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The Band Stand

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We were so close!

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Up on Cripple Creek she sends me
If I spring a leak she mends me
I don't have to speak, she defends me
A drunkard's dream if I ever did see one

(The Band)

It's Freaky Friday, sports fans, and you know what that means--our requisite two day respite is right around the corner! In seven short hours, we're gonna turn off the ticks and turn on our lovelight. Friends, family and football...what's better than that? Before we power down, however, we've got a handful of critters that need some handholding. One more day of focus, Minyans---and then it's all you!

Beeks stopped by and announced the orange crop report and, well...it left a lot to be desired. There's been chatter on the trading wires lately that the number was going to be overtly bullish and, as such, traders may have "fronted" the report a little. As we discussed this morning, the knee jerk move is intuitive--now the games begin!

While economic data is surely important, it's only one ingredient in a messy minxy mix. Factor it into your process but also know that it's not omnipotent. Other data points this morning include Dell's self-defense, SGP's flu, a retail upgrade by the mighty Bear, the greenback (it's blue) and North Korea taking their ball and going home.

The semiconductors in general (MU and TXN in particular) trading very sloppy into yesterday's late jig and I wouldn't be shocked to see them trade lower today. If a stock can't lift during a massive rally, you can be sure that there will be supply around when (if) the tape turns.

I currently have one leg in my metaphorical bear costume (25% conviction on the short side) and I want to watch the opening. I did the Texas two step yesterday, Cowboy, and jumped in and out of an appendage. I'm not bummed about taking that leg out on the close--it was the disciplined thing to do in front of a big unknown. Over the course of time, that type of consistency will save (make) a lot of money.

I've got my 9:00 strategy meeting with the boyz down the hall so lemme hop (literally) into Schott's office. It's a long day and I implore you to take a deep breath and think positive. Emotional decisions have a way of coming back to haunt you so, please, keep your emotions focused on football. We have all weekend to root.

See you after the opening.

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