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Tick-Tacking

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I go into a strategy meeting (laid on the couch with an ice bag on my face), and walk back to my eight screens to find the Snapper arm wrestling with Boo! I see you giving it the old college try, turtle, but don't despair if you can't pull it off. You're likely tired after the marathon you ran the last three weeks! No worries though-you're still the jazziest cat in Minyanville!

Leaving the metaphorical imagery alone for a moment, I just opined to my partners that the emotional tape is making the intraday nuances difficult to game. I still think the shortside wind is at our trading backs, but the journey to profitability won't be a straight line. Until the overbought condition is alleviated and the seed of doubt flowers, we're likely going to tack to lower levels. For those of you who never took sailing in camp, that's kinda means we zig zag our way lower. Or...at least I think that's what it means!

I've been targeting S&P 850, Dow Jones 8000 and NDX 900ish as the "easier" trade and, as such, will probably ask Boo to take his schnitzel if we get there. If (big if) we arrive at those support zones (which is 5+% off yesterday's opening), there will surely be negative data points to support the short side thesis. The media will always assign reason to the rhythmic movements of the market. The hardest aspect of our job is that the news is always the best at trading tops and the worst at trading bottoms. I can certainly still see further downside (please see this morning's first post), but if our goal is to capture the "easy" trade, that's probably it.

Contra hour comes to a close and the chatter on trading wires is centered on Fedex truck that exploded. There was a time that something like this would have cascaded the futures lower but I think the street has become somewhat desensitized. I'm not sure if that's bullish or bearish, but as Jack Skiba used to say, it is what it is young man. The tape is giving it a go on the upside, and the traction in the retailers is worth noting. Weird...with consumer confidence melting in front of holiday season, you'd think they'd be the most affected. That's Minxy with a capital M!

Speaking of the holiday season, Daisy has been hard at work with a surprise for the good readers of this site and she seems quite excited. Maybe that explains why she hasn't been around. In any event, she sends her regards and promises to stop by soon. I've gotta hop and get sniff out this buy program.

Good luck into the bell.
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