By Todd Harrison Jan 22, 2004 3:20 pm
Good luck Minyans!
I don't know how it happened
It all took place so quick
But all I can do is hand it to you
And your latest trick
Well alrigtee then, I'm back in the 'Ville. It's funny (not like a clown), but fourteen years in this business and I can actually count on one hand the number of times I've left my desk midday. In a world where passions and plights intertwine, a step away from the fray often provides perspective. Lunch hour? Not on a bet...but staring at these (8) screens for twelve hours straight will drive ya batty!
A few observations as we round third and ready our speakerphones. The big board breadth is much better than OTC land as profit taking and pre-Microsoft (MSFT:NASD) manicures are trimmin' the four letter freaks. Harry Potter & Co. will report after the close and it'll be the last gorilla to spew (before Chambo takes the baton). Could they rock the (one sided) boat? Sure--they've done it before...but as you might have guessed by now, not many people are assigning a high probability to that.
As Succo and I rode to our midtown mindmeld, we sat silently and listened to the business news on the radio. Price (and performance) validates opinion, of course, but the one-sided nature of the commentary was mind boggling. It's one thing to have a view but another thing to mock those who don't subscribe to your vantage point. To be sure, the overwhelming consensus is that Boo is the village idiot and that's his cross to bear until he can muster a gang buster.
With that said, my daily scan produced a bevy of breakouts. Johnson & Johnson (JNJ:NYSE), Citigroup (C:NYSE), General Electric (GE:NYSE)...these aren't small mom and pop operations, they're some of the biggest companies in the world. If this is a market of stocks and not a stock market, that acne must be noted. As the semis have reminded us, however, technicals are but one metric in the bigger trading brew. In other words, charts dont lie but there's always fib potential.
Tonight will wrap up the lion's share of the earnings fair and the news has been solid. The offset, of course, is determining how much of that is already discounted at these levels and what the potential is for a continuation of the acceleration. Thus far, the digestive action and rolling (intramarket) rotation is healthy and that, coupled with the technicals, have scared most bears back to their caves. It stands to reason that when the ursine party finally starts, the hosts will be in the bathroom.
I wanna get this out to you before the bell so lemme hop. I sincerely hope you're all managing this Minx and maintaining the perspective necessary for longevity. Money is a ways to a means, not a means to an end. Trust me, I've been on both sides and while one is surely more fun than the other, your entire world should not be dictated by the bottom line. That, quite simply, is the definition of "living to work" and may be the single worst trade out there.
Have a peaceful night.
Position in qqq
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