A Few Good Minyans
By Todd Harrison Mar 04, 2004 8:46 am
YOU FUNKED WITH THE WRONG MARINE, MISTER!
"I run my unit how I run my unit. You want to investigate me, roll the dice and take your chances. I eat breakfast 300 yards from 4000 Cubans who are trained to kill me, so don't think for one second that you can come down here, flash a badge, and make me nervous."
-- Col. Nathan R. Jessup, USMC
Good morning and welcome to the swarming. With yesterday's whip of the good Minyan ship, the critters have officially tightened their grip. "Try as they will, try as they might," said Sammy in the heat of the night, "they tried to encite and yearn to excite but they're simply freaked out 'bout their own sickening plight." Will Boo take control of this bipolar Minx or can Hoofy's spurred herd take the hump (as he thinks)? It's off with the gloves and now time to fight so join the home team as we dance in white light!
The major averages are a stone's throw from where we entered this week and despite Monday's pop, Tuesday's slop and Wednesday's chop, we're still in the same ol' Minxy juncture. The NDX is chasing the pennant (three consecutive lower highs and monster support around NDX 1450-60), the S&P has knocked three times on the ceiling (and it wants it), the SOX has dripped to the all-important SOX 495-500 support and the banks (BKX), biotechs (BTK) and homies (HGX) are meandering at or near acnefests.
To be sure, the internal breadth has been the single best intraday guide of late. It was snazzy Monday, fugly Tuesday and flattish Wednesday (sound familiar?) and it, along with our leadership sectors, will once again provide today's carrot. We've got some peripheral economic numbers this morning--non-critter productivity (exp. 2.7%), unit labor costs (exp. -1.2%), initial jobless claims (exp. 345k, continuing claims 3075k) and, at 10 am, factory orders (exp. -5%). And of course, Intel (INTC:NASD) will tell its tale tonight and the payroll data will be released in the morning. It remains unclear, however, when the PPI will be found and I've asked Fokker to report our missing chide to the local authorities.
We power up this Thursday pup to find Europe marginally green, the dollar edging a bit higher and the metals relatively flat. Professor McGuirk, (who has positions in gold and silver) is mired in tech issues and asked me to pass along that gold stop levels (at $388-90) were met with solid physical buyers and held well despite the dollar. He could "see" one more pullback lower but the down blip yesterday coulda been the overshoot sell-off. The 200-day moving averages, so ya know, are $383 on gold and $5.36 on silva. We hope to have some shrimps back on the barbie later today but he's desparately in need of a television repair man. Also, in other Minyan news, I am sorry to report that Fokker will not be penning his chronicles this morning as he must tend to a death in the family.
Before I scoot, I want to make sure that ye faithful is very aware that Minyanville will NEVER send an attachment that requires opening. Somebody is evidently trying to muddy our name and soil our spirit--who could possibly be threatened by the critters and have such an agenda?--but rest assured that we're in the process of unleashing the hounds. I'll tell you this, when the critters find the culprit, I most certainly wouldn't want to be in his shoes!
Good luck today.
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