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Slow Hand Hoofy


Lately I've been running on faith
What else can a poor bull do?
But my world will be right
When love comes over Boo

(Eric Clapton)

It's a slow, quiet morning in Minyanville and the only sound in the room is Hoofy's melodic voice singing in the background. He knows, as do we, that anybody worth their weight in trading salt will be focused on NDX 1070ish and S&P 925ish-and if his friends can bully the tape higher, the bears may scramble. With that said, I cautioned the big fella that two seminal technology conferences kicked off today and traders will likely have their fingers on the triggers (both ways). As such, we've gotta stay sharp-Gannon sharp-as we pluck out opportunities.

Across the bay from the Raider Nation, Lehman Brothers will kick off their semiconductor fete and (among others) IFX, MCHP, RFMD, SLR, FLEX, ALTR, AMD, IRF, CHPC, JDSU, CYMI, UMC, MRVL, IM, CNXT, AMCC and HAND will be presenting. Meanwhile, for the night owls among you, COMDEX has begun in Vegas (double down on that hard eight) and Willie Gates (MSFT) has the dice. Once he's done, he'll pass them to Carly (HWP) and Scotto (SUNW) and we'll be watching carefully for any good company specific bets (as well as general themes).

In financial-land, the brokers are in the news again and they'll be the group to key off of. The XBD (broker/dealer index) is bumping it's keppe on the 200-day moving average, which also happens to be a level it's failed at four or five times. The SOX (semiconductors) is also an obvious focus (conference) as well as the best tech thermometer. Peripheral tells today include our Generals (GM and GE), the retailers (LOW and WMT), the Biotechs (pushed this morning), Crude, the Dollar, Bonds and our trusty internals.

While it felt good to relax naked this weekend (without the bear costume, silly), my predication continues to be to fade (read: sell) the technical levels and leg into short-side exposure. I respect the bull camp and their collective mojo (perception is reality) but it's never been my trading nature to jump on a bandwagon (shocker!). Each of us must make decisions based on our respective view and style. Choose a path that's consistent with your particular risk profile (and time horizon) and don't look back-profitability lies in the trades ahead.

In Minyanville news, there are 15 short days until launch and the critters remain hard at work. They're trying to set up toll-free numbers by the end of this week so the good citizens can preorder Passport Packages and Minyanville merchandise for the Holiday season. They've admittedly got a lot on their plate but the rumor mill is abuzz with all kinds of chatter and they assure me that it'll be worth the wait. I, for one, am schvitzing with anticipation!

See you after the opening.
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