Watch that dollar, baby!
The opening bell tolls and as I watch traders kick the schnitz out of each other, I'm listening to Snoop Tone on CNNfn. I'll tell ya, I've got a face for radio but Tony very well could have missed his calling. What a screen presence! Couldn't you picture him as Jules Winfield's partner in crime in Pulp Fiction? Maybe he can play Sonny in Dog Day Afternoon? How about as a Shining star? "Heeeeeeeeeeeere's Tony!"
The TRIN debate continues to rage and, for the most part, I've removed it from my process. I've made some calls and, from what I can tell, neither the TICK (or the volume) supported their technical cousin and smart cookies I know are discounting it's importance. Can we still lift? Absolutely--but if you're only reason for being long is TRIN-related, be careful.
A check of the morning breadth shows winners beating losers 3:2 in the NYSE and flat as a pancake in the Nazz. The teas leaves aren't offering compelling tells and I continue to scan the landscape (both ways) for opportunities. Do I think there's significant downside risk from here? Yep. Do I think it starts right here, right now? I'm unsure...which is why I'm doing a bit less.
Nokia warned and is now up on the day and that, along with the dollar strength that just emerged, could buoy psychology. Watch that greenback, friends, it's THAT important.
Good luck--and keep that 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.
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