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Early Morning Hump Day Vibes

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Boo has been patiently waiting for S&P 1490 (the underbelly of the previous range) to take a short-side swipe.

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  • Bennie. Bennie. Bennie. Bennie and the Feds. Please take a moment to chew through our Wednesday module on the FOMC and the struggles they face. Hoofy & Boo kick it off with an interview with Big Ben himself and we've scribed some very pertinent vibe given what we've learned since the announcement.

  • Be careful for what you wish? Perhaps, but Boo has been patiently waiting for S&P 1490 (the underbelly of the previous range) to take a short-side swipe. It required some hand-sitting at 1460, as you know, so let's see if Boo is rewarded for his proactive patience.

  • I'm planning on joining Boo at that level for a defined risk swipe. Whether it works or not, this has been the anticipated entry point all week and we were eyeing a higher opening today to dust off our paws.

  • The caveat for the ursine uglies? There's been a notable rally in credit this morning. The CDX (credit proxy) is at 64 today vs. 73 on yesterday's close. For context, it was trading at 50 on July 19 and hit a high of 82 on July 31st.

  • IF China dumps Gary U.S. Bonds, what would they buy? My money is on, and to an extent in, gold. Remember, it doesn't have to happen--perception simply needs to allow for the possibility that it might.

  • So Cisco (CSCO) rocked their guidance. Nice job, Chambo--way to hum in the "show me" economy. That should and could lead to some "N's over S's" but one former horsey does not a tech tape make. Particularly with the structural, technical and psychological metrics trumping fundies and the metric totem pole.

  • Mugger! It's hotter than a witches' fit in Gotham today while, at the same time, subways and transit systems are flooded. What does that have to do with the markets? Perhaps nothing, but societal acrimony is red-lining in the big city and shirts are sticking to the collective back. If and how that manifests is anyone's guess.
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No positions in stocks mentioned.

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 todd@minyanville.com.

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