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That Fine Line

By

Holy Cow!

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I keep a close watch on this heart of mine
I keep my eyes wide open all the time
I keep the ends out for the tie that binds
Because you're mine, I walk the line


(Johnny Cash)


The slinky session continues to leave an impression as the the perfect storm of trendlines collide. You've got a fairly meaty triple lindy resistance above (NDX 1355), the S&P March trendline support directly below, acne breakout levels blooming (S&P 1015) and dandruff levels looming (BKX 850). Is there any wonder that it's so consuming?

Not much has changed in our daily read. The financials are still actin' sticky green and that's leading to an S's over N's tape. While my broader bearish view remains firmly in tact, I can (objectively) see both sides of this current juncture. If we hold (and go), it'll be a successful retest of the (summer range) breakout and performance anxiety will kick in (as we race to quarter end). If we flail and fail, we'll point to the trapped longs, widespread complacency and unrealistic (economic and fundamental) expectations.

How you play should be an extension of your risk profile, time horizon and stylistic approach. The NDX 1355ish level as a relatively tight upside stop for the ursine among you. If you're hangin' with Hoofs, Daisy's G-Spot remains at S&P 1000 (oh stop!) and that could provide a good backstop. If you're a longer term investor, focusing on each and every tick is likely a waste of your time. Heck, it could very well be a waste of our time!

Young Fokker and I jammin' and jugglin' as we flip ticks and tickle flicks. For the remainder of the session, the young lad will assume the surname "Papagiorgio" as he casts his eager eyes towards sin city. I promised his mom that he would return single and without tattoos but something tells me I shouldn't have done that. Just remember, Nick, she's being paid to say that!

As always, I hope this finds you well.
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