Throwing a Fitt
By Todd Harrison Jan 30, 2004 1:14 pm
This tape is all me!
"It was one of those days when it's a minute away from snowing and there's this electricity in the air, you can almost hear it. And this bag was, like, dancing with me. Like a little kid begging me to play with it."
--Ricky Fitts, American Beauty
The afternoon snooze continues to ooze as the critters sniff 'round for any real clues. Times like this are quite dangerous for the active Minyans as boredom sometimes initiates risk. Brodsky touched on this in his last post and it bears repeating. If you can't justify your returns independent of the next 100 points, you're trading just for the sake of trading. Been there, done that--but that doesn't mean you have to.
The standout action today is in the crash test dummies. The transports are down 80 points (3%) and that, along with some cyclical spillover and biotech slippage, has raised an eyebrow in the "it's only a matter of time" camp. Reaching? Perhaps--we're never supposed to short a dull tape and today is the dullest session I can remember (not saying much). Toss in the potential for month end mark-ups and, well, it's a recipe for doing a bit less.
In macroland, the dollar has given back its (meager) gains from yesterday while gold nibbled back a mouse bite of its losses. The greenback is treating Elmer as more of an excuse (rather than a cause) but, thus far, the yellow metal isn't on the same page. "The gold trade just got a bit crowded," offered Sammy (who's sittin' by my side), "and some technical sell signals shook out the weak longs." Possibly pal, but one could argue that the short dollar trade was equally as packed.
Cisco (CSCO:NASD) and Beeks will highlight next week's catalyst front as we edge through the back nine of earning's season. All in all, corporate America cleared the limbo line and that's done nothing but emboldened the bulls. The key, or trick if you will, is that stocks always turn before the fundies. If (when) the Fed can't continue to lap up the slack, stocks will be much lower by the time it becomes apparent.
That's not today's business but as it's slow, my mind wanders towards the dark corners (no, Dan, not those dark corners). The rest of the session is a legitimate toss up as the financials (brokers) flicker quicker and the bears continue to bicker. I promise to make a more concerted effort to be a tad more specific in what I'm seeing and doing but please remember that this is an educational forum. There are plenty of sites that try to sell fish--we're simply a place to get your poles.
Once the new site launches, I promise that it'll be easier to find your fodder. Buzz & Banter will be available for active Minyans (who stare at the screens all day), News & Views will offer our longer commentary, UMV will be available free (for anyone who wants to better their understanding), the elementary school will target the mini-Minyans among us and revamped visuals will make the entire town a lot more fun. What was once a dream becomes more of a reality with each passing day and I'm psyched that you've come along for the ride.
As always, I hope this finds you well.
No positions in stocks mentioned.
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