The Job Slob
Trade to win, never trade "not to lose."
Ain't nothin' goin' on
But the rent
You've got to have a J. O. B.
If you wanna be with me
The Minx slinks out of the gate and Freaky Friday is a reality. The early action is mixed as the pressers, guessers, faders and traders all place their roulette bets. The initial knee jerk was intuitive as players are conditioned to use dips as opportunities. The real games now begin as we gingerly edge forward through the muck.
The semis are exhibiting early traction and that's emboldening Hoofy's heroes. After the first Intel (INTC:NASD) boost (two weeks ago), Boo raided the tape and caused a nasty (downside) reversal. What the bears must now figure out is whether back-to-back tech attacks is too cute. Thus far, the sticky chips are offering cause for paws.
Away from that fray, the financials opened marginally lower and have (thus far) traded dry. I've been keying on Citigroup (C:NYSE) and the brokers and they're stubbornly sticky. Objectively speaking, the uber-early action is constructive and while it may prove to be a short-lived head fake, the bulls won't go down without a fight.
Breadth, while negative, has edged back to a more balanced posture. The dollar is weaker, gold is firm (again) and crude is a wash. I'd love to unleash the hounds and let Boo pound but the intra-day ducks have yet to quack in sync. That's a recipe for doing less and while I'm trading, it's a bit more balanced (and tighter) than I earlier anticipated.
Please note that there is an insane amount of call buying in tech. It's a legitimate feeding frenzy out there and while I'm certain the food chain will eventually reverse, the bulls are still pressing the glutton button. Identify a horizon and define your risk, Minyans, as this session may be nuttier than Austin Power's coffee.
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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