May peace be with you!
Spread out now Rosie doctor come cut loose her mama's reins
You know playin' blind man's bluff is a little baby's game
You pick up Little Dynamite I'm gonna pick up Little Gun
Together we're gonna go out tonight and make that highway run
The bovine fun is on the run as Boo stares down the loaded gun. He knew coming in that today's fray had the potential to stray and the moose is officially loose. The Matador Crowd will now focus their efforts on mounting the S&P 1200 hump and finding confirmation in the four-letter names (which have yet to notch new highs). And while our screens are screaming green, Hoofy would be wise to note that our freaky week is nary a day old.
We mapped out why the market could rally this morning and that dynamic remains very much in play. Still, and with that said, there are some caveats to note as we ready for turnaround Tuesday. For one, there are 21 IPO's this week which, according to the teletubbies, is the most in four years (read: supply). Further, Elmer will hike up Mt. Minx tomorrow and once again put the specter of tighter money in front of us. Finally, with earnings set to spring from the yin yang, we should respect the field position and note the collective bet (higher).
That may prove no match for the feeding frenzy that is performance anxiety but we always wanna "see" both sides of the trading coin before we flip it (flip it for real). The bulls have done a fine job of limiting the supply to rotations (not migrations) while the secular supertrends (metals/energy) self-correct. It's been orderly--almost too orderly--but it is what it is and we'll see if it gives. As it stands, few of Boo's downside ducks wanna fly south for the winter but they'll worry in a hurry if a storm front moves in.
As I ready to hop back to the Buzz and ride this puppy into the close, my eyes are scanning Citigroup (C:NYSE) (important close near the 200-day), the semis (still trade laggy), the nets (seem poised), the cyclicals (stronger than a mule's breath) and Collins (he's got the Full Metal Jacket buzz cut).
I'm also keeping close tabs on the Minyanville holiday auction (eight days left!) to see if Neal Greenberg will be joining Scott Reamer, John Succo, Greg Collins, Jeff Macke, Rich Gula, Snoop Tone, Phil Erlanger, Michael Santoli, Greg Weldon, Bernie Schaeffer, Fokker and a few "special guests" for the December 22 Minyan Festivus. Proceeds, as you know, benefit The Ruby Peck Foundation for Children's Education and it promises to be a huge win for everyone involved!
As always, I hope this finds you well.
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 email@example.com.
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