Knick of Time
ESPN is reporting that the Knicks have struck a deal that will bring Stephon Marbury and Penny Hardaway to New York in return for Antonio McDyess, Howard Eisley, Charlie Ward, a couple of picks and cash. As a Knick fan, I like this trade--although I'm not sure anything (or anybody) will salvage this year. Still, New York hoops just got a lot more exciting (not saying much) and Stephon should flourish in his home town.
Speaking of big trades, the Minx has started to flicker a bit quicker. The retail sector, flagged earlier, has begun to slip a bit harder as have the homies and select brokers. The four-letter freaks are faring far better and, led by the saucy semis, are leading to an N's over S's day. Makes sense, I suppose, as the news du jour was friendlier in that arena and rate-sensitive issues are under the gun.
Gold.com continues its parabolic frolic and is starting to steal the thunder from down under. We've talked about the dollar squalor for a while now and it's yet to matter. Still, as Professor Succo points out anew, there's gonna come a point when the rubber hits the road (and the bulls who happen to be crossing it). Remember, my friends, the greatest trick the devil ever pulled was convincing the world he didn't exist.
Narrowing our focus to the here and now, the internals, while off their best levels, are still strong and that's impressive given the futures led rally this morning. That said, and given the field position and macro crosscurrents (note the rude crude), I'm happy to keep my right hand up as we edge ahead. It may not matter--for today--but you always wanna see both sides of the trade. And now you do.
Fare ye well.
Todd Harrison is the founder and Chief Executive Officer of Minyanville. Prior to his current role, Mr. Harrison was President and head trader at a $400 million dollar New York-based hedge fund. Todd welcomes your comments and/or feedback at firstname.lastname@example.org.
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