Pennies from Heaven!
Yeah baby...let's get some hope back in the tape so I can spanky spanky!
And it's whispered that soon if we all call the tune
Then the piper will lead us to reason.
And a new day will dawn for those who stand long
And the forests will echo with laughter
The afternoon session is trudging right along and, in between signing the stack of documents sitting on my desk (oy!), I peeked over at my trusty five-day gips (charts). I know that there are bigger fish to fry technically but I wanted to point out a couple of development. Do they matter? Only if they work cookie!
In the NDX, a trendline should be drawn from yesterday's highs (through this morning's high) and, as it stands, we've poked our hoof through to the upside. In the S&P, which is the REAL battlefield, a similar trendline can be drawn from late yesterday through today's tops. We're not out of the woods yet (not by a long shot) but keep an eye on it.
A couple of intra-column random thoughts just to REALLY shake up the mojo!
* BAC is leading the BKX higher.
*If the S&P can rally, the shorts who initiated positions on the 'break' will have lost their catalyst.
*I'm not sure I'm ready to scale into significant exposure on the long side...but I think I wanna trade FROM the long side for now.
*I've been to 50 dead shows and I miss shakin' my bones.
*The OSX (oil service index) has rallied right to it's 200-day resistance.
*The macro hedge funds continue to sell Nazz futures on every lift--I 'think' short.
*I sped. I followed too closely. I ran a stop sign. I almost hit a Chevy. I sped some more. I failed to yield at a crosswalk. I changed lanes at an intersection. I changed lanes without signaling while running a red light and SPEEDING!
*I have to stop myself daily from telling you who the professors at the University of Minyanville are.
*They can't get 'em down...wait...they can't get 'em up...wait...they can't get 'em down...wait...
*I've never been to Denver...and I think it's cause I have such distain for the Bronco's.
*Earnings tonight: EDS, GR, OVER, MHK. Tomorrow morning: CI, TIN earnings, Unemployment rate (exp. 6.0%), Payrolls (exp. 68k).
*If you've never heard John Lee Hooker, you should get involved.
*Wow...where do I come up with this stuff? FREAK! I'd put Freud in therapy!
Seriously--for better or for worse--I'll always give it to you straight. I love writing this column and I feel that it helps me synthesize my thought process on a daily basis. It's not always easy though and while it's a labor of love, it's a LOT of work! Our future success is a function of happy readers so if you're diggin the critters, please take the time to forward your snaps to friends, family and colleagues. That five minutes would mean the world to us.
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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