Quick Trading Snips
As long as the banks hold, I'm gonna have myself a juicy steak for dinner tonight!
- Friday's exhaustion highs (S&P 1010ish and NDX 1260ish) remain near-term resistance. S&P 980 is a support level on a lotta bulls' radars.
- The Wolverine Confidence number came out 87.2 vs. expectations of 93. EVERYONE is conditioned to believe that we're gonna shrug it off.
- Goldman Sachs (GS:NYSE) remains my most important S&P tell.
- If (big if) we fail today, there will be a picture- perfect double top in the NDX. If the queen had... ah, never mind.
- Uber-early breadth is 3:2 negative.
- Brokers, bios and homies still trade dry (thus far).
- There still seems to be a rotation into pharma.
- There's a decent triangle pattern forming in the 12 day S&P chart.
- Gettin' lots of feedback on this morning's column. I'll circle back to it in a bit, Mr. Nash.
- As we learned in years past, as long as there's somebody willing to pay more for a stock, traders will have an 'out.' However, at "trading tops," everyone gets trapped waiting for the next buyer to emerge and when they dont, it's bottleneck city. We've gotta figure out where we currently are in that process.
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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