Toe the line, baby, toe the line!
Is making me late
Is keeping me waiting
A quick little ditty before we get today's party started. This morning's opening piece walked through the importance of our technical juncture. It's worth noting that, as it stands, the multitude of levels we've been focusing on have (thus far) held. If (big if) we slip through these zones, both the trendline support and head & shoulders (S&P, NDX) will confirm negative signals. In technical analysis, however, it's important to never anticipate the anticipator. Stay on your toes -- but it's not yet time to kick off your shoes and party.
Other than that, the greenback is firmer in early morning trading while bonds are listening to some chin music. It's been a while since the Minx has put together a string of lower sessions and, as the market is no longer overbought (and sitting on support), it's dicey is as dicey does Forrest.
The critters are gonna take their cue from our levels. If we break, Boo will likely "put some out" and use that level as a "buy stop." If we hold, Hoofy might want to play long with a downside stop. It's a function of preference, Mon Frere, but as long as you're tight, you should be alright.
Finally, in Minyanville news, we've gotten a ton of feedback from parents asking about children's critter clothing. It seems as if the menagerie is quite the hit on the elementary school circuit and they want more, daddy, and they want it now! (Think Willy Wonka) While we don't have a kid's line (yet), we DO have an assortment small sizes in inventory. Besides, ten percent of the proceeds from Harrison's Department Store will be donated to The Ruby Peck Foundation for Children's Charity -- and that's good stuff!
Hit 'em hard.
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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