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Trade and Trader

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Harry Dunne and Lloyd Christmas just drove by (in their shaggin' wagon) looking for a place where the beer flows like wine and the women instinctively flock like the salmon of Capistrano. G'day mates! Let's throw another shrimp on the barbie and take a midday read of the tape.

The chatter of an imminent end to the dock workers strike spurred a momentary bout of short covering in the futures pits, and the averages are giving it the ol' college try to the upside. There are some constructive elements to today's action, but I would continue to keep a close watch of the internals. As of this post, the breadth remains skewed 2:1 negative and this gauge has been a decent harbinger of the price action. One thing for sure, it's whippy and trippy out there. I mean, look at poor Petie...his head just fell off!

Meanwhile, Sea Bass and the boys wanted me to remind you that while it's very quiet on the news/economic front, we're still in the midst of preannouncement season. The data points we're getting is that business stalled in the month of September. Whether or not that's reflected at current levels, well...that's what makes a horse race.

Now, if you'll excuse me, I'm meeting that minx from Aspen for a little tea and strumpets. What was her name again? Sammy...Swamie....Swoomie....ahh, that's right...Samsonite!

R.P

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