Ya know, a "retest" back to S&P 1015 would be textbook.
Well, the first days are the hardest days,
don't you worry anymore
When life looks like Easy Street
there is danger at your door
The opening flurry twists in a hurry and there are some active critters in our midst. I stumbled across a sector bell curve this morning and buzzed "Pepe" Depew to post it asap. I think it lends excellent perspective to our current directive and is a must see for ye faithful Minyans. It's not a timing tool, per se, but it's a terrific illustration of our relative field position.
The morning action is a bit kinky as the piggy banks are dressed in drag. The brokers are trying to support their buddies and you can see the clear dichotomy on their respective charts. The BKX is flaking with dandruff while the XBD broke out above the July high of 585. This intra-sector battle has big technical implications so please keep in on your radar. The tag team of Bank of America (BAC:NYSE) and Citigroup (C:NYSE) vs. Goldman Sachs (GS:NYSE) and Mother Morgan (MWD:NYSE).
Meanwhile, the four-letter freaks are trying to hold their own as the Cisco (CSCO:NASD) breakout (through 20) and SOX traction are pacing that sector. Software is taking a breather, storage is mixed and the biotechs are hangin' on. Keep an eye on Microsoft (MSFT:NASD) as well as we edge our way through today's muck.
As far as our levels go, everyone is talking about S&P 1020 but I think S&P 1015 is the more important support. While 1020 broke us out of the triple top and confirmed the acne, 1015 is the actual resistance that failed multiple times on the way up. If you're a bull and trading 'em long, I think that's a more natural level to watch.
Michael Vick is a runaway leader in our morning quarterback poll but the last two spots are still up for grabs. Personally, I'm a bit surprised that reining MVP Rich Gannon has been shut out so far but what do I know? We'll announce the results later in the day and let the Minyanship speak for themselves.
As always, I hope your finding some jingle in those jeans.
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.
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.
Copyright 2011 Minyanville Media, Inc. All Rights Reserved.
Daily Recap Newsletter