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The Morning Dew

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Light volume consolidation to support? Wasabi!

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Sometimes when the cuckoo's crying
When the moon is half way down
Sometimes when the night is dying
I take me out and I wander around

(Grateful Dead)

Well, my friends, here we are. Expiration Friday is upon us and one door closes (good riddance!) while another door opens (truer markets). It's part of the natural financial process and, for those of us who've been doing this for years, expirations are like birthdays. They're sometimes eventful, often times exciting and, for the most part, overrated!

I walked through our metric bases earlier and, as such, I'm not gonna be redundant. Again, I'm not gonna be redundant. Instead, let's take a quick look at the (quiet) morning news. Europe is mildly lower in light trading, Rummy is on the tape with hawkish war comments and Toddo is friedola and ready for the weekend! On the research front, Lehman upgraded BR, OGE, HE and AEP, Morgan downgraded NE and RIG while upgrading GSF, Pru downgraded ABX, CS First Boston upgraded VOD and VZ while lowering numbers in BLS and SBC, JP Morgan downgraded BGEN, Monty upgraded OMG and Piper upgraded TGT. Piper? I don't even know her!

It's been whisper thin out there and whenever that's the case, our volatility antennas must be raised. Factor in the looming pin action, potential posturing (in front of the weekend) and frayed nerves and, well, today's crosscurrents are shiftier than normal. I continue to hop around like a one-legged bear in a three ring circus but I'd admittedly be more comfy if we take out Tuesday's lows. I always like to project myself into the future and "look back" at the charts--and this period has the potential be viewed as a healthy digestion of the recent gains on light volume(particularly in the NDX). I'm not playing it that way, mind you, but I always like to "see" both sides of any trade regardless of my posture.

In Minyanville news, I want to offer a hearty thank you to ALL of my fellow Minyans for your help in spreading the word. I was talking with Casey last night about the road we've traveled together and it's truly amazing. In October of 2001, we birthed the notion of our critters while sitting in her truck in Los Angeles and we've pretty much spoken every day since. It's a wonderful thing to see, hold and touch something that was once a mere thought and without you, none of it would be possible. As such, I just wanted to take the time to say "thanks!" for allowing me to chase my dream.

See you after the opening.

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