By Todd Harrison Dec 09, 2003 1:35 pm
Maybe it feels like the tip of the iceberg because I've been so cold?
"Why does he bother to dig a slug out of the wall when he knows there's already another one stuck in her head?"
--Det. Seth Frank, Absolute Power
The lunch crowd cloud is settling in as the critters wonder where to begin. Emboldened by this morning's IM chat popularity, they've been pounding the keyboards like a chicken cutlet. Big brother (or, in this case, big Minyan) has been watching and picked up the following exchange:
RedDyeRunner: Look at the action in the mortgage lenders and home builders. Can anybody say "tip of the iceberg?"
MatadorMaster: You would think that it would spill the tape, right? But, as with the retailers and semis, the Minx simply rotated risk into other sectors. Lately, energy and the cyclicals have benefited from the rotation migration. Pretty standard stuff, really.
RedDyeRunner: I have three words for you: rope-a-dope. Or is that one word? Don't matter--the bottom like is that the market is gonna punch itself into a state of exhaustion.
MatadorMaster: Do you really think that after eight months of juggling, Elmer is gonna shake the tree with three weeks left in the year? Come on, where's the conspiracy theorist I've grown to love?
RedDyeRunner: He didn't mean to trip during the summer either, did he? The market will ultimately call his bluff, Hoofs, and when he gets down to his last bullet, the gun will be pointed at himself.
MatadorMaster: You've been saying that for a while, Boo, and it's clouded your vision. Look, with so many levels floating nearby, you don't have to draw that line in the sand. If you're bullish, you can lean against S&P 1060 (NDX 1400). If you're grizzly, you can lean against Dow 10,000 or S&P 1075. If you're unsure, you can sit back, watch and await a better edge.
RedDyeRunner: I know one thing--it's gonna get nutty (and thin) once Elmer speaks. Regardless of your posture, it would be smart to put limits on orders. Now, more importantly, who's coming to dinner next week?
MatadorMaster: As it stands, Minyan Neal is high bid ($4000) to join the Minyanville family at their holiday dinner next week. With the proceeds benefiting the Ruby Peck Foundation for Children's Education, there sure are a lot of ways to win!
RedDyeRunner: Easy for you to say--you've been bullish all year. I gotta hop and get ready for Elmer. And yes, whoever comes to dinner will share some schnitzel with Professors Succo, Reynolds, Harrison, Brodsky and (honorary professor) Santoli. There will be plenty of cheer--and maybe a gaggle of geese to boot!
MatadorMaster: Good luck boss--I'll see you after the announcement.
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