Rallies INTO earnings typically discount good news.
The Autumn Wind is a pirate
Blustering in from sea
With a rollicking song he sweeps along
I'm sure that my Jet fan buddies expect me to rub salt in their wounds this morning but...it's not gonna happen. The Raider Nation will accept nothing less than the Vince Lombardi trophy this year and, until Tim Brown has his ring, I'm not going to celebrate. One down, two to go boyz...just win, baby!
Redeye flights are always joyous experiences but, as they say in trenches, if you're gonna play, ya gotta pay. I powered up my system this morning to find a firm Europe and some jiggy stateside futures but, after the way they closed 'em on Friday, that can't come as a shock. The question now becomes: if this is the "pop," can the "drop" be far behind?
We've been discussing the looming breakouts (particularly in the banks) and it's become increasingly obvious that these levels need to concede before Boo will capture his honey pot. With a handful of catalysts looming this week and the news likely "ok," our dilemma becomes a "trading thing." In other words, if Intel (et al) say that business is "fine," will the street sell the news?
This morning's flow includes JP Morgan downgrading DELL and lowering numbers INTC, CS First Boston punting MOT and upping QCOM and cautious comments out of TXN. Meanwhile, Steve Case is heading to the golf course (probably his own golf course) and AOL is indicated higher as a result.
I've got to run into this morning's meeting but, before I go, I'd like to throw a shout out to Raider Marc, Raider Leslie, Raider Max and Raider Em--you've once again humbled me with your graciousness and I can't thank you enough. I'm looking forward to firing up that spiffy grill and roasting some Titans this weekend!
See you after the opening.
Todd Harrison is the founder and Chief Executive Officer of Minyanville. Prior to his current role, Mr. Harrison was President and head trader at a $400 million dollar New York-based hedge fund. Todd welcomes your comments and/or feedback at email@example.com.
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