Hey Toddo--pass the toothpase!
Is it me or has this already been a long day? Oofa loofa--strange things are definitely afoot! I was gonna be my usual witty self but with so much happening, I'll be witty later--I wanna jump right in.
First things first, the White House has denied that they have any material information on OBL (Osama) and that's quelled the early chatter on the trading wires. Scanning the landscape, the morning breadth sticks out on the stanky side by, as you know, it's uber-early. Sector wise, storage and software are exhibiting early dryness, the banks, semis and cyclicals have given back a quick percent, oil service has an early bid, retails holding and pharma hangs tough.
In flag-land, the BKX and S&P are sitting directly on the bottom of their pennant formation and that's the most important thing in my universe. It felt as if there was gonna be a downside resolution--and then Beeks came running by with marginally better factory orders and the shorts covered up some. Tony just asked me if I saw Snapper and I responded that the breadth would have to improve for Boo to fear the turtle.
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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