A Trade of Their Own
By Todd Harrison Oct 15, 2003 2:52 pm
Let's go Yankees!
"All right, everyone, let's listen up now, listen up. Something important has just happened. I was in the toilet reading my contract and it turns out that I get a bonus when we get to the World Series. So, let's play hard, let's play smart, use your heads!"
--Jimmy Dugan, A League of Their Own
Alright Team Minyan, there's no crying in baseball OR trading so suck it up and let's settle in. The much anticipated earnings week is now half over and we're gonna need a strong showing from the bullpen to carry us through. Will the Minx dance with 'All-The-Way-Mae' Mordabito or boil with Betty 'Spaghetti' Horn? Dig on it and choke on up--we've got some heavy hitters coming our way.
IBM (IBM:NYSE) will bat clean up tonight and this is one name that is sometimes hard to game. In addition to a huge services business, they're typically skewed by major currency gains/losses. I know that there's been some balance sheet "issues" in the past so pay particular attention to the "quality" of earnings. Technically, we remain in the upside gap (from April 2002) that "works" to 97. That may be somewhat granular (or, more likely, not pertinent with earnings due) but I wanted to put it on your radar regardless.
There will also be a tremendous amount of information out between the next two bells so understand the potential for gap risk tomorrow (either way). It's gonna be busier than a hive of bees so use the last hour of trading to manicure your risk profile accordingly. In a perfect world, you want a "book" that you can live with whether we're up 100 or down 100 out of the gate. Clearly, we don't live in a perfect world but I think you get the gist.
As it stands, Hoofy is disappointed with today's performance but I don't think we can read too much into it. If everything comes up roses overnight (far from guaranteed), I don't know if Boo will have the clout to shout out another rout (off the highs). Still, he successfully defended S&P 1050-1060 and he'll take whatever victories he can get these days. And, for all you 12-day trendline watchers, we've broken the Nazz while the S's are pokie, mon (S&P 1045ish). So you know...and if you care!
Finally (phew!), I owe an apology to the Marlin Minyans for not giving them their respective due. I, like most everyone else, would like to see the Cubbies win but ya gotta give credit where credit is due. They're gritty! Sox fans? I will offer this: If (big if) you lose this series, I have a strong feeling that they might win it all next year (particularly if Joe Torre bolts). A little solace--with the full understanding that it aint over till it's over, Yogi.
I'm gonna flip and focus on the evening's festivities so allow me to take this opportunity to wish you all a peaceful evening. There's a lot going on (ya think?) and it's important to identify that ever-elusive balance. Maybe that means baseball, perhaps that means quiet time with the fam. Either way, all work and no play will make punk nuts of us all if we're not conscious to maintain the proper perspective. Don't forget to breathe.
Have a peaceful night.
position in qqq
Get The Minyanville
Daily Recap Newsletter
Daily Recap Newsletter