Europe is pushing higher, baby--watch the frogs!
Don't be angry, don't be sad,
And don't sit cryin' over good times you've had.
There's a Minx right next to you,
And she's just waitin' for something to do
It's another brisk morning in Minyanville and, in an aggressive showing of commitment, I joined Slaino for a little spin class out of the gate. Wouldn't you know it, the chatter in the locker room was dominated by frustrated traders and aggravated investors. Shocker there! My initial reaction was to walk up to these guys and say "fellas, get over it!" I mean seriously, we can spend our time pining for better tapes and deeper pockets but, at the end of the day, these are the cards we've been dealt--and we've got to play our hand.
In sell-side research today, Merrill upgraded NVLS and booted KFT, UBS Warburg upped AMATand BGEN, Pru downed WSM and BBBY, Goldman raised numbers in VRTS and BEAS and, in the thataway call of the day, Warburg upgraded CLS while Bear Stearns downgraded it. Hey...Duke & Duke is gonna be psyched!
Dubya's speech last night is being combed through by the political analysts this morning and the net/net is that he's playing a high stakes game of chicken with Saddam. If the Iraqi leader doesn't step down (which doesn't seem likely), our President made it quite clear that we're going after him with or without global support. It was also interesting that he mentioned Iran (again) and, as we're edging closer to put up or shut up time, investors are likely to remain jittery.
Tells today will include our levels (see first post), the dollar (three year low vs. the euro), the semis (2 upgrades as it sits on the neckline), storage (on the heels of VRTS earnings), MSFT (hearing window is open), the financials (brokers) and, of course, our trusty internals. I will also be focusing on the stochastics as they're close to buy signals. In my minds eye, I "think" the market has a stiff rally coming but I believe it's going to start from lower levels. Actionable? Not sure--but as I think it, you'll read it.
Meanwhile, are you sitting down? The L.A Times reports that Raiders quarterback Rich Gannon refused to play in a preseason game two years ago because he overheard offensive linemen talking about how much they had partied the previous night. Evidently, he went to then-coach Jon Gruden and erupted, telling Gruden he had better get control of his team. You think Gruden knew the party habits of the Raiders before the game started? Ya think?!?
See you after the opening.
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