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.

Curious George

By

Until S&P 1005 or 1015 is breached, I'm chilly willy!

PrintPRINT





The opening bell tolls and another day in the fray is underway. Initial observations include the action in Lehman Brothers (LEH:NYSE), which is down on "great" numbers. That's coloring the rest of the financials and, by extension, the S&P. This sloppy sector was brushed off yesterday, but don't underestimate the importance of the piggy banks please. They led us up, and if (big if) they gain weight, it warrants attention.

The N's over S's tone continues with pharma taking a break (stopped at DRG 350), storage and semis holding an early bid and the biotechs mixed. Retail and the internets also act OK early, and the morning breadth is skewed slightly to the positive.

Watch S&P 1005 (support) and S&P 1015 as resistance. For the techs, NDX 1260 is the previous exhaustion high while 1210ish is a trendline support.

Keep half an eye on General Electric (GE:NYSE) (heavy betty) and remember that tomorrow's expiration is coloring the flava flave. There are two camps here -- the "they're not rallying on a good LEH and economic report," vs. the "they're just resting before groundhog day begins." Where do I stand? I think the banks or important and that's my current skew

As always, I hope this finds you well.

Gotta hop.

< Previous
  • 1
Next >
position in spx

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