By Todd Harrison Feb 09, 2004 11:01 am
The breadth is edging better and that's been the cheif tell!
Let's see your seat belt fastened
Trunk rattlin like two midgets
In the backseat rasslin'
The morning shiver continues to slither as the critters dance with the upside come hither. For the active Minyans among ya who are playing tick by tick, please note that S&P 1142ish (last Monday's high) is on a few radars as initial resistance before an assault on daddy's nemesis (1150). Not coincidently, the NDX is dirty dancing with 1500 and, if breached, it'll be drawn to the 1515 resistance. Funny how that works.
A quick check of the morning breadth finds three winners for every loser. The semis, for their part, edged above their 50-day moving average (SOX 515) Friday and are now trying to hold the line. They're not exactly impressing me with their price action but those stochastics we were eyeing have, in fact, triggered a buy signal. They're not absolute guides, to be sure, but we were monitoring it and I wanted to keep you up.
Other than that, it's fairly quiet as we kick off a new week in the city of critters. The financials are arguing with BKX 1000 (the brokers act relatively better), energy (both oil service and the integrateds) are firm, gold holds its bid (after Friday's ramp), Europe hangs tough and Fokker is already sending his Mini-me out to run his errands. Starch on those shirts, sir?
It's relatively edgeless with a positive bias (today) but I don't "think" the correction has run its course. I've been expecting a retest of resistance (and we might be getting there now) but the continual dip shtick will eventually unstick. Right here right now? Not sure, Minyans--and I'm doing a bit less--but nothing in the last 72 hours shifted my view. In fact, one could argue that Friday's freakdom alleviated some of the oversold measures in the marketplace.
Finally, this week is gonna be uber-hairy for us as we ready Minyanville for the mega makeover. In addition, we've got three (count 'em) new additions to the Gazette coming and we're trying to get 'em into the mix as soon as possible. Last, but certainly not least, we've gotta find a nickname for the new kid on the block. I may need your help on this one, Minyans, because his name is....Greg. Heck, a free Minyanville tee to the Minyan who helps me tag the young lad.
As always, I hope this finds you well.
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