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Wasted On the Way

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Well, baby, There you stand
With your little head down in your hands
Oh my god, I can't believe-It's happening again
Your baby's gone, and you're all alone
And it looks like the end

(The Eagles)

Oofa loofa, is anybody else experiencing the weirdest sense of Vuja De? I mean, it's like Hoofy's a modern day Sisyphus trying to push the averages up the slippery slope...only to have them roll right back over him. Hey Hoofs, why don't you grab Daisy and I'll grab Aphrodite, and we'll double date at the Minyanville Drive In? Biscuits!

In all seriousness, the tape is sitting on the precarious perch that is S&P 800 and, just when you thought the banks were oversold, Whack!, there's another leg down. To add insult to injury, the malaise is orderly, the breadth continues to deteriorate and we we're just sorta dripping into the abyss. Further, with each passing tick of the clock, Snappers prospects diminish in kind. Where's the VIX spikage (fear)? Where are the bid wanted situations? Where the heck did my hair go?

I wish I had more encouraging news to share with you but, as of this post, it's just plain nasty out there. That being said, a flush would ultimately be healthy for the tape, and we're doing our best Graig Nettles imitation by staying on our toes and pounding our glove. Opportunities are presented as a function of time or a function of price, and if we've learned anything in our time together, it's to expect the unexpected.

As my grandfather Ruby used to say, "Think positive, but always keep that right hand up."

Hope this finds you well.

R.P

Short spy (with a stop)


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