By Todd Harrison Feb 26, 2004 3:33 pm
May peace be with you!
She's the dollars
She's my protection
Yeah she's a promise
In the year of election
I've gotta tell ya, there's nothing worse than a belligerent Mr. Fokker. I mean, granted, the tequila trick was uncalled for (as was Gre's mocking) but it was done in love and isn't reason for grumpiness. In fact--and I'm dead serious--I just got up, walked over, put him in a headlock and administered a series of noogies. What's he gonna do, tell human resources? I'm human resources!
While he rubs his keppe (and shoots dirty looks my way), I'm gonna ignore him and focus on today's tape. The tone is decent (breadth skewed positive) and the lead sectors are tinted green. Still, the futures have felt lethargic and the question we must answer is whether this is a basing or a churning. Simple question, I know, but the right answer will coin shekels for those involved.
I opined yesterday that I was in the fade rallies camp until either the banks breaks the upside pennant or the NDX makes a higher high (outside it's new trend channel). To be clear, I want to be short--a function of the non-confirms, negative divergences, structural issues, giddy sentiment, complete complacency, F-troop smoke, debt bubble, etc.--but Elmer's equity enema is flush with liquidity and it's hard to tell when he'll run outa juice. As such, and regardless of posture/direction, risk (and time) definition is uber-important.
Beeks will swing by tomorrow with the GDP (exp. 3.8%), personal consumption (exp.2.6%), GDP price deflator (exp. 1.1%), the Wolverine confidence index (exp. 94) and the Cubbie purchasing manager index (exp. 63.5). Then will giggle and wiggle towards the weekend and our requisite two day respite. I don't know about you guys, but I sure am looking forward to it!
Thanks again for the all the support and positive vibes--these critters have been on some journey the last few years and something tells me that it's only just begun. A few folks have inquired to see if they can contribute in any way and yes, my friends, we can use all the help we can get! If you wanna earn while ya learn--or just help out in general--please feel free to give us a ping. Finally--and not to be forgotten--a big congrats (and a free tee!) to Virginian Minyan Virgy Quist for nailing today's lay-up trivia question. Strawberry fields forever!
Have a peaceful night.
position in qqq, fnm
Get The Minyanville
Daily Recap Newsletter
Daily Recap Newsletter