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Street Signs

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What's wrong with the mighty BEAR?

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She lives on Love Street
Lingers long on Love Street
She has a house and garden
I would like to see what happens

(The Doors)

The morning madness is underway as the critters venture into the fray. As is often the case after the Minx closes on her highs (lows), the upside (downside) was probed in kind. Now, as Dr. Cocktostosen returns to the links, a truer picture of the supply/demand equilibrium has emerged.

An early check of the morning breadth has winners trumping losers 9:5 on the big board and 3:2 for the four-letter freaks. The tone is jumpy and thin and I'm seeing early two-sided flow. The buyers mission in the rain is clear--they want (need) to spur the herd through S&P 1060 and trigger a group hug. The other side of the equation welcomes the optimism as the more crowded the acne crowd gets, the more panicked they'll be at the exit. That dynamic would likely increase massively if we edge through that level.

Taking a quick sniff around the 'Ville, the dollar is giving some of yesterday's gains back as the metals (and metal stocks) inch green. The financials are mixed as the Goldman Sachs (GS:NYSE) upgrade dukes it out with disturbing action in Bear Stearns (BSC:NYSE). The drugs continue to smoke the dopes (Medicare bill), energy is picking up (seeing bullish flow), the cyclicals are trying to lead (on the heels of Deere (DE:NYSE), the semis are sticky green (with the noticeable absence of Intel (INTC:NASD) and the media names have a bid.

I'm a bit torn here as it almost feels as if S&P 1060 wants to be taken out before a messier spill can emerge. The wildcard is the thin Lizzy that we're currently wading through. It doesn't take much to move this beast and the gorillas are lickin' their chops. That, coupled with a looming month (and year) end adds spice to an already tasty mix. I've got my requisite positions on and, as it stands, I'm doing a bit less. With that said, I am intrigued with the reason to the Bear Stearns rhyme. Watch this name.

Every Minyan has a distinct style but I will offer that most everyone I speak with is gripping the handlebars rather tight. Take a deep breath and don't place so much emphasis on the next five minutes. Map out a strategy, remained disciplined and remove emotion from the equation. As we know, emotional decisions almost always have a way of biting you in the can.

As always, I hope this finds you well.
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