As I'm about to step away from the screens for ten minutes--and a lot can happen in ten minutes--I wanted to follow-up my previous Buzz with some actionable levels.
S&P 1190 (today's high) and S&P 1200 (gap lower on Monday) are near-term backstops for Boo. While I openly sensed a downside "tap" a bit earlier, I feel compelled to follow it up with some context. I've learned to stay humble or the market will do it for you.
Goldman Sachs (GS)--something still doesn't smell right there--Mother Morgan (MS) and JP Morgan (JPM) have emerged as flies in this broader upside try, and the piggies are probin' lower as evidence the red BKX.
Remember when the BKX and SOX (semis, also red) were our super-tell duopoly? I do as well, and yes I feel old.
I would also like to update the S&P vs. BKX dynamic as it foretold the latest malaise (the signs were there if you chose to see them). I offer both charts below for some visual representation.
Discipline over conviction as we find our way. and remember to smile. We're a few short hours from our requisite respite and I, for one, am looking forward to focusing my attention on the important stuff (like the laughter of little kids). This tape may suck the life out of us, but it's up to us to refuse it anew.
As always, I hope this finds you well.