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Todd Harrison: Random Thoughts on Stocks, Social Mood, and Solange Knowles

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Taking our journey one step at a time.

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Editor's Note: Todd posts his vibes in real time each day on our Buzz & Banter where subscribers can follow over 30 professional traders as they share their ideas in real time. Want access to the Buzz plus unlimited market commentary? Click here to learn more about MVPRO.

Another day of the freaky fray is upon us as the bears seize the early lead. As is often the case these days, time is a precious commodity. As such, I'll dive right into the news and views that matter for the session and beyond. In no particular order:
 
 
  • The greatest trick the devil ever pulled was convincing the market that the SMART Money Index didn't exist. It does, and it's updated below.
 

Click to enlarge

The bulls continue to flirt with a massive breakout. See it, even if you think it's the world's greatest head-fake-in-waiting. Through a pure technical lens, a move through S&P 500 (INDEXSP:.INX) 1900 on the upside works to S&P 1975 (4% higher).
  • Of course, if technical analysis were gospel, it wouldn't be called trading -- it would be called "winning."
     
  • Speaking to financial services clients, identifying a way to crack the millennial code is priority one; there's a massive transfer of wealth on the horizon. Personally, I'm a buyer of that demo.
     
  • Minyanville's Peter Atwater delivered a tremendous TEDx talk on America's chronic "underconfidence." As a card-carrying socionomicist, I think he makes some fascinating observations. You can view them here.
     
  • The SPX versus KBW Bank Index (INDEXSP:BKX) chart is below; presumably, the banks will either outperform the S&P, or the S&P will underperform the banks. It's all relative.


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R.P.

Twitter: @todd_harrison

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No positions in stocks mentioned.
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