Jeez Louise, where's my mojo?
I had a hard run
Running from your window
I was all night running, running, running
I wonder if you care
The Minx slinks open and another week in Minyanville is open and ready for business. With the notable exception of the biotech sector (Genetech (DNA:NYSE)), the initial stateside price action is to the downside. In fact, the opening gap lower has the major averages tickling support at S&P 935, Dow Diamonds (DIA:Amex) 86, BKX 800 and NDX 1140.
The greenback has slipped steadily since March while Hoofy was getting his groove on and nobody seemed to care. Now, with crimson dripping off my eight screens, the drippy dollar is starting to get "louder" in media and trading circles. Will the Snow job matter this go 'round? Only if the market trades lower, cookie.
A quick check of the morning breadth shows losers outpacing winners 9:5 on the big board and 3:2 over the counter. It's uber-early, mind you, and the holiday week will likely make the ranks thinner than usual. As such, we need to be on our trading toes for whips and trips that are more volatile than usual. Gorgeous!
Jammin' and jugglin'... 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 email@example.com.
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