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Trading Snips

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  • NDX 1230 is the first support for tech -- I mistakenly left that out of my last post.

  • Brokers and breadth -- that's the duopoly of the day.

  • The OSX (oil service index) originally broke out at 92 (before scurrying past 100). Watch that level on a "retest."

  • There was some pressing on the opening. The next half hour is important as we'll see if the fresh money shorts get squeezed.

  • Pharma acts well again. Watch DRG 350 as an inflection point.

  • Storage has an early bid.

  • Everyone, bulls and bears alike, is conditioned to use any weakness to buy. At a point, that'll become 'trapped' money.

  • Watch Eastman Kodak (EK:NYSE) for possible spillage effect into the other industrials.

  • Negative gamma (expiration) has the potential to exacerbate moves in either direction.

  • While Morgan Stanley (MWD:NYSE) "missed" revs, I'm paying particular attention to Bear Stearns (BSC:NYSE) because it's lower on a "good" quarter.
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