The Shnizzle Fizzle
Hey Tony, if you mess with this bull, you're gonna get the horns!
Ahhhh, I'm somewhat brain boggled
So I look to the microphone
And slowly start to wobble
(Snoop Doggy Dogg)
The opening bell tolls and Hump Day with Elmer has officially begun. The beast, which started the session swimming in the green seas, was nudged higher by the better than expected new home sales. That offsets the "disappointing" durable goods number (released earlier) and Beeks can now officially turn his attention to Elmer's zoo.
While the opening was somewhat noisy, things should settle in and drift through the 2:15 p.m. EDT release of the snippagefest. While I like to trade a little less on days like this, I'm still monitoring the action closely. Naturally, with the marginally higher prices, our (up) trendlines are still intact and that remains a "backstop" for the active traders in our midst. We knew the bulls would make an initial stand at those trendlines, so the first bounce isn't a shocker. On the other side of the fence, a move through S&P 1000 (NDX 1220) would violate the recent series of "lower highs." In sub-sector stuff, BKX 850-855 remains good support and SOX 360 is marginal resistance.
The tone thus far is constructive. Breadth is 2:1 positive on the big board (3:2 positive on the Nazz), the financials are shrugging off a lower Goldman Sachs (GS:NYSE) and there's a firm bid across the board. We're also seeing some fast money buyers of QQQ and SPY along with meaty call buying in tech. Again, it's worth mentioning that these days sometimes offer all three faces of Eve, so past (current) performance is no guarantee of future (closing) results. In other words, please keep emotions in check as we find today's way.
Finally, young Fokker finished tallying yesterday's Minyanville poll of the top five all-time rap artists (as voted by the Minyans). At No.5: the Beastie Boys; No. 4: Dr. Dre; No. 3: Run-DMC; No. 2: NWA and at Number 1, with some shnizzle in his fizzle, Snoop Dogg. Just a little levity as we're rollin' down the street with our mind our money and our money on our mind.
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 email@example.com.
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