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Snake Eyes

By

Fare ye well!

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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.


R.P.
No positions in stocks mentioned.

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 todd@minyanville.com.

The information on this website solely reflects the analysis of or opinion about the performance of securities and financial markets by the writers whose articles appear on the site. The views expressed by the writers are not necessarily the views of Minyanville Media, Inc. or members of its management. Nothing contained on the website is intended to constitute a recommendation or advice addressed to an individual investor or category of investors to purchase, sell or hold any security, or to take any action with respect to the prospective movement of the securities markets or to solicit the purchase or sale of any security. Any investment decisions must be made by the reader either individually or in consultation with his or her investment professional. Minyanville writers and staff may trade or hold positions in securities that are discussed in articles appearing on the website. Writers of articles are required to disclose whether they have a position in any stock or fund discussed in an article, but are not permitted to disclose the size or direction of the position. Nothing on this website is intended to solicit business of any kind for a writer's business or fund. Minyanville management and staff as well as contributing writers will not respond to emails or other communications requesting investment advice.

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