Leave emotion to the other guy.
Tooth for tooth, eye for an eye.
Sell your soul just to buy, buy, buy.
Beggin' a dollar, stealin' a dime,
Come on can't you see that I am stranded
Caught in the crossfire
Beeks swings by and turns the 'Ville on his ear with non-farm payrolls that blew away consensus. While the rest of the report was muted, the knee jerk reaction was to take, take, take equities and sell, sell, sell fixed income. With the S's up a dime (10), N's up a quarter (25) and bonds down a thrice (3), it's clear that investors are looking for the glass half full. As a matter of fact, and as a function of these moves beginning three minutes before the data was released, it seems as if a leaky faucet helped fill the glass!
These are toxic swings in the averages and there will likely be alotta movement left in the session. I'm gonna focus on the financials out of the gate as a back-up in rates may quell the green swell. If that happens, and while I understand that sector rotation will be all the rage today, it could dampen the giddy enthusiasm. Either way, there's a decent chance that N's outperform their old school brethren.
Boo has been focused on looming resistance (Dow 10,400, NDX 1460, S&P 1125/37, SOX 500) and the longer the Minx can stay above those zones, the more likely the tape will hold. That's far from a given (but a definite possibility) so please, Minyans, say tight and put limits on those orders. It's thin, whippy and emotional out there. The last thing you want is an unwelcome report from your faithful broker.
Financials. Breadth. Patience. leadership. Alligators. Bonds. Metals. Lots to look at, lots to digest. Fare ye well and let's end this week with some jingle in our jeans.
I'll be 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.
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.
Copyright 2011 Minyanville Media, Inc. All Rights Reserved.
Daily Recap Newsletter