Screens of Green
I should get myself one of those green jackets!
The Minx sprints from the gate and immediately sets her sights on S&P 1010 (triple top breakout), 1015 (yearly high) and 1020 (triple top breakout). Not to be outdone, the NDX is sizing up NDX 1315ish (intra-day yearly high) as she tries to put all resistance behind her. We sensed that today's stride would be quite a ride and, thus far, we haven't been disappointed.
The tone is happy-go-lucky as the bulls dance the upside jig. Breadth is almost 3:1 positive, the banks are trying to join the party, the semis are squeezing the bejesus out of the bears and retail is trying to shake off some early morning lethargy. In a thin tape, a reversal of fortune can happen in a split second but, thus far, Hoofy likes what he sees.
What have I done today? Not a whole heckuva lot as I've got my positions on and I'm trading them as a function of price. I've pieced out (read: sold) some semi exposure as the price is right but my other names haven't triggered actionable levels (yet). There's a LOT of emotion in today's market and that has two potential effects. It'll either exacerbate the gains and trigger the technical buyers or it's a sign of giddiness that will soon exhaust. With my current risk profile, I'm allowing for both (although I'd profit more from the latter).
It's surprisingly quiet on the flow front and I'm just hangin' with Mr. Cooper until something tickles my fancy. I have been eyeing the DIA as a potential long rental but, as I've got some defined risk industrial calls, I want to be careful not to overtrade. Instead, I'm gonna walk through the drug sector and see if any of those oversold names are ripe for a rotation.
As always, I hope this finds you well.
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