Here are my thoughts on the market in no particular order.
iShares Nasdaq Biotechnology Index ETF (NASDAQ:IBB) 234 is a support for biotech and an area for bulls to lean against, if that's their thing. IBB 215, the 200-day moving average that hasn't been touched since 2012, is the support.
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Global indices are sticky green, the stateside test lower notwithstanding. Market breadth is neither here nor there, and not at levels that qualify as a tell either way.
Gold $1,300: Double secret support at the 50- and 200-day moving averages. They are Bovine backstops if you're feeling lucky (or if you like defined risk).
Markets aren't really reacting to the ECB jawbone on lower rates, at least not yet. Inconceivable.
The banks are pretty in pink but holding above KBW Bank Index (INDEXSP:BKX) 71.50.
Until that breaks, which will likely coincide with a breach of S&P (INDEXSP:.INX) 1850, the bulls will be singing themselves some Marley.
"Ss over Ns" continues, but you gotta squint to see it today.
I used to play Candy Crush Saga, but I became obsessed and had to banish it from my world (all the friend requests for lives didn't help). I've since adopted Quiz Up as my time killer of choice (I'm learning patience with a wife and three kids). It's a time better spent, in my view, if you have to spend your time looking at a smartphone.
Wait, there are the "Ns" dipping into Red Dye. Here we go again.
I'm still holding the GW Pharma (NASDAQ:GWPH) with a cost basis under $62, so you know. Not huge, but I'm there.
Jumping on another call -- this morning was a marathon -- but this afternoon frees up, which is good!
I'll be back. As always, I hope this finds you well.
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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