By Todd Harrison Mar 18, 2005 11:52 am
- Is that a banana in your pants or are you just happy to see me?
- Please keep half an eye on the Citi (C) pity as it flakes with dandruff and weighs on an already broken bank group.
- Note the NDX (200-day), NASDAQ comp ('05 lows) and S&P (Feb lows)-those are the levels that the bulls are using as a backstop.
- Police in Hong Kong arrested two men on suspicion of stealing a boatload of "spiritually regarded" pine trees, which they allegedly intended to sell to feng shui practitioners. The plan failed when their boat -- apparently lacking Feng Shui's "harmony" and "positive energy" -- developed mechanical problems which left them adrift and resulted in their capture. (Associated Press)
- Perhaps they should send this dude to a doctor before locking him up?
- SOX 417-420, after failing to hold double secret support, now becomes resistance. The stochastics are bullish but, as we know, they can stay bullish without the attendant upside performance.
- War drums?
- "Currently about 70% of the stocks in the S&P 500 are above their 200-day moving averages. This figure is down from about 84% at the end of 2004. The deteriorating participation within the S&P says fewer stocks are responsible for holding up the index and combined with the following is an amber flashing light - a warning sign. NYSE Cumulative Breadth (net advancing stocks) is off 4.5% since March 7, 2005 compared to a 2.9% decline in the S&P 500. The deteriorating breadth condition is another indication that fewer stocks are responsible for holding up the market. These figures are worse for Nasdaq." -- Uber-Minyan John Roque of Natexis Bleichroeder
- All a man has is his name and his word.
- Expiration action typically bookends the session. Today is setting up much the same.
- On the Minyanville housekeeping front, we've got some good things lined up in the next few months. For starters, you'll soon see a few new professors offering insight on the Buzz and beyond. Next, the All-Star guitar will be auctioned with the proceeds benefiting the Ruby Peck Foundation for Children's Education. And lest we forget, the Minyans in the Mountains Crested Butte retreat will arrive this summer and I promise an upside surprise for all who attend! If your firm is interesting in information on how to sponsor MiM2, please click here for President Fish!
- Pass the Herb!
- I've still got the lone leg in the bear costume (25% conviction on the short side) as the breadth is 2:1 negative, the banks broke, the semis stank and crude is rude. And while I can't seem to shake the notion that Snapper is gonna try to make 'em fly, nothing that I'm looking at (homies aside) support his sport.
- Fare ye well into the expiration bell and enjoy the games this weekend!
No positions in stocks mentioned.
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