Reversal of Fortune
Traders are selling good news?!?
The Minx opened firm on the second consecutive "merger Monday" and, as such, it stands to reason that she followed Biogen (BGEN:Nasdaq) and IDEC Pharmaceuticals (IDPH:Nasdaq) lower. Indeed, the biotech giants turned thisquick, and that soured the mood considerably.
Sans the option stickiness, the S&P and NDX failed to hold Friday's levels and S&P 985 and NDX 1200ish, the June 13 lows, are the next area of congestion. You can draw a (down) trendline across the lower highs (from last Wednesday) and use that as near-term resistance.
It's uber-early but the financials (watch Fannie Mae (FNM:NYSE)) are a tad slippy, while the semis hold an early bid. The week is only half an hour old, Mon Frere, so relax that grip a bit and let's make some cake.
Fare ye well.
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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