A love struck Romeo sings the Street a serenade
Laying everybody low with a love song that he made
Finds a streetlight steps out of the shade
Says something like you and me babe how about it?
The sweet siren continues its fling as the sprouts spring and traders sing. Once again, after the morning sickness, the Minx gave birth to afternoon thickness. What remains to be seen is if Snapper has the moxie to (once again) get foxy. With tomorrow's crop report looming, the next few hours are gonna be all about posturing. For once the closing bell tolls, it'll be pencils down across the town.
There's not too much more that can be said about the dynamic juncture we're at. A blue Boo is hoping for a blowout number so he can fade the spike (S&P 1068?). A happy Hoofy is hoping for a blowout number so he can fade Boo. That, of course, leads to the obvious question: If everybody is so intent on fading everyone else, what happens if (gasp!) the number is light? I've heard a lot of chatter today but, thus far, that hasn't entered the realm of conversation.
A snapshot of today's trading paints a familiar picture. Underlying bids firmed the financials, the semis are grinding higher, biotech is starting to perk up, and the tenor is Pavarotti. After yesterday's low held, anxious buyers started taking offers (rather than let their bids get hit). Now, as we eyeball third base, echoes of groundhog day have started to fill my instant message.
Potential flies? The technical set up, of course, that's gotten louder (as Leon's gotten larger). According to the textbook setup, we'll remain firm (strong) through today and get the second leg of the 1-2 good news punch tomorrow. Away from that, psychology patience remains the wild card. When will the rate hikes in swingin' London, England and the land of Oz matriculate to the stateside mindset? Again, that perception will emerge first in the financials (as well as the home builders).
That's about it from the trading ship as we steam through the channel. I wanna thank ye faithful Minyans for, well, being faithful Minyans and supporting our vision of philanthropic education. It's surreal, in many ways, to watch the critters grow and gain momentum. I'm telling ya--the menagerie is bigger than the web--they're bigger than me!--and it's a matter of time before they shine.
As always, I hope this finds you making a few shekels.
Todd Harrison is the founder and Chief Executive Officer of Minyanville. Prior to his current role, Mr. Harrison was President and head trader at a $400 million dollar New York-based hedge fund. Todd welcomes your comments and/or feedback at firstname.lastname@example.org.
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