The Talented Mr. Fokker
Hoofy is goin' to Sizzler, baby!
Did you ever know that you're my hero,
and everything I would like to be?
I can fly higher than an eagle,
for you are the wind beneath my wings.
Young Fokker, fresh from his weekend rave, strolled into the office this morning humming the above ditty. I suppose it shouldn't be a shocker--after spending 16 hours a day together, he knows just about everything there is to know about me! Jeez, I sure hope he doesn't try to assume my identity--I've got more than enough personalities running around these days!
The aforementioned flies buzzed and bolted as the brokerage stocks are lagging more than sagging. Retail is still rotationally red but that's about all that's wrong in the green seas. Breadth remains minty, the averages are at fresh highs and participation is broad. To be sure, there's little hangover from Friday's abysmal jobs data and that, in and of itself, is emboldening the bulls.
We know that (after the recent retest) Hoofy had the ball to lose and there's little in today's action to suggest a fumble. While you never want to trade scared, it's important to remember that the lopsided sentiment makes the tape more vulnerable than usual. That mania can bubble higher (taking along prices) but if you're speeding along the freeway, it can't hurt to note the exit signs along the road.
S&P 1030 is trying to assert itself as new support (past resistance) while technicians have cast an eye towards S&P 1040-1050 as a potentially problematic level. I haven't seen any flow that stands out--real money continues to chase performance, many sucked (short) into Friday's reversal have covered and the games march on.
It was a pretty awesome weekend for sports and aside from the Raider's sloppy loss, it was hard not to enjoy it. Both Roddick and Juan Carlos Ferraro played with class, the Giants looked uber-impressive, the Dolphins screwed the survival pools and the pennant race is heating up. September in the big city--ya gotta love it!
Hope you're jinglin' baby. 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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