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Tickled Pink

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Breathe, breathe in the air
Don't be afraid to care
Leave but don't leave me
Look around and choose your own ground

(Pink Floyd)

Sorry for the lag, my friends, but as you know, my first responsibility is always to my partners and our investors. When juggling like the clown I am, the frequency of the posts will sometimes suffer. If only we could sneak another seven hours into the day, all my problems will be solved! Maybe...perhaps...possibly...I'll even find time to brush my teeth? Ugh...T minus 15 days until the quadruple wisdom yank. Joy!

The pseudo-preppy-wannabe-biff-dressing Lappy keeps asking me which scenario (from today's first post) I subscribe to. I told him, as I often tell you, this is not an advice column and each of you must choose your own ground and unique path. That said, scenario B is starting to line up in my mind. I still feel a stiff rally in my trading bones (before this lovely year ends), but I'm not so sure we've put in a low yet. Obviously, this may not be today's business...I just wanted to put it out there. It simply got too negative and too pressed-and the shorts are taking in the, um, teeth. Now, it gets harder.

The tape has absorbed some lunch time supply and the NDX (NASDAQ 100) is poking up against our 850 resistance level. Meanwhile, the S&P is quickly approaching levels (810) that it's struggled with in the past---so watch these zones to see how the tape "reacts" once we get there. The ever important internals continue to be "constructive," although they're not good enough to warrant blind ambition. As of this post, the big board winners are edging losers 9:7 (upvolume/downvolume is an impressive 9:2) and the Nazz winners are outpacing losers 3:2 (upvolume/downvolume 9:1).

One day does not a market make, and Boo just sailed by on his skateboard singing "oversold bounce." I hear ya, young bear, but I'll remind you that traders are now conditioned to fade (read:sell) every rally. Sooner or later, one of these moves is going to stick and the seed of doubt will (once again) be planted in the mind of the shorts. Remember, trading moves are typically characterized by three phases: Denial, Migration and Panic. If (big if) this is the beginning of a bigger move, the denial aspect is firmly in place.

Once again, thanks for bearing with me today as I run around with my big red nose and juggling hats. I have to tell you again-I saw the designs for our final site (December 3rd) and it's absolutely insane! If you find this column helpful or feel that the critters add value, please help us along by spreading the word of the Minyans. Oh, and please note when talking to others, Daisy is off the meat market...there are rumblings of something more "substantial" in the works between her and Hoofy.

Hope you're having a great day.

R.P

Long QQQ calls


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