By Todd Harrison Oct 17, 2003 3:15 pm
Good luck into the close and have a kick ass weekend!
Long distance runner what you holdin out for?
Caught in slow motion in your dash to the door
The flame from your stage has now spread to the floor
You gave all you got, why you wanta give more?
Expiration s-l-o-w-l-y edges along and the critters are officially in fume mode. Earning's week is always draining but toss in a couple of nail biters at the Bronx Zoo and, well, our requisite two-day respite is much deserved. I'll ask you to suck it up for another hour, Minyans, as the decisions you make will dictate the risk profile you take home. All it takes is one lapse in judgment to ruin an entire day.
It's been a floppy five sessions filled with misdirection and whippy change. Intel's (INTC:NASD) pop and drop planted the "sell the news" seed, IBM (IBM:NYSE) and the kitty litter (CAT:NYSE) soaked up the supply and EBAY's (EBAY:NASD) auction was better for sale. After all the cheers, jeers and Boston tears, we're pretty much right back where we started. Spooky!
There won't be much rest for the weary as Earning's Week 2: Fun & Funner opens Monday in theaters everywhere. Citigroup (C:NYSE) will be the first preview and that'll set the tone for the piggies. If there's gonna be any Burn to the Razor, it's gotta include the financials and Sandy's Wheel is a big part of that equation. They're extended and twisty--this we know--but they're also the most obvious beneficiary of the liquidity fluidity. Basically, they're a microcosm for the entire market. There are a ton of issues under the surface but as long as they rally, few questions will be asked.
As for today's tape, there isn't much of an edge in gaming a Snapper into the close. Markets that are down (up) all day tend to close that way, the breadth smells like a mouse fart and our leadership sectors are all for sale. Clearly, this doesn't mean our resident turtle can't make a cameo but trading is about identifying an advantageous risk/reward and Snaps doesn't have one. In fact, it's starting to get a little sloppy.
Keep in mind that Dubya will be sitting down for a weekend sushifest to discuss the dollar policy. I've heard both sides of the argument--that he's either gonna pull the pin on the greenback grenade or acquiesce with hopes of securing some financial help (Iraq). Either way, the tricky Nikkei should offer clues as we saddle up for the Monday cruise and it will impact equities one way or another.
I'm gonna juggle hats and tickle ticks so lemme take this time to fare ye well. If we're to truly work to live (rather than live to work), we need to turn it off and tune it out once the closing bell tolls. With a weekend full of pigskin and pudge ball, there are plenty of excuses to spend time with the fam and friends. Don't let it go to waste, my friends, as tomorrow is promised to nobody.
May peace be with you.
position in intc
Get The Minyanville
Daily Recap Newsletter
Daily Recap Newsletter