This is all me!
Now if I tell you that you suffer from delusions
You pay your analyst to reach the same conclusions
You live your life like a canary in a coal mine
You get so dizzy even walking in a straight line
The Minxy meander continues as I await my (late) lunch print, and I wanted to sneak a quick post out to my fellow Minyans. The same dynamic is in play -- the support levels were probed repeatedly this morning and, thus far, held tough. BKX 850-855, S&P 975ish and NDX 1185ish should all remain on the trading radar.
Themes today include a snazzy showing by the consumers, traction in the brokers, heavy SOX (Advanced Micro Devices (AMD:NYSE)), firm retailers, a gold rush (lower) and some snappage in the asbestos names (favorable court ruling). The internals are even, Steven, and the vacillation drips with S's over N's.
The feel like they want to try higher but the truth is that it's pretty edgeless right here, right now. It's alright to play, Mon Frere, but define your risk (both ways) and stay true to your discipline.
Gotta jump. As always, I hope this finds you 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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