You can do anything as long as you're disciplined
Well the good old days
May not return
And the rocks might melt
And the sea might burn
The maze continues as traders whirl and dervish through the morning dew. There's a lot going on so lemme get right down to the nitty gritty.
The early morning jig in General Electric (GE:NYSE) helped push the S&P through the gap (from yesterday's opening) and traders dutifully began to schnitzel to the upside. We saw a fair amount of buying in both the futures and ETF market but, as GE settled in, so did the tape. As it stands, the S car go is eyeing the S&P 1000 level but hasn't been able to breach it. Watch GE as the tell du jour--it's given back it's early gains.
Despite the constructive tone (breadth is 2:1 positive) and firm banks, I've got the scrunchy eyebrow thing going. No shocker there, I suppose, but nothing new either. This is either a basing (before the assault at the June highs) or a churning (under resistance) and the truth proof probably won't be in the pudding until we hear the state of the union next week.
Still, for the day, I'm trying the south side, Johnny, with a uber-tight stops somewhere above S&P 1000. The breadth scares me (doesn't dent on the sell offs) and there ARE some buyers around--but with an uber-tight stop, we can try anything. Word of caution: the Minx barely blinked when GE skidded and that may be a tell for some underlying buy pressure.
On a side note, and totally separate, CNN has reported that nine new possible cases of SARS were discovered in Texas. I don't know what (if any) implications this has for the Minx but I wanted to make sure you saw it. Best wishes to all our Texas cowboys and cowgirl Minyans.
Gotta hop--fare ye well.
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