A Morning Sniff
Four in a row? Not on MY watch!
Good morning, my friends, it's good to be back! Outside of the system issues that had to happen on my first day in the new digs, the transition has been relatively smooth one. A big thanks to Jeff, Gina, Rick, Yush and the rest of the crew for getting us up and running on such short notice. Teamwork is always necessary if you have hopes of winning the big game--just ask the Ohio State Buckeyes or the New York football Giants. Speaking of New York sports, I'll be a humble Toddo this week as my beloved Raiders prepare for the Jet's. The J-E-T-S Jet's Jet's Jet's are playing the best football in the league right now. Rich Gannon (M.V.P) and the boys will have their work cut out for 'em. More on this later...
Back in the saddle and trying to juggle the inputs as I attempt to get my systems up and running. So you're aware, I'm operating at about half speed here as I await the rest of my software/screens. Most notable is the absence of my trusty stochastics and, after all these years, I feel a bit naked without them. We often take things for granted until we don't have them, right? Whether it's life or hardware, the lesson remains the same.
The pre-market news is a bit mixed as a coupla guys are pushing the semi's, Merrill initiated coverage of Cisco with a neutral, Hotels.com missed big (a ROOM with a blew?), Lehman cut numbers in the airlines and raised numbers in Fannie, Smith Barney booted the biotechs, CS First Boston upped FedEx and Cowen upped Hewlett. Meanwhile, the European bourses are down roughly one percent across the board and I continue to feel the German DAX is the most important market there.
Tells today will include the financials as they could be setting up for a reverse head and shoulders (positive) and I'll be keying off the BKX 780 level in that regard. The Semis will also bear watching on the heels of this morning's pushes and SOX 330 is the inflection point there. Peripheral tells will include Microsoft, Cisco, the retailers (consumer proxy), the dollar, crude (war proxy) and the internals.
So, what do I think? Well, keep in mind that I was swimming with the sharks for the better part of the last few weeks and I always like to take a few days to get acclimated (especially in a new office). That said, my sense is that the short side continues to be the right side as long as we stay below our technical resistance levels (see first post). I'm told the stochastics are crossing at the bottom (bullish) and that's something that the bears must respect. Still, as long as those pesky head and shoulders are in effect, I think Boo can trade with "no more tears."
I'm gonna jump and splash some water on my face (if I can find the restroom!) so I'll circle back after the opening. I've got a new supporting cast that I'm itching to introduce you to but, as Jerry used to sing, "all good things in all good time." One thing for sure...I missed you guys and it's good to be back. I will ask for your patience as I get my systems in order and settle into the new digs but, as you know, I'll give you my best efforts as we find our way.
See you after the opening.
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