"The demon is a liar. He will lie to confuse us. But he will also mix lies with the truth to attack us. The attack is psychological, but powerful. So don't listen, remember that, do not listen."
--Father Lankester Merrin, The Exorcist
Wanna hear something scary? Minyan Michael Kimelman KILLED our morning trivia quest by correctly listing The Exorcist, Halloween and The Shining as the Minyanship's three favorite horror flicks. While he's won a bloody cool tee , don't get spooked! You can sport the summer's coolest fashions with a simple swing through Main Street. Wasabi!
The early action is mixed as the Minx has put on a brave face to start the day. There are a couple of spooky themes, though -- the banks and retailers are down, the Internet stocks act sluggish, Smith Barney said to take profits in Intel (INTC:Nasdaq) (10 a.m.) and the dollar has given up its gains. It's uber-early, though, and a smell of the morning breadth is thus far constructive.
The deflation chatter is slowly getting louder and that's the catalyst (excuse?) for profit-taking in the financials. After the run they've had -- and it's been some run -- the notion of a flattening yield curve is a legitimate reason to pause. I'm a long-time, big-picture bear in the group, so take this all with a grain of salt. My concerns are predicated on (the potential for) credit and derivative woes but this latest input doesn't help their cause. Not advice -- just thinkin' aloud.
Watch our buddies S&P 920 (NDX 1120) as the first support zone and S&P 925 (NDX 1135ish) as potential resistance. And think positive, my friends, we're less than six hours away from our requisite two-day respite and a weekend full of fun.
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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