Editor's Note: Todd posts his vibes in real time each day on
Buzz & Banter
has arrived and the bulls are trying to run for the roses.
last week's Bear Scare
, they know that a slew of technical damage has been done to the
tape and they're looking to reverse the curse. With earnings coming
fast and furious (
) will highlight a busy afternoon), they've got the ammo to push
the bears back into hibernation. The question, of course, is
whether they'll be able to do so.
Consistent with my
late last week
I've attempted to use higher prices to my advantage rather than
cover up small losses. The wisdom of that (departure from my
hit-it-to-quit-it) stylistic approach will show itself in the
session(s) ahead; at the end of the day, price is the ultimate
arbiter of variant financial views.
With three or four areas of resistance converging in and around
we'll know shortly if I'll soon swallow one of those patented doses
of humility that the market likes to deliver in spades. While my
risk is defined, the reward very much remains to be seen.
Check the chart below and you'll see the back-test of the trend
line that's been in place since November, the downtrend that
connects the series of lower highs (since April 11)
the top of the left shoulder that is trying to form a right
shoulder. IF (and this is the biggest "if" out there) the tape
reverses lower, a break of
would "work" to
through a pure technical lens.
Europe is trending positive, the stateside stocks jumped higher out
of the gate, and my P&L has a decidedly red hue, at least in
the early innings of today's session. I will be updating my risk in
real time, as I do every session, over on the Buzz & Banter,
along with numerous folks who are much smarter than I am.
Click here for a free two-week trial
, and I'll see you on the other side of the fire wall!
- If Apple ticks toward $360-and few foresee such a move given
the decline to date and the field position into earnings-
I'll likely nibble for a trade.
(INDEXDB:DAX) has rallied of late…all the way back to the flat
line. Meanwhile, the
Dow Jones Industrial Average
(INDEXDJX:.DJI) is up almost 12%, the S&P is up 10% and the
(INDEXNDX:.IXIC) is up 8%.
- There was a stretch last week-let's call it four of five
sessions in a row-when I felt like I could see the seams on the
ball as they rotated toward home plate. As soon as that thought
crystallized, my swing turned rustier than a nail. Uncanny.
) is a real-time example that you cannot short stocks "on price";
it remains to be seen if Apple demonstrates that point the other
way this evening.
- I will be deep in the throes of HSS (Hospital for Special
Surgery) tomorrow from 7 a.m. to 2 p.m.,
and that's just the pre-op.
The real surgery will take place a week from next Tuesday and I
can't begin to tell you how excited I am to finally flip this
hip. I'm not talking about running, tennis, or working out; it's
the little things that matter most: walking without a limp,
picking up my daughter without wincing, and having a catch with
my kids Gavin and Mug. This has been a long time coming-and by a
long time, I mean 43 years!
- Good luck today and remember that profitability begins