Fare ye well!
And it's whispered that soon if we all call the tune
Then the piper will lead us to reason.
And a new day will dawn for those who stand long
And the forests will echo with laughter
The afternoon session fritters along and the critters have slowly begun to sneak out the back door. With Monday's quasi-holiday looming, a lot of traders will likely party with Nina, Pinta and Santa Maria and rest up for the freakfest that is earning's week. The bond guys are psyched--they're all off like a prom dress--but no such luck for the equity folks. Will somebody please call the cruise director and point our ships in the same direction?
The lethargic action has been pretty nondescript all day but, as yesterday reminded us, we've gotta stay on our toes at all times. There are clearly mixed signals nestled in the muck. The Nazz breadth has been stanky all day but Intel (INTC:NASD) trades quite dry. The S&P trades relatively heavy but key stocks, such as Bank of America (BAC:NYSE) act just fine, thank you. General Electric (GE:NYSE) is hugely important--but if the market doesn't blink or sink, is that the tell that we've got more work to do on the upside? It's somewhat reminiscent of IBM (IBM:NYSE) when big blue tanked on cooked book worries and the Minx shrugged and hugged higher.
I'm not gonna lie to you--I've been walking through my charts today and there's plenty of reason for Boo to schvitz. If the S's can punch through 1050 or the Nazz can garner jig through 1400 (with vim and vigor), we could very well see the ultimate give up by the ursine uglies. If the former comes to fruition, the Burned Razor may be put on ice but, as always, let's take it one step at a time. We've got a whole heckuva lot of catalysts lined up and we'll get script previews rather soon.
There's not too much new to report so rather than blather, I'm gonna flip lids and finish up my week. I'm toying with the idea of a Fenway cameo tomorrow but, truth be told, I was looking forward to a weekend of kicking back and relaxing. Does that make me a bad fan, Tags? I don't know--it should be a classic match-up. The Yanks hit Pedro and the Sox can hit Clemens so it's shaping up to be a hum-dinger. Either way, I'll be watching and I'm sure most of you will too. Enjoy the requisite respite, my friends, it's why we work and what it's all about. In 65 or so hours, we'll be right back in the saddle--so appreciate the down time and make it count.
Have a peaceful weekend.
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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