Flights of Fancy
By Todd Harrison Mar 23, 2004 11:38 am
Some folks like to get away
Take a holiday from the neighborhood
Hop a flight to Miami Beach
Or to Hollywood
Well Minyans, I suppose it was only a matter of time. My office door just swung open and there they were--the menagerie in all their glory. Boo pranced in sportin' his leather jacket, Hoofy was pimpin' in a light blue velour jump suit, Snapper was wearing a visor and carrying a clipboard, Sammy slithered in as is (he's an agent--get it?) and Daisy sauntered in wearing a skimpy sun dress. Hey Daisy, I have two words for you--brassiere!
Before we saddled up and headed to JFK, they dropped their luggage with Bellboy Collins and joined me at my turret. As we watched the flicks ticker, Hoofy pointed out traction in the breadth (9:5 positive), the ability of the financials to (thus far) hold and the upside sneakage of the cyclicals (despite General Electric (GE:NYSE). "We're pretty oversold and sentiment got fugly in a hurry. When the downside becomes obvious, it's less likely."
Boo, not missing a beat, put on his Ray Bans (ala Risky Business) and said "You know, Toddo, sometimes you gotta say what the funk...make your move." He pulled out a stick of gum (he quit smoking) and continued "I haven't seen a bounce this obvious since Daisy was on a trampoline! You know perfectly well that the most vicious legs of a trading move occur in oversold conditions. It happened on the way up and it'll happen on the way down. And I don't know what glue Hoofy is sniffin' but sentiment has a long way to go before it gets to compelling or extreme levels."
They both make valid points, as usual, and the action today is a two-sided interpretation (although the Minx is starting to cough). We're still in the twilight zone of yesterday's range and while Snapper is out there, the longer we trade sideways (below support), the more likely it is that we're churning rather than basing. Case in point? Look at last week's action...and until the series of lower highs and lower lows is broken, Boo will continue to maintain the advantage.
I'll be on the Buzz for a bit longer and then it's time to take the show on the road. As I told my fellow professors this morning, its uber-important that we enjoy the journey and appreciate each and every step. All too often, we spend our time trying to get to a better tomorrow and, in the process, forget the beauty of the day. Be careful for what you wish for, Minyans, for by the time you finally arrive at the destination, the game will have already ended.
As always, I hope this finds you well.
No positions in stocks mentioned.
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