Boo in the Rain
Like a star that can't wait for the night
I hate to think I've been blinded baby
Why can't I see you tonight?
Alright, somebody help me. Is it feed a fever, starve a cold or starve a fever, feed a cold? I, of course, have chosen the path of food as, well, that's what I do. I figure, with the quadruple wisdom yank a scant three days away, I'd better get all the energy I can. Dentistfest 2002, you gotta love it!
The bovine among us will call this action "healthy" and, after the stampede we've seen, it's hard to argue with them. The real question will come when there is a sterner test and the "first dip" buyers are given a second chance to buy...and then a third. Perhaps we're getting ahead of ourselves, but the velocity and slope of this latest move is part of the reason I'm wary of the tape. From 40,000 feet, this is a classic bear market spike. Could it sustain itself? Sure, if we get some upside validation...but my sense is that we've got some more room on the downside first. Boo, grab your sleeping bag!
The earnings parade continues after the close with the headliner being KLA-Tencor (KLAC). This report will surely affect the semiconductor space tomorrow which, in turn, will help shape the NASDAQ sentiment. In this bipolar market, every day's a new day, that's what I've been told. So make sure you factor in all scenarios as you shape your overnight risk profile.
While I have you, please let me address some questions that seem to come up repeatedly. The reason I continue to remind readers that this site is not a financial advice forum is because I want to be clear that the decisions I make are geared to my particular style and risk profile. There are other sites out there that will "tell" you where the market is going and push you on individual stocks. We don't do that here, nor do we intend to. Thank you kindly for your understanding...the critters are most appreciative!
Good luck into the close.
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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