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Double Dribble

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If we can power through these resistance levels, baby--hang onto your horns!

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Good morning and welcome back to the full court press. With the clock running down, each session is a must score possession in this classic battle for performance. After a two week run by the visiting bears, Hoofy's heroes bounced back yesterday and played a near-perfect game. Can they bovine steal another session from Boo's crew or will the ursine stuff the muffins out of the market and strut to a three-peat? Its game day in Minyanville and the crowd is eagerly awaiting tip off--so chug that Gatorade and let's get bangin'!

One of the ironies of this period is that, despite the huffing and puffing of the respective camps, many of the major indices are in the same area they were two months ago. Granted, some of these groups have had their ups and downs in the interim but, depending on your investment style, it's been much ado about nothing. In my shoes, I'm paid to play the nuances and the destination doesn't matter-only the journey does. Still, unless you've been precise in your capital commitment efforts, it's surely been a grind.

As I walk through the sector groups, a few things stand out. First, and I realize this borders on redundancy, the potential head and shoulders (negative) chart formation in the SOX and NDX is glaring. Granted, it doesn't "confirm" until the right shoulder is broken but they're screaming for attention nonetheless. Also, the S&P (which has some dandruff of its own) has been in a 60 handle range since mid-October. That may seem like a lot when viewed in a vacuum but look at it this way-that's a point a day! I know that's Enron math but, hey...work with me!

I've been suspect of the market and, again, my conviction level isn't a function of "if," it's a function of "when." I understand I risk being painted with the perma-bear brush but I can only call it as I see it. It all boils down to your horizon and the style you choose to employ. Identify your goals and risk parameters, leave room for a margin of error and look to hit for average. Consistency, baby.

On my end, I've got three sessions left in the year before I abandon my Menagerie, hop a plane and order one of those drinks with a little umbrella in it. Until then, I've got a room full of critters itching for performance and a handful of trades left in my crowded keppe. So you know, I've also got a late afternoon meeting that requires my attention and I'll likely be powering down around 2ish. Thanks in advance for understanding.

Before I sign off, I wanted to include a picture of the charity auction poster we're auctioning off for the holidays. This 13" x 19" matted poster (framed in Plexiglastm) will be signed by myself and each of the critters. In addition, the winning bidder will have his/her name announced on the site and permanently inscribed in the Minyanville Town Hall. 100% of the proceeds will be donated to The Ruby Peck Foundation For Children's Education and, so far, John B. Collier is high bid at $1100. Please send bids to auction@minyanville.com if you'd like to participate.

Good luck today

R.P


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