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The Battle Royal


We are young, heartache to heartache we stand
No promises, no demands
Love is a battlefield

(Pat Benatar)

The beige book hits the tape and basically reiterates what we've been hearing. U.S economic growth was slow entering the final quarter of the year because of flattening retail sales, stalled manufacturing and lackluster hiring. ain't easy being beige!

The early afternoon action had slowed to a crawl into the report and it's only picked up moderately since. Meanwhile, the battle of the tells continues as those squeezy semis continue to trade dry and the financials are still heavy...although our tell du jour Citigroup is starting to climb back. Overall, the two complexes reflect this disparity as the Nazz acts better than their old world cousins.

Without question, the recent rally is fresh in the heads of traders I speak with who are scared to death of getting caught short. Even the normally smug Boo is wiping his brow, but I told the young bear this morning that he was in for a fight and he is surely getting it. I have no crystal ball here, but I continue to sense that this is a short term topping process. Gotta hop into the back as the flu shots just got here. Terrific!
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