I'll see you in your dreams!
"What the American public doesn't know is what makes them the American public, alright? "
Alright, Buddy Whackett, who's your favorite little rascal? Alfalfa..or is it Spanky? That's the question on the critter's lips as we eyeball the tape and trade the ticks. The opening pop quickly dropped and Hoofy is wonderin' if it'll leave a mark. Let's power up the Spank-travision and take a look!
The downside probe occurred on cue and the breadth (which was 3:2 positive out of the gate) has is currently 2:1 negative. The Eastman Kodak (EK:NYSE) spillage is weighing on the industrials and that, coupled with relative SOX firmness, is leading to an N's over S's tape. The initial flow is two-sided (QQQ selling and S&P put sellers) and somewhat emotional, so take a deep breath before diving into the capital pool.
A quick look at our levels shows a breach of S&P 1010 and that's brought the G-Spot into focus. While it's not a technically significant level, it is a psychologically important zone and Snapper will likely try to use it as a foot, er, claw hold. Over in four-letter land, NDX 1330ish (triple bottom) has thus far held and absorbed the early supply.
Europe is getting a little sloppy, the dollar is starting to slip a bit and gold and oil continue to gain traction. Man oh man, did I catch a niner in there?
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 email@example.com.
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