Moon Over Minyanville
By Todd Harrison Feb 18, 2004 1:30 pm
The toughest fades are the hardest fades? Gulp!
"I sometimes catch myself looking up at the moon, remembering the changes of fortune in our long voyage, thinking of the thousands of people who worked to bring the three of us home. I look up at the moon, and wonder: When will we be going back? And who will that be?"
--Jim Lovell, Apollo 13
Houston, we have a winner! Rhinestone cowboy (and all around good guy) Brendon O'Brien was the first Minyan (out of many) to nail the answer to today's trivia. Texas, naturally, is the only state that allows absentee ballots from outer space such that astronauts can exercise their constitutional right to vote. It's unclear, as of now, how high Brendon likes to fly but suffice to say that when he does,he'll be sporting a Minyanville tee that's out of this world!
Back IN this world (sorta), the Minx is trying to fly all by herself. After a morning of lethargic action that failed to motivate the sellers, Hoofy is giving resistance a probe and sniffing out the will of the bears. While we're still under resistance and the breadth is negative, the leadership sectors warrant a mention. The semis and biotechs are cheerleading the "N's over the S's" while the brokers have more acne than a 15 year old French Fokker (with webbed feet).
Is Boo fighting a losing battle? Or is this how he's supposed to feel as we bump our keppes on resistance (no fear, low vol, bubbly psychology and few, if any, of his ursine pals around). They certainly get up easier than they go down and while that's gonna pose an eventual problem (complacency, dip shtick), nobody seems to care just yet. Keep in mind, please, that expirations tend to exacerbate volatility (both ways) and we're two days away from the February put funeral.
On the macro scene, gold giving back a finski (retesting $410), the dollar is slowly getting some greenback, rude crude is up a percent and the long end of the bond market is firm. All in all, it's been a relatively quiet session but I think we all sense the tension in the air. There's a lot of grunts and punts behind the scenes as bets are being placed on the next leg. I honestly see both sides of the argument (trapped longs vs. leadership from the financials) and am content doing a bit less for the time being.
I've got an early afternoon conference call that shouldn't take that long so I'm planning (hoping) on getting out another post to ye faithful Minyans. I'll be honest, I'm looking forward to this new Buzz & Banter tool as much as you are as it'll allow for a lot quicker and to-the-points pings (while otherwise occupied). A few more days, Minyans, and you'll witness an amazing transformation of the city of critters. In the immortal words of Snoop Dogg, "It's aaaaaaaall good."
As always, I hope this finds you well.
positions in qqq.
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