Sorry!! The article you are trying to read is not available now.
Thank you very much;
you're only a step away from
downloading your reports.

Random Thoughts

By

Be careful, particularly if you're dabblin' in four-letter freaks.

PrintPRINT
  • Given our mid-week moniker, it's apropos that the S&P finally mounted the long-awaited hump. Today's close now becomes all-of-a-sudden important as technical types look to turn resistance into support. If they can turn that trick, the all-time intra-day high of S&P 1554 will begin make the rounds.

  • Along those lines, the following Buzz appeared between 10:00 AM and 11:00 AM

    S&P 1527 is officially on the other side of the ride and, as we discussed yesterday, the buy stop vacuum has kicked in. A few somewhat random observations from the front as I juggle the struggle in the Hump Day fray.

    • The Nazz is noticeably laggy--to the point where it's throwing caution to the wind. This type of action--tech in general and the semis in particular--is the stuff that whipsaws are made of. Be careful, particularly if you're dabblin' in four-letter freaks.

    • The "hop and pop" above 1527 may have been the 'easy' trade. Now, with the S's going this way and the N's pulling that way, it gets a lot dicier. Key tells remain the banks and brokers, as the BKX and XBD have pinpointed our oft-mentioned inflections.

    • Tertiary tells are supportive of further upside (NYSE internals are 2:1 positive, Nazz 3:2 positive, the dollar is off 25 bips). Keep in mind, however, that the tape feels "futures led," which likely means that breadth will be a somewhat reactive (rather than proactive) read.

    • What are the odds that, during our Miracle in Manhattan get-together tonight, a white horse trots into the scene as Macke turns to me and says "It's a Miracle!" Dude, wrong movie--this is all about this miracle, not that Miracle!

  • The key to the vault? You know this by now, it's the financials, as the piggies poke at double secret resistance. The banks are right there, right now at BKX 118 and Duke & Duke isn't far behind as the brokers eyeball XBD 260.

R.P.

< Previous
  • 1
Next >
No positions in stocks mentioned.
PrintPRINT
 
Featured Videos

WHAT'S POPULAR IN THE VILLE