Spin the Bottle
Walked out this morning, don't believe what I saw
A hundred billion bottles washed up on the shore
Seems I'm not alone at being alone
A hundred billion castaways looking for a home
Never a dull moment, eh? Just when you thought I had a handle on trading...and the critters...and the content...and the diet... and next week's uber-big west coast Minyan meeting, ol' reliable catches a nasty upper respiratory infection. Feline Phoebe has never taken ill before but she was in pretty lousy shape this morning. As such, I had to run her to the vet and make sure she got the attention she deserves. There's nothing worse than a pouty pussy!
Speaking of sour pusses, the Minx has turned yesterday's clown upside down as a combination of a stronger PPI, S&P resistance and sloppy brokerage action is weighing on the tape. We bantered about the bounce/fail scenario yesterday and while S&P 1125 (NDX 1430) is an obvious resistance, it feels like this morning's lethargy has caught some cats nappin'.
Scanning the globe, the dollar index is sagging (-1%) as a function of the Yen strength. Europe has also taken a fresh leg lower (no follow through), led by the German DAX (-1.5%). The metals are firmer (PPI), led once more by the outperformance of silver. Finally, crude has coughed back half of a percent although, at $38 bones per barrel, that's nary a blip.
With regard to stateside equities, we're probing the gaps created by yesterday's opening and, if filled, the recent lows come back into play (that was quick!). While Snapper could emerge, I'm eyeing the breadth and financials as daily tells to show me the way (both pointing lower thus far). As a somewhat random aside, the Burned Razor thesis that we discussed in October has thus far played out to a tee. I shoulda respected my gut a bit more!
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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