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.
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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