Sorry!! The article you are trying to read is not available now.
Thank you very much;
you're only a step away from
downloading your reports.

Ping Pong!

By

The banks are the only cause for pause this morning.

PrintPRINT


The Minx ushers in a new week and the first order of business was a nifty fade by Senor Boo. To be sure, every trader I spoke to this morning was convinced that an upside breakout was imminent and obvious. When the initial attempt to mount S&P 1000 failed, a large S&P call seller emerged and created supply in the futures pit. That, coupled with drippy bonds and slippy financials, quelled the uber-early sentiment.

We know that Friday's advance, on light volume, shifted the focus from the floor (support) to the ceiling (resistance). The ability to hold (and advance on) those gains is Hoofy's mission in the rain. My eyes are migrating between the BKX (sloppy), the semicaps and telecom (firm) and the internets (sentiment). An early pulse beats to the tune of N's over S's.

Also, for those involved in the Government Sponsored Enterprises, please take a moment to read the Bloomberg story regarding the European Central Bank. I continue to feel that Fannie Mae (FNM:NYSE) and Freddie Mac (FRE:NYSE) warrant respect as a potential market catalyst. Keep 'em on your radar, Minyans--they won't matter until they do...but if (when) they do, the ripples will be far reaching.

I'll be back.

< Previous
  • 1
Next >
position in fnm

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 todd@minyanville.com.

The information on this website solely reflects the analysis of or opinion about the performance of securities and financial markets by the writers whose articles appear on the site. The views expressed by the writers are not necessarily the views of Minyanville Media, Inc. or members of its management. Nothing contained on the website is intended to constitute a recommendation or advice addressed to an individual investor or category of investors to purchase, sell or hold any security, or to take any action with respect to the prospective movement of the securities markets or to solicit the purchase or sale of any security. Any investment decisions must be made by the reader either individually or in consultation with his or her investment professional. Minyanville writers and staff may trade or hold positions in securities that are discussed in articles appearing on the website. Writers of articles are required to disclose whether they have a position in any stock or fund discussed in an article, but are not permitted to disclose the size or direction of the position. Nothing on this website is intended to solicit business of any kind for a writer's business or fund. Minyanville management and staff as well as contributing writers will not respond to emails or other communications requesting investment advice.

Copyright 2011 Minyanville Media, Inc. All Rights Reserved.

PrintPRINT
 
Featured Videos

WHAT'S POPULAR IN THE VILLE