I'm jammin' and jugglin' but I wanted to make sure you all saw the gap fillage occuring in the NDX (works to 1020ish). The S&P feels like it wants to fill as well but please note that THE level is S&P 871ish (I incorrectly said 873 earlier). If (when?) that begins to fill, it works to S&P 860. FYI.
The breadth has turned negative Nazz (even S's) and it feels as if traders were trapped long again after this morning's statue rally. For my part, I'm keeping my leg in my metaphorical bear costume (25% conviction on the short side) as I believe the downside (if and when) will be more severe than this.
Hope your managing this muck, my friends -- keep your wits about you and don't trade emotional.
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.
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