Thanks for sharing....I think!
Editors Note: As not all Minyans are Buzzin', I wanted to share this recent Buzz (and quick synopsis) as this is a fairly important juncture.
They call it...
Contra-hour is set to begin with the collective conscious wearing thin. The wishbone dynamic has been in play since the opening bell (as evidenced by the disparate action in the semis and brokers) but Hoofy, emboldened by the breadth, felt good in the 'hood.
Whether it was coincidence or ursine serendipity, the anthrax scare seemed to mark an inflection point today. That's when the spooz slipped, the financials dipped (watch Citi (C) please) and crude gripped (at session highs above $55). Now, as we ready to roll towards the close, the bears are bringin' it big time.
All is not lost for the Matador Crowd but they better get some mojo quick. The semis are sitting on SOX 420 support, the S&P is toeing the uptrend (from October) and breadth is dangerously close to settling in at 2:1 negative. All of this, mind you, in the content of flat vols (no fear) and a universal belief that the dip shtick is good and thick.
Trade 'em seven ways till Sunday, Minyans, but see all sides of the probability spectrum. They don't call this March madness for nuttin'...
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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