Off Like a Prom Dress!
Good luck into the close!
"The children are wandering through the wilderness of sin these days, Mrs. Snell."
--Margaret White, Carrie
I've heard about dressing to impress but this is crazy! Snoop Dwyer has donned a bull costume and he's running around Minyanville chasing Daisy! I'm not sure if he's gonna score with our dairy diva (she doesn't take much bull) but he must be proud as we drift to the clouds. You always wanna see both sides to every trade and through the magic of Minyanville, now you do!
Perhaps we should introduce a new critter to the clan as the groundhog keeps chasing his shadow. The tenor is firm, Pavarotti, with the notable exception of the piggies. The bigger story is the four-letter glory, as National Semiconductor (NSM:NASD) is pacing the race to outer space. Remember, Intel (INTC:NASD) takes a curtain call after the bell and any incremental data will color tomorrow's tech tape.
Breadth has firmed but it's nothing to write home about. The homies, biotechs and internets are chuggin' while the cyclicals, retailers and trannies are on the other end of the rotation. There was a call earlier (by a respected strategist) to rotate out of the cyclicals and into the consumers. I agree that, in this rotation themed environment, that's a trade to keep your eyes on.
Bullish Minyans can continue to key on S&P 1015 (support) while bearish Minyans can draw a trendline from the August 6th low through the August 21st lows (and beyond). If you continue that line, it comes back into play at yesterday's highs. In the world of technical analysis, there are strong signals (range break) and weaker signals (that trend line). Still, for those looking for something on the upside, there ya go.
At the risk of having a tomato thrown my way, keep in mind that overnight catalysts loom and while the mojo (and technicals) point higher, ignoring data points can be hazardous to your financial health. I'm pretty light by my standards--I've got some gamma on but my pure directional risk is muted. I see what you see, but the little bull (on my left shoulder) and the little bear (on my right shoulder) are starting to give me a headache. I'd just as soon view the data and take it from there. If there's an outsized move, the gamma will kick in. If not, I'm not missin' much by watching.
That's about it, my friends, as Fokker and I chew through the afternoon. There are some big things afoot in Minyanwood and as soon as I get the nod from the left coast, I'll leak the news. In the meantime, we've got another hour before we can power down and focus on the important stuff. It's easy to forget what truly matters--this I know--but it's never to late to remember. Work to live, don't live to work, and make each moment count. Tomorrow is promised to nobody.
Have a peaceful night.
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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