By Todd Harrison Dec 06, 2004 2:45 pm
Let my love open the door...
When everything feels all over
When everybody seems unkind
I'll give you a four-leaf clover
Take all the worry out of your mind
The afternoon fray is drifting away as the critters all search for something to say. It's been a relatively quiet session characterized by unmotivated sellers giving way to begrudging buyers. While the bears continue to scan for cracks in the sidewalk, the bovine are strolling along and enjoying the scenery. Indeed, with year-end a few scant weeks away, no news is good news for portfolio managers in our midst.
The macro variables have been tame today save the snappage in crude. But while last week's 14% oil slick stopped right at the 200-day, the bounce has been relatively well behaved (read: equity friendly). Further, the financials remain dry and they're my primary tell for the overall swell. With the brokers chewing through supply and the BKX flaggin' a pennant formation, I will ask that ye faithful keeps the piggies front and center as we muddle our way through the muck.
The flicks are starting to tick a bit quicker as I scribe my vibe and it looks like Hoofy has his heart set on Friday's opening highs. In that vein, keep S&P 1197 and NDX 1632 on your radar for clues into the closing bell. Each time the tape makes near-term reversal, the die-hard bears initiate risk with the previous highs as a "buy stop." It's been a Sisyphusian process and most of the Red Dye inhabitants have already towel tossed their trading shorts. That, as much as anything else, is the most bearish thing I'm seeing.
That's about it from where I sit as we try to fit the pieces together. I promised you some meaty news but that won't "hit the tape" until later this week. Suffice to say that the Minyanville mission is about to get a huge shot in the arm and it'll facilitate a much broader critter vibe. One step at a time as we make certain that the bricks are set before they're built upon. That's what makes for a strong foundation and that, my friends, is what allows for longevity.
Fare ye well into the bell and have a peaceful night.
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