The banks are, by far, the most important group in today's tape.
The Minx springs to life and the games, for lack of a better word, have begun! A couple of quick observations from the front regarding the opening flurry:
The semicaps once again trade heavy as chatter of an Intel (INTC:Nasdaq) capex cut makes the rounds. I don't have any insight as to whether it's true but that's probably what's weighing on the likes of KLA-Tencor (KLAC:Nasdaq) and Applied Materials (AMAT:Nasdaq). Away from that complex, the Internet stocks are trading heavy (Barron's cover story) along with the retail group.
The banks opened higher and have (thus far) managed to hold their bid. As discussed, I'm fading (read: selling) them (as a function of price) and have thus far picked (at puts) on some of the names that are up. I've also taken a small punt on April out-of-the moneys in this group just for schnitz and giggles. I'm not certain if it's today's business but I will say that as the financials go, so goes the Minx.
Meanwhile, back at the ranch, the NYSE breadth is just fine, thank you very much, as winners are outpacing losers 2:1. Tech doesn't trade as well (4:3) and that's contributing to the continued S's over N's dynamic, cousin Richard. In macro land, the dollar has slipped from earlier levels and that warrants a mention as well.
Wow! Jim Boheim of the NCAA Champion Syracuse Orangemen. That still sounds odd to me but that's alright. I have all year to get used to it. Wasabi!
I'll be back.
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.
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.
Daily Recap Newsletter