Keep the Change
Nobody got today's trivia?
And my time was running wild
A million dead-end streets
Every time I thought I'd got it made
It seems the taste was not so sweet
Another session ticks on by and the critters let out a collective sigh. Hoofy, who's pushed the Minx into the sky, is finding issues with the high. The brokers have played carrot to the nosey horse and when they reversed lower (coupled with some soft General Electric (GE:NYSE) news), red rain sprinkled on the green seas.
There's a lot of trading left and stuff but it may be early to call the bluff. Still, if we're to follow our daily tells, two of them are cause to dwell. The breadth isn't offering much help--although it's starting to drip--and there are pockets of strength to offset signs of slippage (in the tech horsies). The brokers have been a huge leadership sector, however, and we must note that they've turned lower.
S&P 1020 (1010) and NDX 1350ish (uptrend) are the first support levels if the scream picks up some steam. Away from the equity fray, gold is bold once more, the redback (dollar) index is down a percent, bonds are stronger than a mule's breath and Fokker is leaving for the day. It seems that the jet lag from Vegas (cough) is finally catching up with him!
We've discussed the arguments on both sides of the trading coin and know where the metrics stand. What we've gotta do now is effectively assimilate the inputs and mesh them with a proactive and adaptive stylistic approach. There aren't any blanket answers as each of you has a unique profile. Our goal is to offer our eyes to assist you with your hands.
In Minyanville news, Sean Michael Mueller has officially regained his spot atop the auction leader board. While I have yet to decide whether his animated character can sport a Bronco jersey, I promised him I'd keep an open mind. One thing for certain, whoever takes the prize will join me at the November 12 event and watch themselves on the big screen. You can almost hear the children cheering in the background!
Fare ye well.
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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