over S'ish to me and I'm keeping my right hand 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 email@example.com.
The information on this website solely reflects the analysis of or opinion about the performance of securities and financial markets by the writers whose articles appear on the site. The views expressed by the writers are not necessarily the views of Minyanville Media, Inc. or members of its management. Nothing contained on the website is intended to constitute a recommendation or advice addressed to an individual investor or category of investors to purchase, sell or hold any security, or to take any action with respect to the prospective movement of the securities markets or to solicit the purchase or sale of any security. Any investment decisions must be made by the reader either individually or in consultation with his or her investment professional. Minyanville writers and staff may trade or hold positions in securities that are discussed in articles appearing on the website. Writers of articles are required to disclose whether they have a position in any stock or fund discussed in an article, but are not permitted to disclose the size or direction of the position. Nothing on this website is intended to solicit business of any kind for a writer's business or fund. Minyanville management and staff as well as contributing writers will not respond to emails or other communications requesting investment advice.
Copyright 2011 Minyanville Media, Inc. All Rights Reserved.
Daily Recap Newsletter