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The Poop and Scoop

By

N's over S's!

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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.

position in qqq, spy, dia

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 todd@minyanville.com.

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.

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