By Todd Harrison Sep 11, 2003 9:29 am
Watch our technical levels as a backdrop with which to trade
In another time's forgotten space
your eyes looked through your mother's face
Wildflower seed on the sand and stone
may the four winds blow you safely home
It's suck it up time in the city of critters as the heavy hearts will have to wait. While today's anniversary profoundly weighs on the collective mindset, time marches on and we must forge ahead. I know it's hard for many of you--it's definitely hard for me--but let's do our best to remember lost friends, celebrate their lives and stay our course.
Making my calls around the street last night, it seems that Monday's upside pimple higher shook out a fair amount of shorts. Now, after two days of fugly fray, some serious questions must be answered. A chunky funk was inevitable...heck, it was way overdue. Now, we've gotta figure out if it'll serve as the "half-step back" before another leap forward or a dip that'll trip the imbalanced ship.
While S&P 1015 (breakout support) was violated late yesterday, please note that trendline support (from the March lows) comes into play a bit above the G-Spot (S&P 1000). We all know how difficult it was to initially climb above that zone (multiple failures) and, once we did, past resistance is current support. That, BKX 850 (HUGE) and NDX 1350-1355 (new resistance) are our levels du jour.
Today's tells include the breadth (been a great guide), the financials (mortgage related concerns), semi-caps (hearing some cautious chatter) and the horsies (Microsoft (MSFT:NASD), Intel (INTC:NASD), Cisco (CSCO:NASD), Dell (DELL:NASD), Oracle (ORCL:NASD)). Also, please be aware that there's a whole lotta economic data on deck for tomorrow morning.
The first hour promises to be noisy (and emotional), so be on the lookout for false reads. We've discussed the bull case and we're acutely aware of the bear argument. What we must now watch for is incremental data points that could tilt the scale either way. The "good" (but not good enough) tech news (Texas Instruments (TXN:NYSE) and Nokia (NOK:NYSE)) and pre-announcements in select financials were the first shots across the cow bow. It remains to be seen if it'll be enough to pin prick the psychology bubble.
I'll do my best today to keep you up and provide my eyes. I would also like to share some stories along the way as it's always important to remember. Each of us has our own sorrow--I know that today is quite tough for Snoop as he and Bill Meehan were brothers. Minyanville is a family and that means we're here for each other. In that vein, lemme say to Tony that I love you bro--you're a good man, a great friend and a fantastic father. Bill is very proud of you.
I'll be back.
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