Band of Brothers
Some folks up in treetops, just to look to see the sights
I can tell your future, look what's in your hand
But I can't stop for nothing, I'm just playing in the band
(The Grateful Dead)
Stop the presses! A double shot of the Dead? What am I, redundant? What am I, redundant? I know you guys like when we shake up the musical mojo, but don't just listen to the lyrics---hear them. There's always a method to the madness-and when you're as mad as me, that's a lot of methodology! Hey JJ-before you head back to 90210, get us some water ova here! We're schvitzing!
What strikes me about the last two sessions is that, despite the violent price action, the futures opened at a level and stayed in a tight band. What that means, in a nutshell, is that unless you came in positioned correctly, you didn't participate in a big way. There are, of course, individual situations that have moved nicely-but pull up a two day chart of the S&P or the NDX and you'll see what I'm looking at. It's Goofy!
The posturing continues as the contra-hour comes to a close, and our crack analysts are sharpening their pencils as they prepare for tonight's reports. Aside from IBM, we'll be hearing from Q-logic, Advanced Micro, Apple Computer, Symantec, Extreme Networks, CDWC and Celestica (among others) and, lest you forget, tomorrow morning we'll get the state of the unions from EMC, Nokia, SAP, Sprint, Phillip Morris, Georgia Pacific, Baxter, Guidant, United Healthcare, Allstate, ADP and PNC Bank (and more). In other words, there's a ton of information between tonight's close and tomorrow's opening, so factor that into your thought process as you craft your risk profile.
I'm juggling like the clown I am so let me go and toss the other hat back on. Fare ye well and choose wisely.
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 firstname.lastname@example.org.
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