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Browne Sugar!

By

I'VE GOT NO PLACE LEFT TO GO!

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Gotta do what you can just to keep your love alive
Trying not to confuse it with what you do to survive
In sixty-nine I was twenty-one and I called the road my own
I don't know when that road turned onto the road I'm on


(Jackson Browne)


The early fray is underway as the critters shape the trading clay. The initial probe, however muted, pawed at the upside resistance but it was more obligatory than spirited. Now, as we settle into the new session, traders are digesting the crosscurrents and setting their course for adventure. Let's take a peek...

As noted in the Buzz, the semis flexed from the opening bell and they're currently testing (poking through) the 50-day moving average at SOX 518. With the Morgan conference underway and companies talking up the "early cycle" story, the (once lagging) group has caught a bid. It is worth noting, according to the excellent commentary from Phil Erlanger, that short interest in this sector has diminished and the intermediate trend is lower. That was somewhat surprising to this Minyan as I perceived the group to be relatively crowded.

A check of the morning breadth finds losers marginally outpacing winners. The financials act alright, thus far, retail is sluggish (first time in a while), the metals are drippy (silver down 1.4%) and the biotechs act better than their big cap brethren. Meanwhile, everyone and their sister is watching our technical levels (S&P 1160, NDX 1490) for possible piercing. If the Nazz sneaks through, so you know, NDX 1515-1520 comes back into play as the next resistance.

Other than that, it's uber-quiet as we slink through this Super Tuesday. It feels like "N's over S's" but with the exception of the semi traction, nothing stands out. Most everyone I speak to believes that acne is a matter of when, not if, but I'm not a big fan of low volume breakouts. Either way, we'll see soon enough, I suppose, and jump off, er, cross that bridge when we get to it.

In Minyanville news, many questions regarding the critters, access, passport structure or the meaning of life can be found in the FAQ section of the 'Ville. If you've got further inquiries (or just wanna say hi), please feel free to contact Greg Deux (he's recaptured the "g") and he'll walk you through the process. We're all getting acclimated to the new digs and wanna make sure you feel right at home. Thanks!

As always, I hope this finds you well.


R.P.
position in qqq

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 todd@minyanville.com.

The information on this website solely reflects the analysis of or opinion about the performance of securities and financial markets by the writers whose articles appear on the site. The views expressed by the writers are not necessarily the views of Minyanville Media, Inc. or members of its management. Nothing contained on the website is intended to constitute a recommendation or advice addressed to an individual investor or category of investors to purchase, sell or hold any security, or to take any action with respect to the prospective movement of the securities markets or to solicit the purchase or sale of any security. Any investment decisions must be made by the reader either individually or in consultation with his or her investment professional. Minyanville writers and staff may trade or hold positions in securities that are discussed in articles appearing on the website. Writers of articles are required to disclose whether they have a position in any stock or fund discussed in an article, but are not permitted to disclose the size or direction of the position. Nothing on this website is intended to solicit business of any kind for a writer's business or fund. Minyanville management and staff as well as contributing writers will not respond to emails or other communications requesting investment advice.

Copyright 2011 Minyanville Media, Inc. All Rights Reserved.

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