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Turtle Beach

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May peace be with you!

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Run, run, run for the roses
Sooner it opens, the quicker it closes
Man, oh, man, oh friend of mine
All good things in all good time


(Robert Hunter)


Talk about a turtle tuck rule! No sooner did the last column post than Sammy tossed the ball to Snapper. The technical types, keying on a few flags of their own, juiced the goose and off they went. Will the offensive line be able to penetrate the staunch defense of S&P 1150? That's what the bulls are lookin' for and if (big if) they can, the only thing left on the field will be the tossed towels from the ursine uglies.

My eyes have been shifting between the breadth (flattish on the big board), the financial/semiconductor duopoly (positive), our levels (held down south, now peering to the north) and our big cap proxies (General Electric (GE:NYSE), Citigroup (C:NYSE) and Johnson & Johnson (JNJ:NYSE)). Why am I looking at this as a market of stocks and a stock market? Simple, those three names are the most obvious breakouts and I wanna monitor conventional wisdom.

Will the mo mo slow slow? Eventually, but emotional tapes have a habit of becoming more emotional. That's why I like to use technical analysis as a backdrop rather than a blind guide--it offers a framework with which to box an opinion. We spoke of the primary metrics this morning and each encapsulates the overall "dilemma." There are enough data points to spur the herd but, under the surface, it may be getting absurd.

Keep an eye on S&P 1150 as we turn the corner and look for the signal from the third base coach. The range is 1150-1160 but a breach of the former may point to the latter. Also remember that the greatest trick the devil ever pulled was convincing the world he didn't exist. As my buddy Carter likes to say, the devil likes to dance in empty pockets. When the bulls blow their wad (of cash) and reach position limit, the red head will spread dread.

Have a peaceful night.
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