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Moonlight Stroll

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Where's the love?

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And if the dam breaks open many years too soon
And if there is no room upon the hill
And if your head explodes with dark forebodings too
I'll see you on the dark side of the moon


(Pink Floyd)

The afternoon session continues to edge along and, almost on cue, Snapper decided to give the upside a nibble. A couple of quick observations on this rally try. First, the breadth STILL isn't improving and that's bummin' Hoofy out big-time. Can it lag a futures led rally? Sure--but if I were a bull, I'd want to see marginal improvement (at the very least) as the futes lift.

Also, please note that the banks didn't participate on that mini-lift and those pesky intraday stochastics are approaching overbought status. I was in watch mode as the intradays were coiled (positively) earlier and, while the bulls surely have time to climb, the onus remains squarely placed on their shoulders.

NSM staged a little rally and that's given the semis some traction and contributed to the N's over S's environment. Will tech pull up the broader tape or will the banks pull down the Minx? As long as the breadth sits at 2:1 negative, my money's on Boo. How sure am I? About 50%--which is precisely why I have two legs in my bear costume and defined risk on the lion's share of my exposure.

Taking a quick peek forward, Beeks will be a busy little beaver tomorrow as he's dropping off the Unemployment Rate (exp. 5.8%), Nonfarm payrolls (exp. 10k), Manufacturing payrolls (exp. -30k), and a host of other economic measures. Don't discount the potential impact of these reports (both ways) as reactive traders are looking for clues--any clues--with which to make more "informed" decisions.

I'm jammin' and jugglin' a bit so please excuse me as I flip lids and play trader for a bit. Hang in there Minyans--only another hour until we can power down and focus on the important stuff. This ain't easy, that's fer sure, but if there wasn't risk, it'd be called winning--not trading.

Hope this finds you with some jingle in those jeans.
No positions in stocks mentioned.

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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