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Random Thoughts Part 1


Watch yesterday's lows in the S&P as the next support zone.


  • If you wanna see two prime examples of technical head fakes, look at the charts of Coca-Cola (KO:NYSE) and 3M (MMM:NYSE). Wow.

  • Whippy? The S&P breadth went from almost 2:1 positive to flattish in four minutes.

  • I think I might sneak down to Baltimore this weekend for an impromptu hug fest with my niece and nephew.

  • Not one trader or salesman I spoke with this morning thought the market could be lower.

  • The rotation from S's to N's is in full swing. I'm seeing buyers of tech and sellers of financials.

  • I haven't touched my QQQ gamma position yet.

  • Please watch the dollar -- it never confirmed this morning's rally and is sitting on decent trendline support.

  • After big rallies, the bears are always quick to cover. After big sell-offs, the bulls are always quick to sell.

  • I used to be a big poppy seed bagel guy but over the years, I've come to prefer everything bagels.

  • In an effort to shake up the collective mojo, I kept my shoes on today (while trading) for the first time in many years.

  • The NDX fills it's opening gap around 1053.

  • Everyone is now conditioned to buy the dip. That's potentially bullish in the near term but ominous for the big picture.

  • I'll have more random thoughts soon.... lemme post these and come back.
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