I'm gettin' quite the reputation!
Dream beneath a desert sky
The rivers run but soon run dry
We need new dreams tonight
First things first, I wanna give a shout out to the Minyanheads who attended last night's fete. We had Meehans, Handels and Hermans in the house -- we even had a Minyan who traveled all the way from Bucks County, PA! I'll tell ya, there's nothin' better than good tunes and great friends. It's just what the doctor ordered!
Turning our attention to the monster Minx, the tape is a collection of disparate pieces. The financials, biotechs and retailers act drier than a desert sky while the semis and 'Soft trade heavy. It's prototypical S's over N's action as we edge our way through the morning muck.
Microsoft (MSFT:Nasdaq) is a huge stock from a sentiment standpoint and my eyes are migrating between that, Goldman Sachs (GS:NYSE), the breadth (evening), the opening gaps (filling), the internets, retail and the dollar (getting smoked). The early Snapper cameo was intuitive (after a big run), now we've gotta see if he's got the juice to squeeze the opening pressers.
S&P 980, NDX 1210 and DJIA 9000 remain levels of technical stickiness and a breach would signal that further slippage may be in the cards. It's a similar scenario as yesterday -- the longer they hold, the better their prospects. What's different? Microsoft, Xilinx (XLNX:Nasdaq), Maxim (MXIM:Nasdaq), slushy factory orders and a closer proximity to the looming catalysts.
Trade ye 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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