Somebody please call Ponch...the CHiPs are down
The opening action is far from impressive as traders sell into the good news. While it's quite early, the action is intriguing--the SOX is lower, the Nazz is flat, storage is under pressure (EMC (EMC:NYSE) and biotechs are weaker. This could very well be the fade that's faded (follow?), but it's clearly a muted response to Intel's (INTC:NASD) earnings. Pay particular attention to the bond market--if it turns higher, it could spur equities.
Meanwhile, back at the ranch, the financials are a focus as they migrate between BKX 900 (breakout support) and BKX 910 (the gap from Monday's opening). These names are the horse that leads the Minxy cart so keep 'em on your radar. S&P 1015ish remains the upside line in the sand but, as it stands, supply continues to filter into the market above S&P 1000. There is tranched support from S&P 990 all the way down to S&P 950--which is BIG from a technical perspective.
I'm jammin' and jugglin' this morning but wanted to get a post out to my fellow Minyans. If you're bangin' with Boo, above S&P 1015 seems like a logical place to set your stops. There's a schvitzload of info due out in the next couple of sessions and expiration looming on Friday.
Stay on your toes please.
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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