By Todd Harrison Sep 17, 2003 10:42 am
"There's a difference between us. You think the people of this land exist to provide you with position. I think your position exists to provide those people with freedom. And I go to make sure that they have it."
--William Wallace, Braveheart
The ticks flicker, the critters bicker and Hump Day in Minyanville is officially upon us. The opening noise and bovine poise continue out of the gate as the brokers tack on another quick percent. We identified this group early yesterday as a potential leadership sector and they have since paced the race. Over the long term, I still believe they're a flawed and hazardous complex--I've been wrong but that's still my honest assessment. As a trading tell, however, we must respect the action as a minxy barometer.
The piggies, meanwhile, are flirting with their 50-day moving average and remain a ways away from their recent high. That's a divergence that bears watching as the market relies on its financial leadership. While they find their way, however, there's plenty of other action that's gaining traction. Altria (MO:NYSE) and International Business Machines (IBM:NYSE) stand out as big board hoards. Watch big blue as she attempts to convincingly push through the 90 level and fill the gap from April 2002.
The morning breadth is marginally minty but not worthy of a kiss. Our levels are thisclose from being breached (on the upside) but, as it stands, haven't mustered the ketchup . There are a fair amount of "stops" above the recent highs so if we poke through, expect a little pop (before they potentially settle back in). Also, keep an eye on the big cap tech leaders--with the exception of Intel (INTC:NASD), they're acting laggy.
Finally, Minyan Sean Michael Mueller pinged me and raised his bid to star in the first ever Minyanville animated auction. As I told my favorite Bronco fan (is there such a thing?), all bids must be posted on the auction site for them to be valid. The highest Minyan at noon Friday will receive two VIP tickets to the gala, share the big screen with Daisy and join me for a gagglefest. More importantly, he'll be providing children with creative education and that's a huge reward in and of itself!
As always, I hope this finds you well.
No positions in stocks mentioned.
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