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And So it Goes...


From our family to yours, have a wonderful holiday season!


Goin home, goin home
By the waterside I will rest my bones
Listen to the river sing sweet songs
To rock my soul

(Grateful Dead)

Well Minyans, it's about that time. After eleven and a half months of battle, the critters are ready to refuel, refresh and rejuvenate . While some (Hoofy) look better than others (Boo), we shared the 2003 journey together and will forge ahead with our lessons in tow. Life--and trading--is a rollercoaster of ups, downs, thrills, chills and sometimes spills. I'll be the first to admit that I've had my fair share of chills but I know, as do you, that it's all part of the ride.

The Minx slowly slinks towards the close and it's a mixed bag of chips out there. The minor themes in play earlier are still in motion--the banks act dry, the semis are lethargic, breadth is laggy, liquidity is thin and expiration is looming. In other words, I've seen marbles with more of an edge and while I've got positions on, they're refined and defined. It rarely pays to squeeze water from a stone so if you're juggling rocks, stay disciplined in your approach.

The next few weeks will be thin and thinner as we close the books on another year. Everyone is expecting the fat man to hit the chimneys and that'll either self-fulfill (as it has all year) or cause a spill (as it inevitably will). I will say this--the ursine uglies have pretty much tossed in the towel after their equity enema and are as despondent as they've been in years. Nature of the beast (and a bear market) I suppose--they took out the bulls, now they're taking out the bears, next they'll take out the bulls, then they'll take out more bears. When it's all said and done, there will be a scattered bunch of frustrated traders.

Alas, our focus is on the journey rather than the destination and we'll wade our way through the muck together. The Minyanville staff will be rotating throughout the holidays so please forgive us if the content is sporadic at times. We've got new writers (and a host of snazzy new features) lined up in the coming year and I believe that you'll find the quality consistent with what you've come to expect from the city of critters.

Finally, I would like to once again thank you for the continued support of both Minyanville and The Ruby Peck Foundation for Children's Education. A few years ago, our vision of philanthropic education was a pipe dream but with your help, it's slowly becoming a reality. I plan on returning the first week of January and will then have a business engagement until the ninth so, if we don't speak, have a fantastic holiday and a safe, prosperous and healthy new year.

May peace be with you.
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