I'd love to see some confirmation from the internals!
The early morning action continues to flicker and my eyes haven't been this active since I sat on a beach in Ibiza!
A couple of things stand out in the initial action. The semis are strong out of the gate and that's giving the Nazz a relative bid. Breadth has yet to confirm the upside (negative in both sectors)and the financials are lagging (most important group). Meanwhile, the dollar is a bit firmer, gold continues to slip and oil is down marginally.
There was some chatter this morning of forced selling out of Europe but, obviously, I have no edge in trying to game that. The first half hour is always noisy as the pre-market whippage gets unwound--now the HARD trade is upon us. Fun stuff, right?
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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