More Random Thoughts
Why is today different from all others?
- I haven't seen much by the way of flow since the Philly Fed. Most of this price action is "futures led." (driven by the futures market)
- The dollar firmed on the report and that's given the bulls some confidence.
- Will there be a pocket of weakness before the long weekend or is the tape thin enough to be squeezed higher?
- Why did I nudge my stop higher? I wanted to give the "emotional volatility" on the heels of the Philly Fed a chance to work itself through. It was a fair thought -- but with no give (thus far) in the tape and the S&P 891 level being tickled, one appendage must come out (leaves one leg in the bear costume).
- When this ends, it's not gonna be pretty.
- Chocolate Macaroons are awesome.
- Breadth, which has been strong all day, continues to impress.
- The N's over S's continues as fund managers chase performance.
- Out-of-the-money options (cheap and getting cheaper) allow you to play a thesis (right or wrong) with defined risk.
- If you draw a trendline from the NDX intraday highs (from March 20), it intersects at NDX 1085.
- I'll be scooting near the bell for Seder part deux today... fyi.
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 email@example.com.
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