Hand Over Fist
From our family to yours, have a fantastic weekend!
"So what Jefferson was saying was "Hey! You know, we left this England place because it was bogus. So if we don't get some cool rules ourselves, pronto, we'll just be bogus too." Yeah?"
--Jeff Spicoli, Fast Times at Ridgemont High
Aloha Mr. Hand! As soon as Tim (no relation to Sally Ann) Kavanagh correctly identified Hawaii as the only state with one school district (D.C is a district--hence the "D"), the Minx started choking. There's nothing wrong with a little pizza on our time, I suppose, as it's been a while since Boo got to chew. Now, with a little less than an hour to go before our date with Linda Barrett (woof!), the bears are looking over their shoulder as they creep towards the bell.
Will eight be enough? The Dow Jones is still flirting with that issue as the Minx meanders through a drifty afternoon. The winning streak has been impressive to say the least (and incessant to say a bit more) and it's offering a tasty sideshow for those of us who actually care about such things. Other rings in the circus include S&P 1150 (bottom end of the resistance band) and BKX 1000 (back below). Hey Fokker--grab your floppy feat (and bearded girlfriend) and join the show!
There are two ways to view the action (basing or churning) and the majority is clearly betting on the former. We know that corrections are a function of time or price (maybe both) and the longer we do the Sammy salsa, the more likely it is that Hoofy will be his dance partner. It's a bit tricky for yours truly because I see the breakouts, I feel the momentum and I hear the rhythm. Still, and while I'll sometimes rent (buy to sell), I simply don't believe, don't don't don't believe the hype.
I know what you're thinking--we're never supposed to let opinions get in the way of making money. True that. Whenever I get too negative (who me?), I read some of Brian's pieces (on the tight corporate bond market) or look at the charts of some market bellwethers (General Electric (GE:NYSE), Citigroup (C:NYSE), Johnson & Johnson (JNJ:NYSE)). The thing is, it's seemingly so obvious that the little bear on my shoulder is biting my ear. Granted, I've got all kinds of nibble marks but it is what it is and I am who I am.
The earnings avalanche abates somewhat but we'll still have our hands full in the coming week. Texas Instruments (TXN:NYSE), Altera (ALTR:NASD), Novellus (NVLS:NASD), Schering Plough (SGP:NYSE), McDonalds (MCD:NYSE), American Express (AXP:NYSE), Broadcom (BRCM:NASD), SBC Communications (SBC:NYSE), Flextronics (FLEX:NASD), Electronic Arts (ERTS:NASD) and Caterpillar (CAT:NYSE) highlight first coupla days. Not to be forgotten (like he was in the movie), Beeks will be offering existing home sales (exp. 6.13M) on Monday and consumer confidence (exp. 98) on Tuesday.
I'm gonna hop so I can help Fokker (red nose and all) scoot for the bell. It's Mr. and Mrs. Fokker's anniversary today and Greg RN is joining them for dinner. Congrats on that--if the tree doesn't grow far from the apple, you guys are alright in my book. For the rest of you, use the downtime this weekend to enjoy the spice of life. 20 years will be here in a blink of an eye so don't let the important stuff pass by unnoticed. Do something Joel and appreciate what you've got rather than focusing on what you don't. You are, after all, far more fortunate than most.
Have a peaceful night.
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 firstname.lastname@example.org.
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