Hey critters--let's go get some pizza on OUR time!
Where are you going now my love?
Where will you be tomorrow?
Will you bring me happiness?
Will you bring me sorrow?
(Crosby, Stills, Nash & Young)
The bipolar fray is underway as the tape swings, swaps and sways. The initial Snapper was caused by a bevy of put selling on the opening (along with sizable ETF covers) and as that flow is in the rear-view mirror, the Minx is settling in and calming down. It's been a hectic morning (week), so let's take a deep breath and muck dip anew.
I've buzzed earlier about the trifecta of stochastic buy signals in the tech arena - Intel (INTC:NASD), Microsoft (MSFT:NASD) and Cisco (CSCO:NASD) - and while they're not timing measures, it's lending to (another) N's over S's tape. With the four-letter freaks already eyeing a double digit correction, the old school has a bit further to go. As I write, the cyclical index (CYC) just snuck green so add that to your daily mix. Still, some serious technical damage has been done and while rallies may squirt higher, I sense that they're likely fadable.
We know that past support is future headaches so watch S&P 1125 and NDX 1450 as the nearest-term levels. Active Minyans will likely key on the former as it's "tighter" and the risk is relatively more defined. More importantly, and as each of you trades different names, take the time to identify your actionable levels in the vein of risk definition. Chances are we're gonna be on the move again soon so mapping out a strategy now will save you time (and money) once the games begin.
Breadth remains problematic for the Hoofster as it has settled in at 2:1 negative across the board. The other asset classes are pretty chill thus far, with the dollar index flat, the metals down less than one percent and crude up 1.25%. Europe, for all you tea and crumpet types, remains under pressure with the German DAX achtunging to the tune of 3.25%.
Finally, and perhaps more importantly, the Great Minyan Scale Tale officially began with this morning's weigh in. For documentation purposes, Neil Glassman tipped in at 227 lbs (walker not included), Len Spivak at a healthy 223 lbs, Kevin "Fish" Wassong at 217 lbs (before his haircut), Toddo at 215 lbs (oy), Collins at 199 lbs (with full pockets), Brodsky a svelte 194 lbs (he's already chowed two doughnuts today), and Judith the J-dog has yet to weigh in (west coast exemption). Whoever loses the most percentage weight by April 11th wins an undetermined prize while all losers--or those who didn't lose enough--must donate $100 to the Ruby Peck Foundation for Children's Education. FYI, Judith has suggested we double the steaks, er, stakes and I'll match that ($200). Anybody else feelin' frisky?
As always, I hope this finds you 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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