Arrows cost money!!!
Rikki don't lose that number
It's the only one you own
You might use it if you feel better
When you get home
The afternoon quiet has morphed to a riot and Hoofy suddenly went on a diet. It was pretty dull in the 'Ville as our ever-shrinking pennant formations edged towards their last pixels. Now, as we wipe the wasabi from our chin, Matador City is starting to spin. We've been waiting for the rubber to hit the road, Minyans, and now the tires are on fire. Let's take a look.
It's hard to fight a war without your generals and that's exactly what the Nazz is attempting to do. Intel (INTC:NASD), Microsoft (MSFT:NASD), Dell (DELL:NASD) and Oracle (ORCL:NASD) are all trading below their 200-day moving average. It's been a mighty long time since we've said that, my friends, so respect it. Aside from the obvious leadership issues, the fearsome foursome accounts for almost 20% of the entire NDX. With the archers injured and the front lines fleeting, the remaining troops are desperately trying to hold the fort (NDX 1450).
As I just opined to Professor Fleckenstein, Boo is staring intently at the banks. They remain stubbornly sticky and are leashing the hounds from leaving the pound. Breadth on the big board is also "fine" (Nazz not as fortunate) and while the four-letter freaks are a few hours (and points) away from confirming the break, S&P 1150 is holding steady. Man, these banks just don't go down. That reminds me of a story but I'll save that for another time.
The uber-intelligent and always saucy Jordi Visser (of Morgan fame) joined the critters and I for a little proteinfest earlier. I enjoy bantering with JV as he always offers food for thought. We both agree that Japan has the most handsome charts and the market, big picture, has some serious issues. He continued to circle back to the level of rates, however, and remains sanguine as long as S&P 1130 holds. For whatever it's worth--and when it comes from Jordi, it's always worth a lot.
Things are starting to flicker a bit quicker so lemme get this post out to ye faithful. S&P 1150. NDX 1450. SOX 495. Toddo 215. Those are the levels, my friends, so keep 'em on a Post-it and stay on your toes. I was gonna rant a bit on the phantom PPI and the incredulous disappearing act (hence the lyrics) but the Minx just pulled my hair and made me stare. Kick some tail into the closing bell, Cookie, and think positive--it all starts within.
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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