"But, I'm funny how? Funny like a clown? I amuse you? I make you laugh? I'm here to friggin' amuse you?"
--Tommy DeVito, Goodfellas
The giggles continue as we edge through the wiggle and there's a whole heckuva lot to digest. I've often wondered if A.D.D types are attracted to trading or if our business actually lends itself to scattered attention. I would tell you my thoughts on this subject but naturally, I've already forgotten the topic. Either way, it's time to muck dive anew.
A handful of themes jumped out during the opening flurry. Novellus (NVLS:NASD) has colored the crimson chips with last night's less than thrilling earnings report. While some analysts are chattering that the news is company specific, the spillover has thus far dripped to its capital equipment brethren. That's leading to a slippy SOX (down a dime) and giving pause to the upside cause.
On the other side of the speculative fence, momentum darling Taser Inc. (TASR:NASD) is Marty McFlyin' back to the bubble with yet another moon shot. I don't have a view on the name, per say, but it's become the poster child of all that's wild. It's moves like this that raise the hair on the back of my neck and offsets what has been, by all accounts, constructive action. Vuja de? You betcha, but those de's can last longer than one might expect.
In the old school, the brokers are a tad pink but it's nothing to write home about yet. Retail, for all you shoppers, is relatively firm and the green group stands out on my left screen. Finally, I'm keepin' close tabs on the cyclicals (CYC) for reaction to this morning's earning's barrage.
Taking a step out of the trees, the dollar is givin' back yesterday's gains (DXY down almost 1%), gold just jumped $4, crude is higher ahead of the storm (and the oil service acne has spread), Europe is sticky green and volatility is starting to perk up. S&P 1150-1160 is the band you should be listening to (support/resistance) and please, whatever you do, save your emotion for weddings and funerals.
What do I think? I'm watching the financials for guidance and assimilating all of the disparate pieces of the puzzle. The giddy city is pretty pervasive--everywhere you look, read, listen and watch--and while that gumption can grow, the one sided nature of belief is ripe for a roast. There hasn't been any motivation on the sell side, mind you, but past traction is no guarantee of future action.
I'll be back.
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