A Morning Quickie
Gee, I sure hope the litter critters are ok!?!
- I'm gonna be away from my turret from about 8am-9am as I have to make an unexpected (but very necessary) visit to the Vet. Apologies--and trust me, I wish I didn't have to do it.
- I'm being told that a large part of yesterday's jig--aside from the short-term indicators we addressed--was a massive NDX buy program (expiration). I am unsure if it was a "one and done" order.
- S&P 1125 remains the level du jour and, as it stands, the recent action is a textbook 'churn' under support. S&P 1100 and NDX 1395 remains support.
- No follow through in Europe as I'm being told that supply awaited all tries. There was chatter yesterday, so you know, of a surprise ECB rate cut (on the heels of the Madrid attacks).
- The Buzz & Banter is now scrolling top to bottom, as per the Minyan preference.
- The dollar index down almost 40 bps. The culprit on the greenback slack is the Yen, which is 1.5% higher (vs. our currency) after the Japanese finance minister suggested (for a third day) that he may scale back currency sales.
- VXO 18 is a volatility support (and market price cap?)
- March Madness!!!!
- The piggy banks just don't give it up--and until they do, Boo is gonna have a tough go of it.
- U.S equity mutual fund cash levels are down to just 4.1% (lowest level since March 2000). Since April last year, this has come down from 5.0% to 4.2% while, at the same time, NYSE short interest data has come down from 2 std deviations above the trend (record) to 2 std deviations below the trend (record).
- Casper the PPI will be released at 8:30am (exp. .4%, ex food/energy .1%). There is a LOT of gaming of this number--as it's been AWOL--with most folks expecting a sharp rise. Anything less than "scary" would likely be viewed as a relative positive. We'll also get initial jobless claims (345k), continuing claims (3018k), leading indicators at 10am (.1%) and the Philly Cheese steak at noon (29).
- The brokerage stocks are dicey to game on the "zest" of their earnings release. Always have been.
- Just as overbought can become more overbought, oversold can get more oversold. In fact, the nastiest sell-side legs typically occur in oversold tapes.
- I'll be back in the saddle in about an hour or so. Good luck, Minyans, and play smart.
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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