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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.
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