The Mute Flute
The last time I had moose in my hair, I was in college!
And if the cloud bursts, thunder in your ear
You shout and no one seems to hear
and if the band you're in starts playing different tunes
I'll see you on the dark side of the moon
The wiggles and jiggles begin and another day of giggles is upon us. The opening tussle is spirited as Hoofy (armed with minty breadth) and Boo (pointing to technical damage) duke it out. The initial flurries are always noisy, this we know, and now it's time to settle in and simmer down.
It's interesting -- if that's the right word -- that my IM indicator was dominated by bears this morning. I'm a grizzly, this you know, but I'm also a contrarian -- and while I'm munching on my salmon, I'm keepin' an eye open for signs of pressage. Not seeing "much" yet, but my antennas are up and my eyes are open.
Early themes include some lethargy in the financials (Fannie Mae (FNM:NYSE)), continued drug abuse (Merck (MRK:NYSE)), firm retailers (Home Depot (HD:NYSE)) and a dogfight in the semis. The dollar, meanwhile, continues its monopoly-peg quest while gold is (thus far) holding yesterday's impressive gains. In chart land, S&P 920-925 can be used as an uber-tight short-term band. If it breaks lower, S&P 900-905 is doable and, if it sneaks through to the upside, S&P 935 is an obvious area of resistance.
For purposes of my metaphorical imagery, I'm gonna place an S&P 927 upside stop on my furry appendage and win, lose or draw, I'll be a naked bear by day's end. I know that we've fought the good fight by Boo's side and I have faith in our young stud. As a discipline, however, blind risk is unacceptable and because I won't be here to watch it, I don't want to be thinking about it.
That's about it, folks... the breadth remains constructive, there are pockets of red and smatterings of green. Stay on your toes and keep an ear to the ground. As always, I hope this finds you with a smile on your kisser.
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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