A Slow Poke
N's over S's!
I set out running but I take my time
A friend of the devil is a friend of mine
If I get home before daylight
I just might get some sleep tonight
A frazzled and furry Boo kicked back at his home office, feet on the desk, and picked up the receiver. "Yeah, I see the weakness in the Citigroup (C:NYSE) out of the gate....again...but I'm not gonna get excited until I see some spillage into the peripheral financial issues." He paused for a moment before continuing "and Europe, which was higher all morning, has reversed to the downside. If only we can get to those semis--particularly in the face of Texas Instruments (TXN:NASD), the fur may begin to spur."
I hung up the phone and looked at Fokker. "Dude, Boo's in a mood again" I said to my wide-eyed assistant, "but how many times is he gonna yell fire in a crowded theater?" The answer, most likely, is until nobody listens anymore as the bear likes to inflict maximum frustration at every station. I'll give him the early snausage in the financials--we must monitor that--but I'll be looking for slippage in the breadth (currently flat), Intel (INTC:NASD) (semiconductor sentiment proxy) or the biotechs as a downside confirmation.
Away from the equity fray, gold is shining once more (up $6), the dollar is marginally lower (and oversold) and the Raiders came up one yard short--ONE YARD! No excuses in the Raider Nation, mind you, but that was a game they could have stolen. It looks like my bet with Berko (Jints/Oakland wins) is gonna go to the wire--the wrong wire!
I'll be back.
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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