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White Light

By

Love to Rubyville.

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The crowd pressed round
Ruby stood as though alone
Reuben's song took on a different tone
and he played it just for her


(Jerry Garcia)


Good morning and welcome back to the winter shack. A blanket of white has covered the ground as we ready to take a fresh look around. The mood is peaceful, almost serene, as we settle in for a fresh set of flickering ticks. We know the storyline by now--the tape, after a spirited sprint from the October lows to the Thanksgiving close, was a lesson in laughter. We've since slithered sideways with action that is either healthy and restful or tired and vulnerable, depending on your particular disposition.

My short-term set-up hasn't shifted since I slipped into the fur last Thursday night. As a function of the extended Minx, defined risk (S&P 1270), lopsided sentiment and maybe, just maybe, a cold spell that zaps the extra shekels from the consumer, I deemed Boo a worthy candidate to play Santa Claws. No, I'm not blind--I see the broad based bravado and performance anxiety that is gripping the Street. But while the market "feels" higher, setting stops, as we're apt to say, removes emotion.

We recently wondered aloud whether professionals would double (triple) dip when the tape came for sale and thus far they have. That, more than anything, will dictate the fate of the 2005 drive. With 18 sessions left in what has been a difficult journey, each decision will be magnified by multitudes looking for stems and seeds of incremental performance. Our mainstay tells remain constant--beta (nets and semis) is our "bang for the buck" proxy, the financials hold the key to the vault of stability and market internals provide real-time temperature for our collective patience. We'll continue to monitor those on the Buzz with our real-time assimilation and constant interpretation.

While I have you and before I go, I would like to ask ye faithful for a favor. I've been scribing vibe for five years and, during that time, we've shared alotta stories. Many were profitable, some have been painful and, hopefully, others left an impression as we search for proper perspective. This morning, as you're reading this and trading that, my grandmother Dorothy will have surgery to remove cancer from her breast. She's a strong woman--she's Ruby's wife--but if you can find the time to send some white light her way, my family and I would be very grateful.

Thank you kindly and, as always, good luck today.

R.P.
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