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Medulla Oblongata

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Good luck into the close!

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Thirty two teeth in a jawbone
Alabama cryin for none
Before I have to hit him
I hope he's got the sense to run


(Grateful Dead)



The afternoon ride has started to glide and the bulls hope their quest won't be denied. In the land of "easy trades vs. hard trades," the initial Snapper made sense as traders were leaning the wrong way (into the FOMC). The rest of today's session? The breadth never burped and the piggies are getting jiggy. That's bullish--and if (monster IF) the S&P can poke through resistance at 1125, it'll be game on for the coverfest.

I spoke to one of my savviest fundamental analysts today and he made several salient points. In his world, we've gone from "accelerated growth" to "flattening growth" and, as we work off the short-term oversold condition, that leaves us in a bit of a quandary. Assimilation of the metric bases is becoming increasingly convoluted as we jockey between bullish oscillators, broken levels, mixed data points and a new unknown (geopolitical risk premium).

We'll get a few more pokers in the fire overnight in the form of earnings (Morgan Stanley (MWD:NYSE)) and economics. The PPI is gonna be interesting, to say the least, as it's been fodder for the conspiracy theorists among us (careful--they're listening!). I'm no economist--some would say I'm not much of a trader--but I can't imagine that this number is gonna be equity friendly. The more important question, for purposes of our mission, is to gauge how much of that negativity is priced into the tape.

I've been jugglin' a lot lately (as I ready the critters for next week's road show) and I have to give some major snaps to my fellow professors for the rockin' content. They're more than a random collection of traders and writers--they're a family that believes in what we're doing and they give themselves tirelessly to the cause. From soup to nuts, I think you guys are the very best on the Street and I'm humbled that you chill in the 'Ville.

As always, I hope this finds you well.



R.P.
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