Most traders have never heard of Harry Von Tilzer or Andrew B. Sterling. I sure didn’t until I sat down to write this piece. Von Tilzer was a music writer and Sterling a lyricist. In 1905, they got together and created the masterpiece known as “Wait ‘Til The Sun Shines, Nellie.” For 80 years, this song has been the unofficial anthem of the New York Stock Exchange. Every year on Christmas Eve and New Year’s Eve, NYSE floor traders stop what they are doing and belt out the tune (usually at 12PM on Christmas Eve and 2PM on New Year’s Eve). The song is much like Frank Sinatra’s “Fly Me To The Moon” in that it is a tune that reaches out to the eternal optimist in all of us- it is a song of hope. The song is ostensibly about waiting for the rain to end which will presumably lead to much better times. The song, originally sung just after the 1929 stock market crash, has been sung in good times and bad from the Great Depression onward. Voices tend to be very cheerful in years such as 1999 when the averages were soaring at the height of the bull market and much more muted last year when the song served as a reminder that the song’s NYSE roots was indeed The Great Depression when the song was continually sung to buck up the despair and gloom every trader faced. So, with this year thankfully being a better one for stocks, look for a better mood today…and on what should be such a slow session, glance over to the TV and watch this year’s rendition. As corny as the whole thing seemingly is, I challenge you to try to stifle a smile as the NYSE floor people belt out the song an hour before what will be (at least) a rare 3 ½ day weekend from trading for us all.
Markets in Asia were higher overnight with the Hang Seng up just shy of 1% in Hong Kong. In Europe, the markets that are open are up about 1/3% on average. Gold is up with the dollar down. State-side, look for a very muted session today with a slight upside bias. Newsflow and pre-market activity is almost nonexistent. It is a day to stay largely on the sidelines with the exception of a few microcaps charging ahead and a couple of relative strength plays perhaps working. There will likely be that continued upside bias, but there is not going to be a push to do much of anything. Trade accordingly with zero scalping.
The watch list can now be found on the "Trade of the Day" thread at: http://www.tradeoftheday.org/ The blog will continue to be posted here and can also be found on our forum via the Epiphany Trading Blog thread.
Reiterating-
If the whole story is not there -If something is good, assume either a short thru unchanged or an A-B-A2 (preferably to the downside in a downside market and the upside in an upside market) based on direction of the market unless specified.If something is bad, assume either a buy thru unchanged or an A-B-A2 (preferably to the downside in a downside market and the upside in an upside market) based on direction of the market unless specified-
Good- The following stocks have good news and/or a strong technical pattern
CAAS, CAGC- among the small Chinese entities closing near their highs
PCX- closed near a high
AMZN- closed near a high
IOC- closed near a high after cementing a deal with the government of Papua New Guinea
GMCR- closed near a high in a relentless end-of-year march higher
X- closed near a high
EOG- closed near a high
NOG- closed near a high
NFLX- closed near a high on vague takeover rumors
INFA- closed near a high
FUQI- closed near a high
GLNG- featured on “Fast Money” last night
NCTY- sharply higher in pre-market on no apparent, easily findable news
Bad-The following stocks have bad news and/or a weak technical pattern
ARNA- MRK ended collaboration with the company
CTAS- closed near a low after posting bad earnings
CATM- closed near a low in an intra-day reversal
Earnings:
none today
Good luck today.
Epiphany Trading, LLC
http://www.epiphanytrading.com/
Erik R. Kolodny- Chief Markets Strategist
Brendan P. Byrne- President
Joseph R. McCandless- Managing Partner
D. Timothy Seaquist- Managing Partner
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