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Duck, Duck, Goose!


Minxy musical chairs is the game of choice as we edge through the contra-hour and the bulls are shaking their collective bones. The bears, meanwhile, are staring at the seats and wiping their brow as the tape continues to dance higher. With play time winding down and some serious overnight events looming, it's decision time in Minyanville.

Aside from tonight's big earnings, Mr. Clarence Beeks will drop by tomorrow morning with the Crop Report, Producer Price Index (exp .2, ex-food and energy .1), Industrial Production (exp.-.3%), Capacity Utilization (exp. 75.6%) and, in lieu of a basketball team, we'll get the University of Michigan Confidence number (exp.82). In the post Elmer trimfest era, investors will be focusing on these economic reports for any signs of a pulse (see retail sales), so keep them on your radar.

Boo's voice is 2 octaves higher as a function of this action but I told our furry friend to take a deep breath. This liftage simply takes the tape back to last week's levels and, while we strive to capture every move, it's important to keep it in perspective.

Meanwhile, Sammy the Snake just slithered over and asked me why I have such trust issues. I told our resident sage that I feel as if this market is a wounded animal. If you back her into a corner she's gonna take a bite out of you but, if you give her time, she'll exhaust herself. That may not be today's business, mind you, but I think that's an apt analogy.

Market's that are strong all day tend to end that way but I'm keeping a loose grip on the handlebars and attempting to view the price action as an opportunity. Attitude is everything in this business and if you're reactive and stressed, you're going to miss the bigger trade. Also, if you're staring at one position or sweating out each tick of the tape, odds are you've got too much exposure on. It's all about balance, Mon frere...think about it and adjust.

Good luck.
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