The Poop and Scoop
N's over S's!
Dr. Beeks unleashed some punky economic numbers and the Minx has taken a sharp right turn. Our aforementioned initial support levels -- S&P 910, INDU 8450, NDX 1100 -- have been belched but they're attempting to find their footing as I pen these thoughts. The next zones of support are S&P 895-900 and NDX 1080 (although tech hasn't abandoned the NDX 1100 ship yet).
Is there a Snapper potential? Sure. I'm humble enough to respect the fade trade and am staying tight with my intraday risk. The dollar, however, continues to worry me as it seems to be searching for the monopoly peg. Breadth is 2:1 negative, the financials are softer than my belly and sentiment remains complacent. In other words, there IS Snapper potential but thus far, the cards aren't stacked in his deck.
I'm taking a harder look at gold and while that's surely not an "early" call, I wanted to communicate the thought. I'm not involved at present but I've started to do some work in that arena. The flow I've seen today in equity land hasn't been dominated by sellers (yet) but there is a noticeable absence of buyers. It's very early, my friends, so keep that right hand up and stay sharp.
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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