On the Road Again...
By Todd Harrison Mar 02, 2004 2:45 pm
Good luck into the close!
"Funny enough, I was just talking to my friend about that. Our speedometer has melted and as a result it's very hard to see with any degree of accuracy exactly how fast we were going."
--Del Griffith Planes, Trains & Automobiles
The afternoon travel has sorta unraveled as Hoofy has slipped on the loose gravel. The damage is thus far contained--whenever the semis and brokers are green, albeit marginally, an outright melt is unlikely--but the bulls gotta be wonderin' if they'll have to sing "Oops, I did it again" at S&P resistance. Could this be a simple storage of energy before they finally squirt higher? Perhaps, wabbit, perhaps, but while anticipation made Carly Simon happy, few traders ever benefit from it.
That's not to say the bulls are gonna be grasping air as there's still alotta speculative excess out there in the city of critters. Proof positive? Give your MAMA a call (Mammacom (MAMA:NASD) and check out the price action. I'm not commenting on the stock (I would never insult my MAMA), I'm simply noting that 100% price swings aren't necessarily healthy. It's not actionable, per say, just notable. Duly noted.
Xilinx (XLNX:NASD) will paint the tape tonight with their mid-quarter update and that'll do it on the catalyst front until tomorrow morning's ISM services report (exp. 63.5). We've also gotta stay on the watch for the Pee Pee Eye as it's M.I.A. I'm no economist (I'm barely a trader) but I can't imagine this is (woulda been) benign. The big picture has little influence in the near term but at the risk of sparkin' a Snapper, I'll utter the word. Stagflation. The ingredients are all there, it's simply a function of when the pot stirs.
In any event, with the major averages right back where we started yesterday, the plot has definitely thickened. I told Boo not to get excited as long as the financials hold and, as it stands, they're chill. I would note that Citigroup (C:NYSE), which is on the far upper left reaches of my (eight) screens, has been a tad drippy relative to its friends and that bears watching. Nothing to write home about but, then again, I don't check my mail anyway.
Deep breaths on my end as we edge through the week, the launch and the glitch hunt. I think Collins is doing a fantastic job of customer support (way to delegate, Fokker!) so if you've got a question--and its not covered in the FAQ sheet--shoot the kid a mail. We've turned yet another corner in the city of critters and if you're reading this, you've decided to take that step with us (I hope). Thanks much for the support and thanks Team Minyan for the execution. You're only as good as the folks that surround you and I'm thankful for each and every one of 'em.
Have a peaceful night.
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