May peace be with you!
You think you've got it
Ohh, you think you've got it
But got it just don't get it
Till' there's nothing at AaaaAAAAaaaAAAaaallllll.
Don't blink! In what may very well be the quickest jimmy in metaphorical history, I danced out of my bear costume at 2:30 when the tape dipped back towards my entry level. Why? Discipline, really, as a few of my mainstay tells firmed and my perceived edges became a tad more obtuse. As I'm trying to keep the costumes reflective of my short-term sense, it was consistent with my eyes and a most worthy try. Onward...although that doesn't necessarily mean upward.
The outsized volatility in fixed income, crude (last week) and the metals still paint a tenuous picture for their equity brethren. The bears had a shot at the bovine knees this morning but, consistent with recent history, they couldn't string together back-to-back smacks. The day isn't over, obviously, but the ability of the Minx to insulate the SOX slippage smells like rotation rather than migration.
As we round third and head for home (literally), my eyes are spying the NDX trendline (still holding), the financials (still firm). the Google (GOOG:NASD) gaggle and other rotational elements. I still think the ice skating analogy is apt as Hoofy slides across his golden pond. With this morning's sentiment numbers (bulls>60) and the current volatility readings (down across the board), the onus is on us (not him) to be conscious of the cracks.
Altera (ALTR:NASD) and Xilinx (XLNX:NASD) will paint tonight's tape and they'll likely color tomorrow's tech tone. Toll Brothers (TOL:NYSE), Costco (COST:NASD), Ciena (CIEN:NASD) and Nat'l Semi (NSM:NYSE) are set to report tomorrow as well while Lilly (LLY:NYSE), BEA Systems (BEAS:NASD) and Proctor & Gamble (PG:NYSE) will host analyst meetings. And of course, lest we forget, Beeks will swing by Friday with the PPI and Wolverine Confidence number.
That's about it from where I sit as we get the remaining kinks out of the auction mechanism. We'll launch our annual holiday Festivus drive tomorrow and open the doors for some holiday cheer. Wall Street is often a self-involved industry and focuses on what we can take rather than what we should give. The Ruby Peck Foundation for Children's Education aims to change that--kid by kid and one step at a time.
Fare ye well into the bell and have a fantastic night.
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