Strait from the Hip
I don't know how it happened
It all took place so quick
But all I can do is hand it to you
And your latest trick
Holy Guacamole! This just gets stranger...and stranger..and stranger. Intel released it's mid-quarter update and those looking for a nudge up got a smudge down. They did, in fact, chop $100 beans off the lower end of the range (as expected) but they also snipped a deuce off the high end. Outside of Jon Joe, nobody was expecting that and the stock is getting hit in the after hours.
Before you go paws to the wall and hug a grizzly, remember that we've got a huge payrolls report tomorrow morning. Still, you'd have to give the advantage to the bears heading into the overnight session. We've seen size call buying in Intel during the last few sessions and, as a function, the long side might be a tad crowded.
Keep in mind that we closes thisclose to breakdown city and everyone is watching these levels. The tape did act well considering the stank breath but that could be a function of handsitting in front of the unknowns. One thing for sure, Minyans--tomorrow promises to be another nutty session.
I'm gonna scoot and grab a quick haircut but don't worry---I get charged by the follicle these days. If all goes according to plan, I'll be back in my saddle to listen to the Intel conference call at 5:30. These are long days indeed but in this environment, if you're not giving 110%, you're at a natural disadvantage. The pie is getting smaller and the crowd is getting hungrier. Something is gotta give.
If you're not on the call tonight, no worries--it will be covered seven ways till Sunday by the time we're open for business. Take some time and get the flickering ticks out of your mind's eye. I know it's easier said than done--I was trying to read a book last night and the critters kept calling my name--but that doesn't mean we can't try. Smiles are a commodity these days--don't take them for granted.
Have a peaceful night.
Todd Harrison is the founder and Chief Executive Officer of Minyanville. Prior to his current role, Mr. Harrison was President and head trader at a $400 million dollar New York-based hedge fund. Todd welcomes your comments and/or feedback at firstname.lastname@example.org.
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