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Freeze Frame!

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May peace be with you!

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You got to cry without weeping
Talk without speaking
Scream without raising your voice

(U2)


Do you remember that scene in Airplane! when the bald guy pulled the plug on air traffic control and said "just kidding!"? That's what today's tape feels like. In fact, the S&P has been in a four handle range since the opening bell and "boring" would be a massive uptick. Yes, there is action in the metals and energy (again) and that serves to underscore the secular trend that continues to manifest each day. The question there is whether the pull-back crowd will get their chance or if the patrons will just towel toss and chase the train.

On a encouraging note, Alcoa (AA:NYSE) will officially kick off earnings season tomorrow and that should add some sauce to the soup. Alotta folks are waiting to see the fundamental metric before putting money to work which makes sense at some level. With the Minx floating near the '04 highs, it may take a catalyst to poke through that resistance and start the most anticipated ramp in recent memory. That trade doesn't come for free, however, as plenty of potholes remain into the election and beyond.

First things first, we've got the orange crop report on Friday and the fixed income tape will help define our equity strategy. The prevalent theme of late--and all year--has been a macro based (and sector specific) rotation. Perhaps the final earnings season of '04 changes that--I'm not sure--but it'll surely spur the herd and pull some triggers.

Speaking of which, the flicks are starting to pick up as I write (shocker) so please lemme hop to the Buzz and beyond.

Fare ye well into the bell.

R.P.

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