By Todd Harrison Nov 15, 2004 3:06 pm
May peace be with you!
She said why don't we both just sleep on it tonight
And I believe in the morning you'll begin to see the light
And then she kissed me and I realized she probably was right
There must be fifty ways to leave your lover
A sleepy slow session has greeted the week as we tip-toe our way through the minxy mystique. With the Spooz snoring through a four-handle range, the action has been sector and situation specific. The semis and retail are both sportin' percent gains while energy, biotech and the metals are giving up some of their recent love. And all the while, that dripping sound you hear in the background is the rain of premium pain as November paper gets set to expire.
I wrote on the Buzz earlier that the ability not to trade is as important as trading ability. That's easier said than done while sitting in front of the flickering ticks as we're conditioned to perceive most situations as actionable. One of the hardest lessons to learn in this business is to maintain intensity when doing less or nothing at all. Focus and stress are not one and the same, Minyans, and you'll likely add years to your career if you can separate the two and channel your efforts.
Along those lines, I'm not sure there's much to add as I scribe my vibe. We're still extended, although a prolonged slither will help to alleviate that condition. The "long squeeze" remains in motion, although we must respect the price action without deferring to it. Shorts are few and far between, although that skew can exist longer than most expect it. And, between the MarketWatch (MKTW:NASD) bid and DreamWorks (DWA:NYSE) IPO, a collection of critters are anxiously awaiting their day in the sun. All good things in all good time.
Contra-hour has come and gone and all eyes are on the third base coach as we ready to race home. My favorite tell (C:NYSE) has been for sale all session but the quack count isn't lining up behind it. Breadth remains balanced, beta is still bid and the corrections are rolling rather than roiling. In fact, I haven't seen a motivated seller since my gym membership was up and a trainer pointed to my pants! Still, please remember that expiration tends to exacerbate volatility (both ways) and that could make things interesting as the week edges on.
Fare ye well into the bell and have a peaceful night.
position in c.
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