Sorry!! The article you are trying to read is not available now.
Thank you very much;
you're only a step away from
downloading your reports.

Fast Times at Minyan High


The definition of an investment should never be a trade gone awry.


"Relax, alright? My old man is a television repairman, he's got this ultimate set of tools. I can fix it."

Jeff Spicoli

Well are they gonna ing)" target=_blank>schvitz...or are they gonna kill us? That's the question on the lips of the critters as the crimson tide is riding high. The Hump Day reversal of fortune has been sharp and it's been painful for those involved in the old school names. The stage was set out of this morning's gate (no participation) but the afternoon spike in crude (so rude) pushed the pup over the curb. I've heard some low level chatter of pipeline explosions in Mexico and conspiracy theories in front of the debate but nothing tangible to explain the sudden spike (I don't believe it was purely a function of fundamentals).

While the fright is permeating (the VXO is up 32% in the last nine sessions), there seems to be little concern in the tech sector. It feels like funds are rotating money into the net and semi sectors and away from basic materials, cyclicals, financials and pretty much everything else. Will this rolling rotation allow the broader tape to escape? Not sure...the conditional elements for a legitimate scare are in place but, to be fair to Hoofy, they've been that way for a while. In fact, corporate spreads are still doin' the Alfred E. Newman in the face of this pace.

Apple (AAPL:NASD), Novellus (NVLS:NASD), Qlogic (QLGC:NASD) and Sandisk (SDNK:NASD) highlight tonight's parade while Citigroup (C:NYSE), General Motors (GM:NYSE), Fannie Mae (FNM:NYSE), Nokia (NOK:NYSE) and United Healthcare (UNH:NYSE) will usher in the morning dew. Mr. Beeks will also grace us with his presence and release the trade balance (exp. -51.5B), initial jobless claims (exp. 340k) and continuing claims (exp 2868k). And lest we forget, the two presidential hopefuls will duke it out with each other in between innings of tonight's Yankee game.

I'm gonna hop back to the Buzz and ride this tide so please lemme hop. Keep S&P 1120 and NDX 1440 in the back of your mind as we edge closer to the bell. The bulls want very badly to recapture those flags but I don't see much to suggest they will. Again, with so much on tap overnight and the macro crosscurrents as they are, the jury can deliver any verdict it wants. But in a world where we look to establish probability in our approach, the ducks seemingly wanna fly south for the winter.

Fare ye well into the bell.

< Previous
  • 1
Next >
position in c, fnm
Featured Videos