You obviously didn't drink enough milk!
"If Mr. McMurphy doesn't want to take his medication orally, I'm sure we can arrange that he can have it some other way."
--Nurse Ratched, One Flew Over the Cuckoo's Nest
Poor Fokker. He thought he was getting rid of me for the day but I can't seem to pull the trigger. My friend Ed Coury used to say "this is the big leagues...and in the bigs, you play in pain." Maybe, but I'm walking a fine line between stubbornness and stupidity. Either way, let's suck it up and take a morning sniff.
Snapper emerged out of the gate and seems intent on giving Boo fits. The breadth is 2:1 positive, the semis tacked on a quick percent and the storage and networking sectors are firm. With that said, there are a few flies buzzing about. The all-important banks are struggling to get out of their own way, retail is relatively lethargic, the semicaps are noticeably lag and the dollar is getting smoked anew.
It's N's over S's thus far but there's plenty of trading left in the session. We opined yesterday that we wanted to see the scope, voracity and breadth of the rally and that's still under review. On a more granular basis, watch Microsoft (MSFT:NASD). There's chatter that the window will soon open and large amounts of stock must be sold against the employee stock options. I obviously can't confirm it but that's what's getting around.
I'll be back--thanks for bearing with me.
Todd Harrison is the founder and Chief Executive Officer of Minyanville. Prior to his current role, Mr. Harrison was President and head trader at a $400 million dollar New York-based hedge fund. Todd welcomes your comments and/or feedback at firstname.lastname@example.org.
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