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The White Shadow


Have a warm weekend!


Which of you to gain me, tell
Will risk uncertain pains of Hell?
I will not forgive you
If you will not take the chance

(Grateful Dead)

The powder chowder continues as the ranks thin, the bears grin and Hoofy takes it on the chin. The midafternoon slippage has brought the Minx down to...anyone? Anyone? S&P 1060 support. Now, it's time for Snapper to roll the dice in the afternoon spice. Remember, the textbook technicians in our midst wanted to see a retest of the ancefest. We're there now--and all eyes are a watchin'.

As we poke and prod, I'm also scopin' the semis (down 3% and sitting on SOX 500), Citigroup (C:NYSE), the cyclicals (mixed) and, perhaps most importantly, the macro tells. Professor Reynolds has been singing the "equity types should fear lower rates, not higher rates" song for a while and today's inter-market action supports his view. The asset class dynamic has been a bit convoluted this year (at least to me) and I believe that either equities or gold will be "wrong." Still, we trade what we see and we'll see what we trade.

With the clock tickin' down and the Minx holding resistance in an ugly tape (don't blink), the question becomes one of weekend risk. A case can be made either way--and it will--until prices validate posture. We've walked through both sides of the risk curve here and the decisions you make should be consistent with your risk profile and time horizon. If the Minx breaks S&P 1060, the sell side should wake up. If she holds, the pressers could cover up. Those are the facts--what you do with them is up to you.

I'm staying pretty tight here as we edge through the waify session. I'm also going to be leaving a bit early as I've got to sneak in a physical therapy (back) before Dr. Cocktostosen hits the slopes. I think ya'll know my thoughts regarding the sustainability of this rally but it may or may not be today's business. If you're cossin' toins on your bias, take a step back and let the Minx show you the way. And don't look back, cookie, that's wasted energy.

That's about it from Belly Central as we eye the end of the contra-hour. Thanks again for all the good vibes regarding the Minyanville gift baskets--we're trying to put our best claw forward and provide an opportunity for the critters to share in the holiday spirit. This has been some year--in more ways than one--but, in the end, we're all on the same squad.

Have a peaceful weekend.
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