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Snake Eyes


Fare ye well!


And it's not like I'm leaving you lonely
'Cause I wouldn't know where to begin
But I know that you'll think of me only
When the snakes come marching in

(Grateful Dead)

Ever have one of those days where you're walking around with floppy shoes and a big red nose? That's me in Juggle City, USA today as I try to do a little bit of this and a whole lotta that. I've learned through the years that semi-focused trading is far from profitable so I've tightened my controls as I finish up this "other" thing. It's bigger than a bread basket and better than a basket full of bread. And soon enough, it'll be in the rear-view mirror as the critters charge full steam ahead.

We flagged the banks and semis as two "key" sectors this morning and they've done their part from the very start. While beta is getting tagged, the ability of these other groups to absorb supply (BKX 100) has been the difference between what is and what coulda been. We're not out of the woods yet (heavy tapes and bad breadth tend to close sloppy) but Hoofy will be jacked if we settle in here. I'll bet two bags of M&M's that it won't happen but I'm not gonna press any bets when I've got one eye wandering.

Kla-Tencor (KLAC) and Xilinx (XLNX) will lead tonight's conference call purgatory while General Electric (GE:NYSE) takes tomorrow's cake. I have a few thoughts regarding the "influence" of GE but a late day must-take phone call chewed through my allotted typing time. Suffice to say that while it would be foolish to discount the highest weighted stock in the S&P, my sense is that it has become more of a "rate and dollar" play. In other words, as a bearded financial, it is tied to the yield curve. As a multinational, it can "print" whatever number it wants.

This is a relatively important close as we're sitting on the neckline of three month dandruff in the S&P. I offered on the Buzz earlier that my "sense" is lower but the upside gaps may have to fill at a point. Either way, one thing is absolutely certain. If Hoofy (and Stella) are gonna get their groove on, they'll have to gain some popularity in the marketplace. Anytime you have two enemies for each friend, chances are that you're gonna lose the fight at the end of the night.

Have a peaceful night.

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