Cents and Sensibility
By Todd Harrison Feb 24, 2004 11:19 am
Watch the financials for signs of slippage/traction--the brokers have underperformed all day.
Desperado, why don't you come to your senses?
Come down from your fences, open the gate
It may be rainin', but there's a rainbow above you
You better let somebody love you, before it's too late
Hey Fokker, did you change the channel to the cartoon network while I was looking the other way? As I watched the latest in reality TV, I couldn't help but envision an animated Elmer jumping up and down on a long, lit fuse. Think about it--if our Fed chief feels that Fannie Mae (FNM:NYSE) is too big to fail, can you imagine his resolve regarding the U.S. economy? That's his motivation--or desperation--as we trudge forward and it's quite evident from his (immediate gratification) policies.
I'm gonna leave the kid alone--for now--as it's not the right time to rant. Turning my attention to the flickering ticks, young Snapper held the line (NDX 1450) as expected on the first test. Big levels have a habit of holding during initial tries (see S&P 1160) and most everyone was watching this tech tickle. Was that "it" on the downside? Doubtful--but with the Minx down four days (and a few weeks) in a row, the level is a toehold for Hoofy's heroes.
Breadth has improved (marginally higher) and the semis (sentiment proxy) are clinging green as Intel (INTC:NASD) fights the good fight. Today's trade is still too close to call--it got a little negative out there but for good reason--so I would stay extra tight with your risk profile. We've documented the non-confirmations and negative divergences and they're still very much in play. That doesn't mean every day is gonna be lower but, at the same time, a higher session wouldn't negate them.
One giant step back, the metals and crude are both higher (Russia?) while the greenback is giving some green back. Europe still trades heavy--has all day--and our stateside bonds are firmly in the green. Perhaps more importantly, Greg 2--yet unnamed--has officially fluffed another food order. This is a marginal negative for the kid and warrants a mention in this space. I would think that Mr. Fokker would have trained him better but I guess it's not a shocker!
In Minyanville news, the new digs are still fishing through some tweaks but again, the mother ship server should be rockin' in a few days. I'm told it's par for the course on a new launch but I told the techies that we're playing from the pro tees and anything less than perfection is unacceptable. We'll get there, so you know, and it'll be sooner rather than later. Thanks again for the patience!
As always, I hope this finds you well.
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