Pipe Down Fokker!
Snapper the killer whale, be-atch!
Factory orders hit the tape slightly lower than expected (and the prior month was revised down) but, net/net, it's not an egregious miss. Meanwhile, Oracle's CFO said he calling for a "modest" increase in I.T spending in '03--but also said that the company has bigger deals in the pipeline (than previously thought). As I said, I'm not involved in the name, but I wanted to follow up on the earlier blurb.
An check of the morning breadth shows losers trumping winners 2:1 on the big board and and marginally in techland (N's over S's). It's super early and there's a lot of trading left, but thus far we're looking at a tale of two tapes. Case in point, the semis have climbed through our SOX 330 level while yesterday's heroes, the banks, are waffling a bit. All eyes, ears and elbows will be focused on Chambo (12:30) and Dubya (1:15). Stay tuned.
Taking a step back, the bears would argue that we'd need to see early green if there's to be late day red. I don't disagree, but I am also very conscious of both the technical levels and the...are you ready...performance anxiety. One thing for certain, there's a lot of crosscurrents floating around and this game is not for the weak hands. Stay disciplined and, as hard as it is, approach the market proactively.
Meanwhile, for all you Fokker watchers, he got the bagels and schmear order right today and he's setting up the fax as we speak. All eyes on you kid...make me proud.
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 email@example.com.
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