We used to play for silver
Now we play for life
One's for sport and one's for blood
At the point of a knife
The countdown continues as the Minx readies for her dance with Elmer. In the meantime, the Nazz jazz continues to sing her sweet and sexy siren. Wanna hug? Check out the semi squeezage as Snapper rides the coattails of Taiwan Semi (TSM:NASD) to a 4% gain. That's leading the N's over the S's and giving Boo ample cause for pause.
Can Elmer turn the tide? Sure, I suppose, but it's hard to imagine that he would consciously rock the boat. He spooked the bonds this summer, mind you, but that was more of a confidence issue than an overt policy change. It'll come down to interpretation as the "fast hands" trade the tape. The more "traditional" money, so you know, typically takes time to digest the text.
A couple of quick reminders before the Elmerfest begins. One, put limits on your orders such that you don't get any unwelcome surprises from your broker. Two, the first move is typically the false move so be careful of jumping on the initial bandwagon. Three, it promises to be quite whippy so make sure you don't cream yourself by overtrading.
Most every index has now put in a higher low and that's emboldening those now looking for a higher high. Further, there are gaps sitting above in the NDX (through 1405) and the S&P (through 1038). That's the focus among the technical types and they're not gonna schvitz unless the 50-days start coming back into play (S&P 1020ish and NDX 1360ish). The concerns from last week are still there, mind you, but they're (thus far) being drowned by the green seas of Hoofy's ease.
Fokker and I are gonna roll our sleeves up and put our ears to the ground. He keeps trying to talk me into having a Tyco-style toga party for scantily clad women but I've told him that there's work to be done. Sardinia? Give me a break!
Good luck into the announcement, Minyans, and remember to trade to win--never trade 'not to lose."
Fare ye well.
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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