By Todd Harrison Dec 17, 2003 11:32 am
Armchair warriors often fail
And we've been poisoned by these fairy tales
The lawyers clean up all details
Since daddy had to lie
The Minxy dew begins anew as the critters edge through the zoo. On Hoofy's side of today's ride, the boats are rising with the tide. The semis have shaken off some early jitters, retail is silver and black, the homies are drizzam and the cyclicals are (thus far) holding yesterday's gains. In Boo's goo, the banks are on their lows (still under BKX 950), we've just filled the opening gap, breadth still smells and a handful of technical indicators are screaming "You're going the wrong way!" (How do they know where we're going?)
How you approach this beast is a function of your stylistic approach. Me? I've done a bit less today as I wanna see how the these levels unfold. I told Boo that if he wanted to put out some S&Ps, the 1077-1080 area is as good as any (with a tight stop above Monday's opening). Hoofy, meanwhile, is content to trade from the long side and use yesterday's lows as his rip cord. Daisy? She's finishing up her Pilates and getting ready for her afternoon facial. She's got a big night tonight and she's dressing to impress.
With expiration looming on Friday (and a spate of earnings tomorrow), the equity vibe is jockeying (once again) against the macro crosscurrents. The dollar--the drippy, slippy, trippy piece of paper we use as currency--continues to make new lows on a daily basis. When will this matter? When stocks are much lower, of course, but by then, Chicken Little will prolly be Chicken McNuggets.
I've seen precious little flow after this morning's brief flurry and it seems as if players are in watch mode. Just about every trader I've spoken with recently is counting down the days until baby new year pops the cork. The bulls wanna count their coin, the bears wanna put this behind them and the tweeners are still in there fighting for every tick. The only thing that'll cause the ticks to flicker thicker is if the critters bicker quicker.
In Minyanville news, 2004 will usher in a handful of renovations. There will be new faces (metals and technical commentary), old faces (Fleckmo!), new features (public chats daily between the professors and IM alerts), old school (UMV), new school (elementary), town halls, Minyanwood and, of course, the much anticipated Critters Choice Awards. It's better to do something right than to do it quick and, take me at my word--it's on baby.
As always, I hope this finds you well.
No positions in stocks mentioned.
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