That's it--I'm rooting for Ohio State now!
Well I stand up next to a mountain
And I chop it down with the edge of my hand
Well, I pick up all the pieces and make an island
Might even raise a little sand
The Wolverine Confidence number is released (a tad weaker than expected) and, along with the sluggish retail sales report, has cast a cloud in the sunny skies of economic reprise. Add a little Oracle (ORCL:NASD) unease, some Texan displease (TXN/NYSE) and the Nokia cheese (NOK:NYSE) and--low and behold--the bears are actually starting to state a case!
Is Boo celebrating? I'd smack him silly if he was! I've got our resident bear sitting right by my side and we're discussing the importance of field position and psychology. We know that the bull camp is uber-crowded and vulnerable--particularly in front of quarter-end. We also know that the Minx has sprinted with spirit the last six months and she's a bit extended. What we don't know (and can't see) is the liquidity fluidity (which, as we've learned, is a metric of particular importance) or psychology patience.
We're currently tickling the Hump Day lows and traders are chatting that up. For my part, I've been using the short-term triply lindy resistance (NDX 1350-1355) and set up some tech shorts below that. With that said, I will quickly draw your attention to S&P 1003 (key trendline from back in March). If Snapper is gonna clap, that's as intuitive a level for some claws pause.
Breadth is bunk, the dollar is drab and we're looking at some S's over N's. Other than that, I'm trying to keep Fokker focused as he keeps reading "Gambling for Dummies" in his down time. Dude--focus on the minutes....the hours will take care of themselves.
I'll be back.
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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