"And I must be an acrobat, to think like this and act like that" -Bono
The defining challenge of trading for the last 2 years has been having the ability to trade long in the rallies even while regarding Dire Bigger Picture notes such as this as horrifyingly cogent. (Note: the link just gives an article abstract. You can get the whole magilla by subscribing to the The Atlantic or, as in my case, being some fifth derivative relation by marriage as well as a friend of the author.)
Seems like the next couple hours are fairly meaningful in the sense(s) that:
A. If it rolls over into the close again Boo is going to start to look very menacing to the bulls (though at the moment he's still digesting '05 gains and looks as bloated and harmless as Vegas-Elvis).
B. On the other Hoof, I get the sense that the gap-open caught some bulls feeling under-invested. "Emboldened"/ "Chasing" will be apt to define the other side of contra-hour, should the S.O.P. downside probe during the 14:00 hour be contained.
C. Best Buy (BBY) has done nothing but flop all year (I concede that my having been bearish throughout '04 (and intermittently short) only see the name collapse after this inclines me to over-think this name as a tell.... then again, if the consumer isn't buying electronics why, exactly, should I be buying Intel (INTC)?).
D. Net-Flix (NFLX) is wimpering at the lows of the day, as opposed to following through on the strong open. Wedbush Morgan is offering the anti-"table pounding BUY" on the name. The analyst underlined and boldprinted his pre-standing "Sell" by adding NFLX to the firms Select List as a short! Note Herb's follow-up. The Bears may be right, big picture, but I'm inclined to be a buyer on near term pullbacks.
"And I must be an acrobat..."
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