What am I, Snapper Dangerfield?
Hey hey, my my
Rock and roll can never die
There's more to the picture
Than meets the eye -- hey hey, my my
The Friday freak to end the week is underway and the games have officially begun. The early tone drips of N's over S's and, while the financials are a little Heavy D, the breadth is minty and the (uber-early) tone is firmer than a college cheerleader. These eyes, which have seen a lot of love but their never gonna see another one like I had with you, are watching yesterday's highs in the S's as the next level (there now). Beyond that, S&P 1000 and NDX 1235ish would offer a constructive short-term signal (no more tears).
As with most summer Fridays -- particularly a (gasp!) sunny one -- it's fairly quiet thus far. However, the lack of liquidity (fewer traders) has the potential to exacerbate volatility so don't get lulled into a false sense of security (either way). End of quarter anxiety has is a powerful impetus and, as we discussed yesterday, there's short term snap, crackle or pop potential.
In sector land, the OSX has (thus far) held the 92 support level (point & figure breakout and retest) and I'm schnitzeling around in those names (small). The tenor in the Nazz is relatively more constructive as underperforming portfolio managers chase the master beta names. The semicap, storage and, to a lesser degree, networking groups are leading the charge.
As today is my last day before a much needed vacay, I'm trading smaller and tighter (both ways) than I otherwise might. I've always been of the belief that if you're gonna turn if off and tune it out, you owe it to yourself to completely release. Absent some token longer term puts, the time horizon on my current profile is five hours. After that, cookie, I'm gonna saddle up and shine my light through the cool Colorado rain.
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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