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Heaven Can Wait!


Darn biotechs!


So, so you think you can tell Heaven from Hell?
Blue skies from pain?
Can you tell a green field from a cold steel rail?
A smile from a veil? Do you think you can tell?

(Pink Floyd)

The opening flurry turns green in a hurry and another freaky week has arrived in Minyanville. The uber-early tone is somewhat constructive--the NYSE breadth is marginally minty (although well off its best levels), the semis have tacked on a quick percent and the financials are (thus far) shakin' off a Bank of America (BAC:NYSE) boot. That's the good news.

Throwing caution to the wind (whatever the heck that means), the biotechs, which led tech last week, stand out like a redhead at an albino conference (they broke their 50-day too). There are also some sluggish signs in the retail, industrial and telecom space that are quelling the early verve. Finally, the dollar has reversed hard and is getting hit like a blackjack eleven.

Last week was the first painful stain in an otherwise pristine train and, as such, it makes sense that the bears will probe the south side. Watch S&P 996 and NDX 1309 (Friday's lows) as, more likely than not, there are some "sell stops" set below. S&P 1001-1004 is near term resistance and if Snapper is gonna play nice, he's gotta first get over that hump (what hump?).

I'll be back.

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No positions in stocks mentioned.

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

The information on this website solely reflects the analysis of or opinion about the performance of securities and financial markets by the writers whose articles appear on the site. The views expressed by the writers are not necessarily the views of Minyanville Media, Inc. or members of its management. Nothing contained on the website is intended to constitute a recommendation or advice addressed to an individual investor or category of investors to purchase, sell or hold any security, or to take any action with respect to the prospective movement of the securities markets or to solicit the purchase or sale of any security. Any investment decisions must be made by the reader either individually or in consultation with his or her investment professional. Minyanville writers and staff may trade or hold positions in securities that are discussed in articles appearing on the website. Writers of articles are required to disclose whether they have a position in any stock or fund discussed in an article, but are not permitted to disclose the size or direction of the position. Nothing on this website is intended to solicit business of any kind for a writer's business or fund. Minyanville management and staff as well as contributing writers will not respond to emails or other communications requesting investment advice.

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