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.
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