Pie in the Sky
By Todd Harrison Jul 10, 2003 8:54 am
I've got my work cut out for me today!
How many times must a man look up
Before he can see the sky?
Yes, 'n' how many ears must one man have
Before he can hear people cry?
It's an active morning in Minyanville and the critters are scurrying about collecting their wits. As this morning's opening post addressed the big picture, lemme quickly touch base on near-term chase. There's gonna be a whole lotta noise once the Minx blinks and, as always strategy is our strength (and not disaster).
The S&P five day chart has a gap (from Monday's opening) that's been tested three times since it formed. If this morning's lower pokes through (gap fillage), it "works" to around S&P 985. On the NDX, the 1250-1265 is a support zone and, if and when, that gap (below) works to NDX 1230. The key sector today may be the biotechs (on the back of Genentech (DNA:NYSE)). BBH 132ish is a double top and if (big if) it can push through, it could create a sentiment suck in (on the upside). On the big board, the financials continue to set the tone and I'll be monitoring Citigroup (C:NYSE) and the brokers in that regard.
While I've been loud regarding my bearish view, I understand that extended tapes can longer than expected. That's why I've tucked some fall puts away (pun intended) and come to play each day. I have no regrets about covering up a little into the Yahoo! (YHOO:NASD) report as it was the disciplined thing to do. After digesting the number, I put some exposure back out (in the overnight session) with new upside stops. My point isn't to taut (anybody who knows me knows that), it's simply to communicate the style in which I'm operating.
I'm eyeballing Microsoft (MSFT:NASD) as the stock popped earlier in the week on hopes of a dividend. It's my (humble) opinion that the disconnect between perception (dividend) and reality (dilution) may be gamable for a schnitz. That's not advice--and I am involved--I just wanted to share my thought process with hopes that it adds to yours. As the number one weighting in both the S&P and NASDAQ, I thought it might be relevant.
In Minyanville news, we're gearing up a doozy of a surprise that's gonna knock your socks off. I'm still waiting for the left coast nod but sources tell me that it'll leak next week. I've been sworn to secrecy but I can say that it ties together everything we've been working on and ties together all of our resources and interests. Wasabi!
Hit 'em hard.
position in spx, msft, qqq,
Get The Minyanville
Daily Recap Newsletter
Daily Recap Newsletter