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Nail biting


I am watching IBM closely for guidance over coming days. On a 60-minute chart, the stock is in such a well defined trading range right now between 76.25ish - 79 that a break in either direction could be a market driver for a bit.

Other than that I have absolutely nothing value-added to pass along. I could give you the media version and say it means something that the papers are outperforming or that Coca Cola (KO) is up on the day, or that the Semis are, blah blah blah...but that would be an absolute lie. People are watching every single one-minute tick in every group like it is going to actually mean something. Rumors are flying around and each one has its own minor impact on the tape. My best guess is though that if there was going to be an upgrade to a "code red" terrorist alert, the government probably wouldn't tell the S&P traders in the pits first ;-).

Interestingly, I just walked by a guy standing in front of the building housing Governor Pataki's office in Midtown and he was reading a copy of the post with the headline reading "suicide attack." The geo-political atmosphere and its impact is surreal right now.
I am doing my best to not stress about things I have no control over. I can't dictate the action in the market but do have an influence over my reaction to it.
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