Hey Toddo, in order for there to be a "turnaround Tuesday," doesn't the market need to be up right now?
Oh, put me in Coach--I'm ready to play today
Put me in, Coach--I'm ready to play today
Look at me, I can be Centerfield
Alright, you know that we put a premium on honesty in Minyanville and, as such, I've got to call a bullshnitz! The New York Post reports that Giant's coach Jim Fassel said (in response to Sunday's blown call) "I knew it at the time, but there was so much commotion out there, there was nothing I could do about it." Uh, exsqueeze me? I'm not rubbing salt in the wounds of the Giant faithful--I'm quite familiar with season ending bad calls (ugh)--but, seriously, that's worse than NOT knowing the rule in the first place. If you did that in our business, coach, you'd be somebody's girlfriend in Rikers right now!
Speaking of our business, the market's in watch mode ahead of our the Chambo/Dubya tag team effort and there's not much new to report. The internals are still in waffle mode as losers are spanking winners 2:1 but, giving credit where credit's due, the Nazz is hanging tough. The best acting subsectors are clearly storage (on the back of EMC) and software (on the heels of MERQ) and, thus far, that's buoying the tech sector.
In the old school, the banks continue to retrace some of their recent move and if I see that group start to turn, I'm gonna say uncle on the bear costume. We know that resistance (support) gets weaker with each test and I'm not sure if BKX 800 can withstand another assault. Let's worry about that when (if) we get there and take our journey one step at a time. Away from the financials, the retailers are (finally) outperforming today (retail sales on Thursday, cookie), energy is coming in pretty hard and I'm seeing sellers in pharma.
Meanwhile, across the pond, Europe is getting a bit sloppy and we should keep half an eye on that. Yes, we're the dog that wags the world's tail but don't kid yourself--that stuff matters. Watch the German DAX as it's starting to drift towards our 3000 level (again).
Stateside, young Fokker is beside himself with anticipation as the Lehman option team is joining us for a little Shun Lee. You'd think this kid has never eaten Chinese food before...Jeez! Speaking of Florence Nightingale, he just picked his head up from behind the fax (still working on it...four hours and counting) and said "you like rock and roll, huh Toddo." Ya think?
Hope this finds you 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 email@example.com.
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