There's blood in the streets, it's up to my ankles
There's blood in the streets, it's up to my knees
Blood on the streets in the town of Chicago
Blood on the rise, it's following me
The opening flurry was crimson and blurry as bids were made and hit in a hurry. The dollar was the early focus and, on the heels of the disappointing economic data, the monopoly peg has picked up in pace. That dominoed equities through yesterday's lows and begged the most obvious question: Are the bear's mojo finally risin'?
There's a lot of trading (and agendas) left in the session but heavy is as heavy does, Forrest. The morning breadth is worse than 2:1, the semis, brokers, banks and cyclicals are all pointing due south and gold is perking up. That's a recipe for Boo stew and active Minyans can use S&P 996 (yesterday's lows) as initial (and tight) resistance.
Watch the dollar (for signs of snappage), the financials (leadership), NDX 1308 (the 50-day that held yesterday), retail (been acting heavy), breadth (best tell) and the internets (beta proxy). Snapper will likely try to make a cameo and squeeze the fresh pressers but absent improving internals or leadership (semis or piggies), he's gonna have a tough go of it.
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 firstname.lastname@example.org.
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