The opening flurry is noisy (as expected) as traders dive back into the hive. The early buzz on the street, as gauged by my morning calls, was overtly bullish. Indeed, most every player I spoke to wasn't debating if the Minx would rally...they simply questioned the magnitude. That's been a dicey (albeit nonsensical) sign in the past.
I mostly watched the first half hour and, aside from a Fannie roll (FNM:NYSE), slowly edged back into the mix. The semis stand out on the sell side (after their spirited sprint) and that's weighing on the collective sentiment. On the big board, my eyes keep migrating to the brokers as some interesting charts are floating around. If they can sneak a bit higher, it appears as if some of those names could give bullish signals.
There's gonna be dynamic news flow coming out of this week's conferences so stay on your toes. Smith Barney and Cowen both have tech fetes while Lehman hosts an energy bar. In the meantime, I'm hearing rumblings of alligator sightings (out of stocks into bonds) and while I can't confirm that, I wanted to make sure you saw it.
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 email@example.com.
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