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Wild Child!

By

Have a milky sweet night!

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Run for the money, caught short on the rent.
Big ideas, but the cash is all spent.
The trouble with love is it's on vase.
You just want a cup, but you don't want to race
.

(Grateful Dead)




The critters are jammy but we wanted to toss out some quick love to ye News & Views faithful. Over on the Buzz, we've been discussing the overwhelming consensus that further upside is imminent (Phoebe on line 3!) and the juxtaposition of the S&P 1140 technical level. The bovine have tried all day to push through that zone and trigger "buy stops" and made a last gasp effort at 2:30 to self-fulfill. When the ducks didn't quack in the Matador shack, some holders turned tail and started to flail.

The dippage occurred just as chatter of a Kerry lead started to make the rounds. While the media may point the finger of blame on the democratic hopeful, the truth is that the long side got crowded and the tape trades like some folks are trapped. If you picture an upside-down funnel (lotsa people filing into a few names) and quickly turn it over (the same crew trying to exit a single door), you get the idea of what I think happened.

Where do we go from here? The words "trappage" and "hopeful" keep popping into my head although the overnight risk remains two-sided. We will likely walk into a gap opening tomorrow as perception dictates reality. Still, the "clarity rally" is so ingrained in the mindset of the masses that I have a hard time seeing it evolve cleanly. Perhaps we see a Kerry "drop and pop" or maybe we've already seen the "pop" before a Bush drop--I'm not sure--but up, up and away is never a given when it's widely expected.

I'm gonna hop as I've got some critters to feed before making my way downtown for a mindmeld. I sincerely hope that you caught wind in your sails today and, if not, that you aren't rationalizing your risk. We'll likely see some serious movement tomorrow so please "visualize" both sides and make sure you're alright regardless of the direction. If nothing else, the goal is one of consistency and stickin' around to trade another day.

May peace be with you.

R.P.

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