By Todd Harrison Jan 08, 2004 10:10 am
I can't get it up!
Money, it's a crime.
Share it fairly but don't take a slice of my pie.
Money, so they say
Is the root of all evil today.
The morning spew begins anew as traders wonder what to do. The fire flies are buzzing in telecom (on the heels of Nokia (NOK:NYSE) and the entire food chain is playing the game. The chatter was around yesterday so the reaction to the news will be interesting. One thing for certain--and please don't discount this--the fear of missing is as palpable as it's been in a while. "Right here, right now" stuff? Don't know...but you can cut the tension with a buttah knife.
A quick sniff of the morning breadth shows three winners for every loser with a relatively better tone in tech. The saucy semis should be on your radar as it tests the triple top (from November and December). Traders are gunning for acne in the group (SOX 537ish is the level) so watch the action in this complexion. Hey Martin, can I borrow some of your Clearasil? And while you're at it, tell Minxy Jill we send our best!
Other levels to watch include S&P 1120ish/NDX 1485 (trendline support) and S&P 1130 (initial resistance)/1150 (mamaluke resistance). The brokers are also in that zone between recent highs (above) and bubble highs (below). As you know, the piggies (and their broker brethren) are super important to the underlying health of the market. Keep half an eye on them at all times.
Our old friend VIX is a scant 15 handles from ultimate support and while it's been drippy for months, I would be remiss in not pointing out the latest slippage. Yes, you can put that in the "yeah, yeah, we've heard it all before" file but nobody has talked about it in some time. Perhaps it got too loud (and widely followed) to be effective. Now, with nobody looking, it may be time to take a peek.
Finally, and perhaps most important, does anybody else find the notion of Mike Ditka on Levitra to be a really bad visual? Bob Dole on Viagra was bad enough but now you've got a grizzly bear with a pup tent? Hey, wait a minute--if a Chicago Bear can recapture lost youth, maybe there's hope for a Minyanville bear to do the same? Saddle up, Boo, your performace anxiety may soon abate!
I'll be back.
No positions in stocks mentioned.
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