The action in the first hour is very important.
Last night I held Aladdin's lamp,
And so I wished that I could stay.
Before the thing could answer me
Well someone took, the lamp away
A quick little ditty before the Minx gets gritty. I've been eyeing two charts in the NDX, the 5 day (reverse head & shoulders) and the six month (trendline). Both portend higher prices for the Minx, as does the potential triple bottom break of the VIX (would occur at 20).
I think we're approaching the last legs of the bullish phase--the internal dynamics are getting stretched and the sentiment/complacency is a recipe for meltage. However, the charts, leadership sectors and fresh shorts could initially spur the tape higher. Keep an eye out for alligators, place stops on your intraday exposure, monitor our levels and attempt to use prices as an advantage (rather than a hindrance).
Gotta scoot and scramble. Hit 'em hard today.
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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