Hey Boston - stop by and say hello!
"Hell's brewin', dark sun's on the rise
This storm'll blow through by and by
House is on fire, viper's in the grass
A little revenge and this too shall pass"
We're working toward munch time here and thus far it's been a yawner of a day. As we pointed out on the buzz, the semi's are still green and that, along with Microsoft (MSFT:NASD), is where the hopes of Hoofy for some follow thru rest. Boo's got his revenge pinned on the brokers, oils, and cyclicals leaning on the downside in an effort to take back some of yesterday's gains. I've been watching the Russell 2000 Index (RTY) as a tell and it's off today 1.2% eyeing support at the 50-day ma (584). As trader's digest their lunch and the market digests the gains, they seem content to do little ahead of the weekend. That fact may suggest the tape could probe lower levels as we back and fill the action when such little commitment exists. There are clearly geo-political risks still on the horizon and sometimes that means discretion is a better part of valor as one evaluates the current risk / reward environment. There's just no reason to try to be a hero here...
The trade has been relatively light thus far and checking in on the internals, we find volume flows running at 592 mln shares on the Big Board and 900 mln on the Nasdaq. I'm seeing 788 advancers to 2339 decliners on the NYSE and 1014 advancers to 1870 on the Nasdaq. After yesterday's run-up on volume Hoofy's still got the ball and determined to keep it. The lack of participation by the financials (banks/brokers) is a change from the positive action we saw yesterday and Boo's certainly got his eye on that.
With Toddo traveling I am up to my ears in critter's right now. A low volume drifty Friday can spell trouble - so make sure you keep that in mind as you ease into the weekend. Also keep in mind, if you're a beantown Minyan and would like to join Toddo and the critters for a brief brew, there will be a special edition chowder-head Minyanfest this evening at 5 pm:
2 Center Plaza
Boston, MA 02108
We'll see how the action unfolds after half-time. Good luck.
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