Sorry!! The article you are trying to read is not available now.
Thank you very much;
you're only a step away from
downloading your reports.

Dead Calm


There are things you can replace
And others you cannot
The time has come to weigh those things
This space is getting hot-
You know this space is getting hot

(Grateful Dead)

Well, that's an interesting concept. In our world, colleges have various critters as I suppose it stands to reason that in a world of critters, they'd have a human mascot! I'm not totally sold on the idea yet, but as always, I remain open minded. The University is in the process of finals (before breaking for the holiday) and the next session begins in late January so we've got time to figure it out. The winner, by the way, will get some really cool Minyanville merchandise...but I'm not allowed to talk about that just yet.

Back to life, back in reality, the tape is trading a bit fugly as we approach the end of contra-hour. As you know, I've been keying off the banks and once again, they're leading the market around by the nose. This index was trading near 800 last weeks and it's no coincidence that Hoofs has taken it on the chin as these names came for sale. Sure, other sector bases are down as well but the financials led us lower and we get paid to anticipate the price action, not follow it.

Tech continues to trade drier than their big board cousins but keep in mind that AMAT earnings tonight will color psychology in a big way. The consumer names also act well but you can almost hear them meow after yesterday's drubbing. The drugs, meanwhile, are getting dismantled on some negative MRK and BMY chatter and while I'm not involved, I wanted to point it out.

On the flow front, it's surprisingly quiet during this slippage. It feels to me as if the shorts covered what they had too and, when finished, there weren't many buyers left. Obviously, that can change on a dime but, as of now, they don't feel so good.

Boo just walked by and called me a pansy for not putting that other leg back into my bear costume--but I'm immune to his taunts by now. I know that if I play my game and stick to my discipline, it will all work out in the end. Watch today's lows (S&P 872, NDX 986) as the next downside levels, for if they don't hold, the selling could pick up in pace. I'm going to toss my trading visor back on and play trader, so I'll catch up with you in a bit.

Good luck into the close.
< Previous
  • 1
Next >
Featured Videos