Dude, that's not funny!
"Will you leave him out of this? The man's suffered enough. He hasn't been able to digest a decent meal in six weeks!"
--Karen's Mother, Goodfellas
Do you wanna hear the madness that is my mind? I sat in bed this weekend debating (with myself) what the ultimate zag was. Is the true contrarian view that we break the October lows (as I've been thinking) or is a peaceful resolution to the Iraq situation the world class zag? Granted, I did Boo a solid by sticking with the fur--but don't kid yourself--I've been closely monitoring the collective psychology. If there are too many bears out there, I don't wanna run with the pack.
Quite possibly, both scenarios could play out and that's kinda been my thesis all along. I maintain that there is a bullish phase "out there" but the initial Shim lower was too orderly for my liking. IF we could get some panicky selling that flushes out the weak knees, it will set up for the Sham portion of my trading thesis (the stiff lift). Is it too cute to expect to catch both sides of the trade? Perhaps--and I'm staying super humble as we try and walk that fine line.
Looking at today's action, I'd be shocked if Slapper, er Snapper, peeks his beak out and turns this bad boy. Tape's that are heavy all day tend to end that way, the breadth hasn't upticked at all, the banks and trannies continue to act melty, Europe closed on it's low and I haven't eaten pretty much since Saturday. Kaaaaren!
Scanning our trading radar, CCU, FD, HD, OMC, TIN and TOl all report before tomorrows opening and they'll have implications for their respective sectors. The Goldy tech fete also continues with stalwarts such as EMC, MERQ, DOX, BRCD, STM, PMCS, ORCL, AMAT, VRTS, STK, LRCS, CHKP, DELL, SEBL, CLS, AAPL ADBE, BRCM, EBAY and QCOM all presenting. Not to be forgotten, Merrill kick starts their telco gig (SBC, QCOM, CSCO, BLS, T, BT, MOT, TLAB) and Advertising conference (OMC, WPPGY), the mighty Bear goes shopping with retail (PIR, AZO, S, WEN, ANF, LIN) and Beek's will drop off a consumer confidence (exp. 77) and existing home sales (exp. 5.8MM).
Meanwhile, out of left field, Cary Kahn from Colorado has taken the auction lead with an impressive $8500 bid! Man, I sure hope he's not a Bronco fan--I'm not sure donkey's are allowed in Minyanville! Oh relax, I'm kidding! In all seriousness, Cary--that's awesome. Thanks for the kind bid!
I'll be back...I hope!
Daily Recap Newsletter