By Todd Harrison Mar 02, 2004 11:02 am
I'VE GOT NO PLACE LEFT TO GO!
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
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.
position in qqq
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