The Town Trier
Watch those two-day gips, baby...they'e starting to give way!
When I awoke, the Dire Wolf
Six hundred pounds of sin
Was grinnin' at my window
All I said was "come on in"
You want to see something trippy? Pull up a five-day chart of the S&P and NDX (for Bloomberg users, that's a 5 day gip) and draw a trendline from Friday's lows through today's trading. Am I the only one who's seen these indices hold that line seven times? Those are the charts I've left up on my terminals and, as long as they hold, the market should hang in there. If they break the slope, however, the sell-side pressure should begin to pick up in pace. So you know.
The tape continues to grind higher and--SHOCKER--my IM indicator is beginning to get more bullish. I understand the sirens get louder during the green seas but please, Minyans, respect the price action but don't defer to it. There's more than one way to skin a Minx and our goal is to view prices as an opportunity. For me, that means that stocks become relatively less attractive after a rally, not more.
With that said, I'm quite conscious that there may be a bit more to Hoofy's hilltop and, as such, I'm scaling gingerly (not MaryAnn). I added a leg into my fur in and around here and now I'll wait. The stochastic buy signals continue to taunt me but, as you know, I'm not biting (yet). What I DO have to do is identify an appropriate stop out level for our bearish imagery and as soon as I peg one, you'll be the first to know.
Tonight's earnings are pretty light but they'll begin to pick up in the morning (ALA, CB, CL, EMR, ect). In addition, Monsieur Beeks will drop off factory orders (exp. .3%) and the conference schedule continues in full force. Aside from the Weisel tech fete (ORCL, MOT, VRSN, NT, MCHP, BRCM, ELX, CLS, PSFT, FDRY, KLAC, SANM, EXTR, ect), there's a Goldman transport gig (UAL, LUV, CAL, NWAC), a Lehman industrial party (TXT, HON, JCI, PH, LEA, F, DHR) and healthcare appointments at UBS Warburg and Merrill Lynch.
Once again, I wanted to thank the faithful Minyans for their kind support and words of encouragement. I'm happy to report that we've blown away our initial expectations with regard to the first day's citizenship! We understand that this is only a first step and we take our commitment to you, our readers, very seriously. Please continue to offer your feedback on how we can better ourselves and if you like what you're seeing, we'd humbly ask you to tell all your friends about your new community. In the immortal words of Snoop Doggy Dogg, "It's aaaaaaall goooood."
Good luck into the close.
Daily Recap Newsletter