By Todd Harrison Oct 24, 2005 12:56 pm
- Abby Road meets Rocky Road?
- We sniffed out chatter this morning (10:00 AM) that the (highly anticipated) appointment of Elmer's successor was today's business and Ben "Boom Boom" Bernanke was the odds on choice. Sure 'nuff, the news hit the wires in the last few hours and caused the ticks to flicker quicker. I opined at the time that the "knee jerk" smirk would be of the bovine persuasion and further Hoofy's quest to test S&P 1200. That seems to be unfolding now. While this has clearly enthused Hoofy, I expect Boo to wage battle as we edge towards our level. Longer-term and bigger picture, I view Big Ben as more of the (same) problem and less of a solution.
- And please keep an eye on the greenback as the Dollar Index edges lower.
- Pulling teeth on gold imports.
- That's my (humble) pie! The semis are the fly in the Matador ointment as they lag the brokers, trannies, energy, metals, cyclicals and Russell in today's trading totem performance pole. Market breadth (3:1) remains supportive of Hoofy's efforts.
- And I thought this column was gonna be about the Federal Reserve...
- Half clock. Half cat toy.
- "The history of October maulings is that they last three weeks and encompass roughly a 10% decline. They also tend to bottom near the end of the month with an "I think I'm going to be sick" type of downside hour or two. Whether it plays that way this time remains to be seen, but this week should resolve things. Indeed, selling dry-up or selling climax? Interestingly, Lowry's Buying Power Index dropped to its lowest level in 10 years (June 1995) last week, prompting Lowry's to note, "Such decisively negative patterns are not typical of those found during normal corrections in bull markets." -- The Savvy soothsayin' sommelier Jeff Saut of Raymond James
- There's Sammy!
- Congratulations (and mucho mazel) to the Srebnik's on the birth of their newborn son Brandon Michael.
- "The PHLX Housing Index (HGX) has broken a double top today with the move above 492. This is a new counter-trend buy signal. This index has room to 504, then 516 before facing pressure from downtrend resistance." -- Pepe Depew on today's Buzz
- It was a double upside pigskin whammy yesterday. My Raiders won and the Donkey's lost in a heart breaker. Noice.
- Professor Succo and I will be hosting a "town hall" chat at Northern Kentucky University on Monday, November 7th. All Minyans are welcome so please let us know if you'd like to join us for a schnitzel.
- Yes, volatility has upticked. Curious enough with the VXO -10% today, eh?
- To fade or not to fade? I entered today's trading session looking for a lift (to S&P 1200) and a potential fade (read: sale) once we got there. While that level may still prove profitable for Boo's crew, the Bernanke news (and the perception that's he'll be more accommodative than Paris Hilton) muddies that ursine attempt. Roll stops and define risk, if possible, and please remember that the Minx is an evolving mechanism. If we're gonna survive and thrive, we must evolve (and adapt) as well.
No positions in stocks mentioned.
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