The Drug Problem
Have a profitable evening!
"Think for yourself. Know what you're doing. Question authority."
While the rain in Spain falls mainly on the plains, the pain in May has all come in a day. It's a trippy turnaround, that's for sure, and drugs aren't helping the situation. The U.S Supreme Court decision regarding Maine's discount drug policy has clipped big-cap pharma for a nifty 5% and, in the process, caught a lotta fund managers with their shorts down. That's adding stress to an already stressed out tape.
Blink and ya missed it: The Minx is already testing today's second support zone at S&P 920 (NDX 1120). The most recent "higher low" has already been breached, and these levels represent the previous "higher low." The trendsetting technicians out there key off of this kind of stuff, so it warrants a mention as we poke and prod our way to the closing bell.
While it's supposedly a quiet week, there are a handful of catalysts on the trading radar. Agilent (A:NYSE) and Medtronic (MDT:NYSE) release earnings tonight, while Home Depot (HD:NYSE), BJ's Wholesale Club (BJ:NYSE), Dillard's (DDS:NYSE), Staples (SPLS:Nasdaq) and Hewlett-Packard (HPQ:NYSE) report tomorrow. There are also a handful of conferences, including Goldie's cyclical fete and B of A's telecom gig, so please keep an ear to the ground for any tradable tones and tenors.
For my part, I've made an executive decision and will be taking an extended Memorial Day respite. I haven't had a week off since New Year's, and while this doesn't exactly qualify as a full week, I'll be dustin' off my ride and driving to Maine on Wednesday. I hope the critters are moose-friendly!
Longtime Minyans know that I preach the virtues of working to live (not living to work) and I've admittedly been a hypocrite these last few months. Sometimes, when you are up to your eyes in muck, it's easy to lose sight of the important stuff. As we edge into the new season, let's make a concerted effort to enjoy the journey as much as possible. For if we wake up one day at the destination, the ride's already over.
Have a peaceful night.
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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