Singin' the Blues
Where are the Good 'ol Boys?
Do you remember the scene in The Blues Brothers when Jake and Elwood are visiting Sister Mary Stigmata and, upon explaining their mission, she started beating them with a ruler? That's gotta be how the bears are feeling this morning as each grunt, groan, piss and moan is being smacked with twelve inches of moxie. Take it easy fellas--it's 106 miles to Chicago, we've got a full tank of gas, half a pack of cigarettes, it's dark and we're wearing sunglasses. Let's go.
The early dance is filled with all sorta crosscurrents. The internets, homies, Microsoft (MSFT:NASD), Caterpillar (CAT:NYSE) and the financials (Goldman Sachs (GS:NYSE)) are acting better than one would think. The semis, networkers and hardware, on the other hand, remain lethargic. Breadth is negative and the dollar is lower (both off their worst levels) and the futes are playing tug-o-war between our levels.
Energy (oil service) and gold stocks are once again envious as we edge through the first hour of trading. I haven't seen much by the way of flows (there is a big call buyer out there in Microsoft) as it feels as if the tape is in headlights. More likely than not, the buyers are higher, the sellers are lower and most everybody is thankful that it's finally Friday. Five and a half hours until our requisite two day respite, my friends--let's make 'em count.
I'll be back.
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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