Editors Note: As not all Minyans are Buzzin', we'll sometimes post columns from the Banter with hopes that it adds value. The vollowing vibes were shared at 10:18 AM.
With visions of crimson splashed in their head, the bulls try to pull the tape from the dead. They've focused their efforts on the four-letter arena as they rotate away from anything within' spittin' distance of General Motors (GM). That means they're buyin' beta (semis above SOX 420) and punting financials (and most cyclicals).
That dichotomy is clear if you group your screens by industry (something I highly suggest). With regard to today's tea leaves, I respect the effort but can't endorse Hoofy's horse as long as 1) the BKX is below the 200-day 2) NYSE breadth is 2:1 negative. In fact, as I watch today's movie, I'm inclined to dip into the old school.
I'm slipping two legs into the bear costume (50% conviction on the short side) with an uber-tight S&P 1206 stop. I will augment my posture if any of the above mentioned dynamics shift and I'm conscious and respectful that the next few sessions will be nuttier than Austin Power's coffee.
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