By Todd Harrison Feb 18, 2004 3:49 pm
May peace be with you!
It's a state of affairs and a state of emotions
The kind of thing that you must understand
I tell you one thing; you tell me another
We walk away, maybe then shake hands
Pop Quiz: What is the least desirable way to spend an afternoon? A) On the conference call with lawyers (discussing Monday's roll-out) B) Getting your fingernails pulled out with a pair of pliers C) Watching Fokker fumble his way through a "Mikey style" series of phone calls with the girl he met last night D) Listening to Dan Meehan rationalize the A-Rod trade by chanting "Norv Turner". If you guessed A, congratulations! Johnny, tell 'em what they've won!
The IBM (IBM:NYSE) ruling that they must make back pension payments (of up to $6 billion) happened to jibe with the repeated (unsuccessful) acne attempts through S&P 1160. While big blue may have turned the screws, the crowded herd of anticipators clearly exacerbated the volatility. There's little doubt that folks are "set up" for a breakout. The only question is whether their wish (and opportunity to sell) is granted.
The asset class disco dance is in full swing as the dollar and crude are a percent higher and gold (silver) is down the same. The intriguing inverse correlation between the greenback and equities continues to raise eyebrows, although it appears as if the final minxy tally will be muted. All in all, today looks like a push, although the breadth and 'give back' in the brokers are marginal negatives.
Applied Materials (AMAT:NASD) will paint the tape after the close and Beeks will swing by tomorrow morning with the initial jobless claims (exp. 355k), continuing claims (exp. 3105k), leading indicators (exp. .5%) and the Philly cheese steak (exp. 35). That information will battle for metric supremacy against the continued technical backdrop and the ever-lovin' psychology. And, of course, all of this must be digested with a sprinkle of the expiration exacerbation. Noice!
I'm gonna scoot so I can post this bad boy before the bell rings. There's surely a lot of balls in the air right now--for all of us--but it's important to try and enjoy the journey as we eye the destination. Easier said than done, I know, but the quest of the quest is the quest itself. Half the reason I write it so often is to remind myself to slow down and appreciate the time we have. For as my grandfather used to say so often, it is the most precious of commodities.
Have a peaceful night.
No positions in stocks mentioned.
Get The Minyanville
Daily Recap Newsletter
Daily Recap Newsletter