Sorry!! The article you are trying to read is not available now.
Thank you very much;
you're only a step away from
downloading your reports.

Withering Heights

By

May peace be with you!

PrintPRINT



Sometimes in our lives we all have pain
We all have sorrow
But if we are wise
We know that there's always tomorrow


(Bill Withers)


The afternoon Minx has started to blink as the bears hold on tight and the bulls start to think. The tenor of today's tape has been relatively firm all session but those slippy SOX have put the love on the rocks. Now, with an hour left in the trading session, the critters are scanning the screens to see what it means.

The big red zit on today's complexion is the semiconductor space and the continued meltage. Indeed, if there was a food chain for tech, the chips would be a big part of any notorious diet. They're now down 11% in the last six trading sessions and that's starting to raise eyebrows among my fellow tape watchers. This sector (and the piggies) led the tape up and it would be irresponsible for us to ignore them as they change (and lose) face.

With that said, Sir Elmer will take the mike tomorrow and if actions speak louder than words, we could be in for a wild ride. I, for one, don't sense that he'll pull any triggers but the vernacular will be equally scrutinized. The domino will start with treasuries, ride through the financials and finally settle into the broader tape. As such, active Minyans should pay particular attention to our daily guides as we find our way.

Hoofy will argue that the tape acts fabu given the chip action and crude traction (+2%). He's got a point, I suppose, as there are plenty of excuses for Boo to open yet another can of whoop ass. I'm not sure what to make of that (other than a broach or a pterodactyl) as we're either churning (before the next leg lower) or basing (for an Elmer relief rally). Allow for both if you're actively involved and please remember to leave ample room as a margin for error.

I owe an apology to the Minyanship as I've been admittedly distracted during today's trading. I'm trying to wrap my arms around a few personal issues so if the gruff isn't up to snuff, now you know why. Regardless, it is what it is and we'll do what we must as the twisty road continues to unfold. I sincerely hope that you're all faring well and if not, that you have the perspective to understand that tomorrow is a brand new day.

Good luck into the close.

R.P.

< Previous
  • 1
Next >
No positions in stocks mentioned.

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.

Copyright 2011 Minyanville Media, Inc. All Rights Reserved.

PrintPRINT
 
Featured Videos

WHAT'S POPULAR IN THE VILLE