The macro influences aren't helping my cause.
The tape springs to life and another day in Minyanville has been born. Early themes include the banks (down a deuce), the dollar (slinking lower), bonds (screaming), our levels (holding thus far), gold (creeping higher), energy (firm) and Fokker (do they sell men's clothes where you got that shirt?).
Is this yet another suck in before a trade higher? Not without the banks, it's not, and they're struggling to find a level. Watch this group as a sentiment proxy and monitor it for signs of slippage/traction.
It's an N's over S's morning which makes sense, I suppose, as portfolio managers reach for the master betas. Individual names I'm watching include American International Group (AIG:NYSE) (financial sentiment), Qualcomm (QCOM:Nasdaq) (crowded short and testing resistance), Veritas (VRTS:Nasdaq) (buoying storage) and 3M (MMM:NYSE) (Dow proxy).
Are you happy now A.J?
The early fade (higher) try is/was intuitive and most everyone I speak to is convinced that this move lower is a head fake. I'm not sure. Breadth is a bit sloppy, the bond action is intriguing and the HARDEST trade right now would be to short into support. I'm trading around my gamma here and I've got a couple of select longs (crowded high beta tech names) on against some QQQ puts and a smattering of cheapie out-of-the-money puts (financials).
Gotta hop, Mon Frere -- play like an Orangeman today!
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.
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