Quick Trading Snips
Watch the financials -- they'll tell the tale!
- Keep an eye on the drug sector, both as a rotation play and from a technical standpoint.
- The early tone, with the exception of the semicaps, is firm. Remember, though, the first half hour is always "noisy."
- The "vols" in the GSEs (government-sponsored enterprises) are getting pumped.
- The quickest way to lose money is to trade "not to lose." Define your horizon, map out a strategy and don't trade reactively.
- We're seeing size call buying in Microsoft (MSFT:Nasdaq) (again).
- An alternate (bullish) scenario to this morning's thought process is that the "blow off" has one more manic phase. If (big if) that happens, S&P 1040 is a potential target. Either way, I continue to sense that our yearly high is seen this summer.
- John Succo has some good thoughts on the way regarding the derivative discussion.
- I've got one leg in the fur (25% conviction on the short side). I am balancing my view that a sharper "correction" is coming vs. the potential push ups into quarter end. Hence, trading a lil' "in between."
- S&P 965 is a marginal support, S&P 950 is a big support.
- 1 million XLF (financial spdrs) just hit the tape on the sell-side.
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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