Editor's Note: Todd posts his vibes in real time each day on
Buzz & Banter
It has been an eventful stretch; with the Jewish holidays thinning
last week's ranks, we saw a "false" Putin headline (Russia will
back Syria with force, which was "old news," but triggered a
22-handle "drop and pop" in Friday's
(INDEXSP:.INX)); posturing from Syrian president Assad (who
threatened "repercussions" if the US launches a strike); positive
news in Asia (Japan rallied 2.5% on winning the 2020 Olympics;
better-than-expected exports from China); and stateside M&A
(Koch Industries bought
) for $7.2 billion).
Heck, even my Oakland Raiders found some heart and
beat a solid Colts team
behind Terrelle Pryor and a newfound read
Hey, it's a start.
All the while, the S&P is trading at levels last seen in May,
June, July, and August -- and while the tone and tenor is
constructive on the margin, we're meandering below resistance (the
definition of a churn) as we fire up this fresh five-session set.
Running to stand still? Perhaps; individual equities have been all
over the place; it's more a market of stocks than a stock market.
The perceived catalyst this week is whether or not we'll strike
Syria, which has become a hot-button issue the world over. The
first phase of the financial crisis -- and
the policies that followed
-- have dominated the global macroeconomic landscape for years and
many of our partners are none too pleased. They seemingly have a
platform to vote on the US with this pending military action, and
many of them are taking the opportunity to do so.
Last week, we offered that
the bears have a window of opportunity
to knock down the market, perhaps all the way to the 200-day at
(it's an upward sloping average). That continues to be the case as
we edge into this week's action, with the financials (watch
)), momentum tech (
(AAPL)), gold (as a contra-tell), and market internals providing
road signs along the way.
For my part, I'll be working from home today so I can pick the
twins up off the bus (it's their first day of fourth grade and I'm
told kids remember things like this) before heading into the
concrete jungle for tonight's premiere of
Money for Nothing: Inside the Federal Reserve
, which is an excellent (and most timely) documentary that should
be required viewing for the future leaders of our nation.