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Twist and Shout

By

N's over S's

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If you twist and turn away
If you tear yourself in two again
If I could, yes I would.
If I could, I would let it go


(U2)

The Monday fun continues its run as traders edge through the afternoon. Overall, the tone is steady, for lack of a better word, although the Minx is chewing through the lunch crunch. It remains very sector specific and a pronounced rotation has evolved intramarket. As it stands, the semiconductor acne and telecom accumulation is masking some weakness in retail and select financials.

It's difficult to ascertain where we are on the "denial-migration-panic" curve but judging from the conversations I'm having, there sure are some anxious folks out there. I'll never offer advice on how to trade (we don't do that) but how we approach the coming juncture is critical. Regardless of your view, patience generally brings price and emotional decisions always have a way of biting you on the can. If the schvitz-o-meter is redlining, playing "in between" (or partial positions) sometimes lessons the pressure but please, Minyans, don't be reckless.

I say that as we gear up for an avalanche of information on the fundamental front. I also bring it up as the sexy sirens sing their song and entice us with their dangerous dazzle. I'm not saying prices can't continue higher--they surely can--but the litmus test is one of time. Think of it this way--if the Minx is up OR down 500 points, will you have the inventory/ammunition to trade accordingly? If not, you're likely leaning too much in one direction.

Watch Friday's highs (S&P 1132ish/NDX 1540ish) as the first area of upside interest as "stops" are likely set above. It "feels" as if the bulls wanna run but a bout of profit taking into the unknown (earnings) shouldn't shock anyone. Intel (INTC:NASD) is reporting Wednesday--not Tuesday--so apologies for the earlier confusion. With limited systems and a freshly baked Fokker, we're scramblin' a bit in the city of critters.

Thanks kindly.
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