On my signal.....
Raven hair and ruby lips
Sparks fly from her finger tips
Echoed voices in the night
She's a restless spirit on an endless flight
The Minx begins her Friday flight and the opening action is a vicious fight. Hoofy's Heroes are doing everything they can to toe the lines of support but they're taking heavy fire. Ebay (EBAY:NASD) and KLA Tencor (KLAC:NASD), tech darlings extraordinaire, are today's casualties and that's weighing on moral. Watch those two soldiers--along with our devilish levels--as we edge through the daily muck.
Morning breadth is holding steady and strong. That's a bullish input but remember, Minyans, it was minty yesterday as well. I'm more concerned with the potential for long liquidation through trendline support (NDX). We saw some distributive action (yesterday) and I'm sniffing around for further signs of supply. One thing for sure--it's a thin summer Friday and the potential for whippage is high.
My gut says lower but I've also seen some pressing by the bears. That raises an eyebrow on a thin day and while I'm leaning short, I'm being careful to define my intraday risk. With the averages hovering above support, we're technically sound...so far. If the Red SOX continue to lose, however, and the internets can't find a bid, I've got to give the nod to Boo's crew. Keep a watchful eye on the financials as well...if they start to slip, some bovine will likely raise the white flag.
I'll be back.
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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