Editor's Note: Todd posts his vibes in real time each day on
Buzz & Banter
Freaky Friday has arrived and there's no shortage of items on our
) reported last night, with Big Blue sticking out as a sore thumb.
) released funky earnings this morning and Mr. Immelt says the
company is "well-positioned for stronger performance."
And of course, April index options expire this morning, with
individual stock options expiring on the close.
As discussed yesterday, expiration influences tend to manifest in
the days prior to the actual expiry, and that has played through in
Monday, the S&P
lost 36 points
. On Turnaround Tuesday,
they bounced 22 points
they lost -- yep -- 22 points
, to close precisely at Monday's close. Yesterday,
they knocked 'em another 10 handles
-- but the bulls held
the all-important S&P 1540 level
-- and naturally, this morning the S&P futures are indicated
Are we having fun yet?
I've been actively trading these last few weeks -- shorting to
cover vs. buying to sell -- and I deviated from my
hit-it-to-quit-it stylistic approach last night, carrying 50% short
exposure into this morning. It stands to reason that the early
morning futures are indicated higher as the trading gods have a
vicious sense of humor.
Gap & Go or Pop & Drop? Too early to tell, but I will note
the confluence of resistance between
, with the former zone arriving through two lenses: a back-test of
the uptrend in place since November and the short-term downtrend
line, as evidenced in the charts below.
Lots to digest as I jump the fence to the Buzz & Banter -- this
is where I, and others much smarter than I am, share our vibes in
click here for a free trial
. But first, some Random Thoughts:
- Perspective check: The S&P closed yesterday 3.5% below an
high. You wouldn't be able to tell that from all the
hand-wringing, and perhaps that's telling.
- I don't believe there is such a thing as a quadruple bottom;
keep that in mind when S&P 1540 comes back into play.
- One Boston terror suspect is dead and the other is on the lam
as large swatches of the city have been shut down. Love and white
light to our brethren there; know that our thoughts and prayers
are with you.
- I like to wait 30 minutes after the opening -- to let the
noise settle -- before taking the pulse of the tape. Of course,
this doesn't preclude opportunities to "fade" the opening, either
way, when that opportunity presents itself.
is down 1.5% for 2013 vs. an 11% gain in the
Dow Jones Industrial Average
(INDEXDJX:.DJI), an 8% gain in the S&P 500 and a 5% gain in
) too, as the insider sales window should open up any day now (if
it hasn't already).
- It's great to see
the Yankees and Red Sox stand united in life
; perspective indeed.
(AAPL) has burned a lot of dip buyers;
my level remains +/-$360
but it remains to be seen if I'll see that as earnings arrive on
- I'm long humility and short hubris, for if we don't stay
humble, the market will do it for us.