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The Thursday Blur: Let's Get Ready to Rumble!


S&P slithering sideways through the five session set.

The Thursday blur is ready to purr as we ready for our frisky fix. You know the drill by now. The market broke out about S&P 956, traded straight to near-term resistance at S&P 980 and slithered sideways for five sessions. All the while, the great debate continues to rage whether this is the real deal or short squeal.

Textbook Technical Analysis dictates that a retest of the acne zone is where you want to initiate risk, yet the pullbacks have been Shallow Hal at best. As we know from our Ten Trading Commandments, we must respect-but never defer to-the price action and take disciplined steps on this excellent adventure.

With that vibe in mind, let's dive right into the meat of the heat:

  • From my perch, Minyan Peter's latest missive is a must-read for Minyans. Our resident bank expert was the treasurer at one of the biggest banks in the country when that was still considered an honor. We're lucky to have him and his content is free. Please take advantage of his insight, my friends.

  • This CSN review is stoking my embers of excitement for the upcoming Red Rocks show. Is it September 2nd yet?

  • I spy a potential double bottom in the dollar index. It's too early to know for sure, but given the slink higher and the proximity of the downtrend, I wanted to put it on your radar for obvious reasons. A move through DXY 80 might prove meaningful.

  • While the dollar and asset classes can both decline, a lower dollar is a necessary precursor to higher asset classes. This is the perceived lesser of two evils in the eyes of policy makers (until such time foreign holders cry Uncle Sam and usher in a seismic shock).

  • That's purely my opinion, of course, but it's been my opinion since 2002 (seriously, check the archives) and has worked like a lucky charm.

  • While you were sleeping, McClatchy (MNI) has rallied 330% in the last seven sessions while Gannett (GCI) and The New York Times have tacked on 40% in nine sessions. Keep it in perspective, of course-'twas my worst call of 2008-but note it nonetheless.

  • While I view Bank of America (BAC) as the super-tell, Goldman Sachs (GS) is right on it's heals. When the two of them are pointed in the same direction, their effectiveness as a 'broader read' intensifies).

  • Courtesy of Minyan Mark, "take a look at the S&P 200 monthly EMA. It was support in 2002 and now obvious resistance at S&P 1010."

  • If you have an interest in attending the NYSSA Market Forecast Panel on Tuesday, please enter "MINYAN" as a registration code for our community discount. I'll be there but there's no word on Tito yet.

  • If you have an interest in listening to one of my all-time favorite Dead tunes, click here!

  • Please join me in welcoming Megan "Nutmeg" Barnett as Minyanville's new deputy editor. I trust you'll find her to be terrific value add in our continued mission to affect positive change through financial understanding.

  • Would you rush your children to be part of a fast-track clinical trial?

  • If you're dig the 'Ville (or the Buzz), please tell two friends and they'll tell two friends and so on and so on and so on!

  • Where are we in the denial-migration-panic process? There are two lenses to assess. First, the time horizon and second, the "bull vs. bear" debate.

  • Many seem to think we're in the migration phase of a long-term bull market and the bears are in denial.

  • From 40,000 feet, I would offer we're in the middle (migration) phase of a long-term secular bear market but that's not mutually exclusive to being in the panic portion of a near-term bull phase.

  • Confused yet? Time and price, Minyans, time and price.

  • I'm not into conspiracy theories-ok, not true!-I am sometimes (but they're not always conspiracies). I would rather Minyans have all available information and make decisions for themselves.

  • Either way, I'm not looking forward to flu season.

  • A proper perspective goes a long way. Seriously, it could be worse!

  • Good luck today, Minyans, and remember profitability begins within!


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