By Todd Harrison Jan 26, 2005 3:22 pm
May peace be with you!
You've been bought, you've been sold
You've been locked outside the door
But you stand there pleadin' with your insides bleedin'
'Cause deep down you want some more
The Matador jump is pleasantly plump as we edge ourselves through the Minyanville hump. The action thus far is earily reminiscent of yesterday's tape with the notable exception of market internals. NYSE breadth has been squeaky clean all session and that bodes well for some end-of-day swell. First up on Hoofy's to-do list? Push through S&P 1175 and NDX 1505 (yesterday's highs and current resistance). If he can do that with some moxie, it'll be "game on" in the city of critters.
I'm quite aware of the macro concerns--trust me, they dangle behind my eyelids each and every day! The trick, when trading, is the proper juxtaposition of a risk profile and time horizon. If I had the patience to slap on exposure and come back in ten years, I'd get long the energy and metals, short the financials (tech) and open a taco stand in Cabo San Lucas . That's not my game (at least not yet) so I've chosen to view the big picture as a series of little pictures and read the tea leaves each day.
You know where I stand in the tape (near-term constructive with serious concerns about melt potential) so I wanna weigh in on Mr. Thain's brilliant idea to open the market two hours earlier. As Minyan Kevin offered on the Buzz, 24-hour supermarkets and drug stores provide the guinea pig for this proposal (they still do the same business, customers just stagger throughout the day and night). U.S. equity markets already have the fewest bank holidays in the world and many sessions are spent passing the time between actionable trades. I implore you, Mr. Thain---leave well enough alone and let us find balance when we can.
Turning our attention back to the tape, the good news is that we're now on the back nine of our trading week and the requisite respite is within view. We still have a ton of earnings to digest and an Iraqi election to get through (peaceful prayers from here to there) so we're far from out of the woods. Those metrics will surely matter but I'll again remind you to keep the dollar on your radar (DXY 84). It's getting a "little" loud, I know, but it'll work until it doesn't and we'll then shift our attention to less obvious tells.
On the housekeeping front, we're chuggin' through the behind the scenes stuff and while I've never been busier, I wouldn't change it for the world. It's a rare situation when you can do what you love with people you respect and serve the greater good. Our "major announcements" have been a long time coming but I promise to share them soon enough. My grandfather always said that it's better to do something right than to do it fast and, as usual, Ruby was right on the money.
Fare ye well into the bell and have an awesome night.
No positions in stocks mentioned.
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