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Reversal of Fortune

By

Traders are selling good news?!?

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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.

Congrats to young Fokker on his forray into the Minyan archives. I give the kid a lot of grief but, as you'll find, he's got a sharp mind and active wit. Can anybody say Toddo Pipp?

Fare ye well.

position in bgen, fnm, spx, qqq

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.

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