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Monday Fun

By

Power to the people!

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The Minx springs to life and another week of giggly wiggles has officially begun. While a portion of Friday's flow will likely spill into today's session, please be aware that the potential for a post-expiration hangover exists. In 2003, the S&P was down (on average) 14 handles the Monday following options expiry.

The financials and retail sectors should tell the tale in the S&P while semis and software will guide the Nazz. The S's and N's are both marginally above their respective 50-day moving averages (989, 1244) and those levels will act as first support. On the upside, watch S&P 1000 and NDX 1260 as resistance while Dow Jones 9400, SOX 400 and SPY 101 will be breakouts.

Other sectors to watch include energy (on the heels of higher crude), pharma (been uber-heavy) and the metals (gold down $5 this ayem). If (big if) the tape is to gain traction, it's gonna have to do so on heavier volume to get the technicians excited. Monitor the breadth, define your risk when possible and, above all else, think positive. It all starts within.

I'll be back.
position in spx

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.

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