Musta been bad sushi!
"Out past the cornfields where the woods got heavy
Out in the back seat of my '60 Chevy
Workin' on mysteries without any clues
Workin' on our night moves"
The afternoon Minx (from humble beginnings) is limpin' along into the late innings. I'm not sure if A) traders are using the wonderful weather as an excuse for a three-day weekend, B) everyone is watching the flat screen rather than the stock screen or C) we're storing up energy for a mighty frightful move as the looming catalysts clarify. One thing IS sure--it's quieter than a mouse fart as we edge into the meat of the earnings line-up.
Not much has changed since we powered up this morning with the exception of the Yankee mojo. The tenor in four-letter land trumps that of the old school as the financials still trade a bit "draggy." The internals leave a bit to be desired but when it's this slow and thin, the potential for an outsized move increases in kind. Trade 'em any way you want, Minyans, just remember that boredom doesn't qualify as an actionable catalyst.
It'll actually be kinda quiet tonight but I would use the down time to ready yourself for tomorrow's nuttiness. There is a truckload of fundamental data due to hit the tape and a bespeckled Fed Chief clearing his throat. With all the buzz and banter of late, traders will be looking for clues--any clues--that will help mold the trading clay. I can honestly "see" both sides of the coin and while my big picture is decidedly furry, the near-term is equally fuzzy.
S&P 1134 (50-day) and BKX 98 remain the closest resistance while NDX 1450 and SOX 474 are the nearest support. Other than that, it's sharp as a marble as we mire through the Monday muck. To add insult to injury, the Yankees lost as a function of stupid mistakes and a lack of focus. Let that serve as a reminder, Minyans, that nobody is immune to the pitfalls of unforced errors.
Good luck into the close.
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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