Fare ye well into the bell!
You used to call me paranoid
But even you cannot avoid
The afternoon Minx is flittering pink as the banks try to hold and the techs all but sink. The dichotomy has been in play all day (S's over N's) as money rotates outa the chock-full-of-inventory techs into supposed hiding spots. Still, and much to Boo's chagrin, the overall broader damage has been relatively muted. If Hoofy can hold it together in the face of a melty Cisco (CSCO:NASD), there will surely be a contingent that extrapolates bullish connotations.
That potential psychology, coupled with snazzy stochastics, are the branch on the side of a Red Dye cliff. The bulls were also hoping to catch "oil catalyst" bears looking the wrong way, but black gold has shaken off the Saudi assurances and is trading higher on the session. The pressure is palpable across the board--metals, equities and crude are all trading curious and curiouser.
The earnings avalanche will continue tomorrow with Target (TGT:NYSE) in the morning and Dude, er, Dell (DELL:NASD) in the afternoon. They should color retail and tech, respectively, but there seems to be broader posturing underway. We know that the gorillas typically manicure their portfolios in the days after the FOMC so perhaps that has something to do with the asset class dance.
I'm gonna hop over to the Buzz and ride out this session. As most of you know, I'll be trekkin' to the 'Butte this Saturday to make certain that everything is in order and ready for the 'fest. Crested Butte is a sleepy and crunchy Colorado town and something tells me that Minyanville will leave a lasting impression. The buzz has already began--a reporter from their version of the Gazette called yesterday--and I'm sure that both sides of the equation will walk away a winner. That, my friends, is a good trade.
As always, I hope this finds you well.
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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