The Palace Guard
Good luck to the southeast Minyans braving the currents!
Goin to leave this Broke-down Palace
On my hands and my knees I will roll roll roll
Make myself a bed by the waterside
In my time - in my time - I will roll roll roll
The afternoon ticks are seeking a fix as traders get set for their requisite kicks. The impression of the session was rude crude and it's record high dance in the sky. In many ways, this input is a de-facto tightening as consumers drive up to the pump and leave it a grump. The specter of tighter money (Elmer and otherwise) shares the minxy blame game with the collective realization that the post-stimuli spending environment isn't all that jazzy.
We edge towards the bell with S&P 1050 and the NDX trendline looming as levels. That may or may not ultimately matter but it does offer some cause for pause. The bulls continue to mumble that the action isn't that bad considering Cisco (CSCO:NASD), Hewlett (HPQ:NYSE), energy costs and the geopolitical uncertainty. They'll likely get their chance to dance if it's a quiet weekend and oil abates. In that vein, pay particular attention to the Venezuelan political situation this weekend as it'll likely impact crude.
Outside of the carnage in the semis and individual spankings, the broader damage has been surprisingly contained. I had to triple check my systems when I saw that the S&P is relatively unchanged for the week. I'm not sure if that's a good thing or a bad thing but it's a "thing" nonetheless. We know that sector rotation, however stealth, took the place of indiscriminate selling. Again, if Hoofy is looking for bright spots, he'll find one here.
We power down with gold testing the 200-day resistance, the dollar sitting on support and the critters readying for the 'fest out west. It's been hard for me to contain my enthusiasm for this shindig as I genuinely want to shower ye faithful with good vibes. Our humble little town has come a long way in the last few years and this will be the first time the professors break bread. I'll be taking notes, for sure, and will certainly miss those who can't join us.
I'll try to toss out some Randoms from the 'Butte but let me take this time to wish you a happy, safe and profitable week ahead.
May peace be with you.
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 email@example.com.
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