- The Bin Laden capture rumors are getting loud. With the Minx sitting on breakout support, that's all she needed to put some gas in the early morning tank.
- S&P 1015-1020 remains support while a trade through S&P 1030 would violate the nearest term resistance.
- The consumer/cyclical rotation trade is starting to get more press.
- Retail trades sluggish in an otherwise buoyant tape.
- The Wall Street Journal picked up the Fannie Mae (FNM:NYSE) moratorium story this morning. While I think they're playing with some serious fire, it's clear that the administration has an agenda. And I quote: "The move would also lesson the risk of roiling housing markets with tough new regulations, something Bush administration officials are eager to avoid."
- The banks need to push through BKX 900 to remove the dandruff concerns
- The U.S Open semifinal match between Andy Roddick and David Nalbandian was a classic. For some reason, when Roddick was down match point in the third set (after losing the first two), I was reminded of Boo. Of course, Andy then ran the table and cruised to the championship.
- Watch International Business Machines (IBM:NYSE) as it eyes 90. That's a huge level over the past few years.
- Breadth is 3:1 positive thus far--watch the internals closely (for signs of traction/slippage) as they've been the single best tell.
- I'm also watching Cisco (CSCO:NASD) for guidance as it led tech on Friday.
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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