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Mystery Theater

By

Musta been bad sushi!

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"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"

(Bob Seger)


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.

R.P.
position in qqq

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 todd@minyanville.com.

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.

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