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Franks and Beans!

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You know there's Something about the market when the Ted Stroehmann wanders into Minyanville looking for answers. Hey stalker! You don't need 7-minute abs to profit in this market, you just need the proper perspective and steely nerved resolve. Grab your baseball, and let's take a look.

At the risk of redundant redundancy, it's impossible to talk about today's action without mentioning the financials. The BKX is now down almost 10% from Tuesday's close. That's a tough year in some circles! Consistent with our desire to view the big picture as a series of little pictures, Warren has informed us that the next support levels come into play at 636 (closing low on July 23), 622 (a Fibonacci level) and finally, the July intraday low of 605. Man, this action is uglier than Magda!

Meanwhile, Ted Healy (fresh from Nepal) points out that the SOX (PHLX semiconductor index) is flirting with its yearly low of 231, which will surely begin to garner attention as the talking heads get wind of it. Much like the now famous "double bottom" that everybody is focusing on, conventional wisdom dictates that this (level) will be a positive IF it holds and negative if it doesn't. Think about that...it's better at higher levels and less attractive at lower levels. This, in a nutshell, is my main beef with technical analysis.

Flow wise, it's been deathly quiet as we waffle and wade through the considerable muck, and while there remains the "possibility" of Snapper sneaking into the mix, I would think he has to start asserting his will soon. The internals are negative-but we've seen much worse in our time together---so keep half an eye on them as we round third and enter the home stretch.

Now, if you'll excuse me, I've gotta go get myself gussied up for my big coffee date with Mary. Wasabi sister...want some hair gel?

R.P

No positions in stocks mentioned


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