By Todd Harrison Apr 23, 2003 3:31 pm
Peace out, Rabbit!
Faring thee well now.
Let your life proceed by its own design.
Nothing to tell now.
Let the words be yours, I'm done with mine.
Well, Hoofy, it's just another workmanlike day at the office. A little rally, a stealth pullback, some discouraging news from the Fed and -- voila!--a grind higher into the last hour. The only thing missing was the full body rub down from Daisy but I suppose you need something to look forward to after the bell, don't ya big fella? We should all be so lucky!
Through objective eyes, it's hard to find fault with today's price action. The breadth has been steadily improving, the financials continue to shrug and chug, the rally respites are rotational (retailers, software, semicaps) and crude has fallen off a cliff. The potentially problematic elements -- complacency, pervasive bullishness, extended tape -- continue to continue but, as we've learned, these things never matter until they do.
The earning's parade marches on overnight with semicaps, storage, insurance and communications being the main focus. We'll also get a smattering of economic data tomorrow morning and, while the Beige Book didn't seem to matter, we still need to respect the potential catalysts as they come into view.
I've read a handful of bullish newsletters today as I always like to see all sides of any trades. I'm conscious that an argument exists that we're entering a new bull market but in my heart of hearts, I just don't see it. We're certainly in a bullish phase -- that's a given - -and I respect the power of perception. However, if the bear is truly going to be a grizzly, it must suck in fresh capital if she's to hurt the maximum amount of investors. It remains my humble opinion that we're edging through that process.
Alas, that's a discussion for another time as our job dictates that we take our journey one step at a time. Today was another notch in Hoofy's belt and he'll offer no apologies -- just a sly smile and a hearty grin. They'll be no gloating on his part, however, as he knows that humility isn't a function of profitability, it's a way of life. Toss the ball back on the mound and jog to the dugout. Tomorrows a fresh nine.
I'm gonna power down buck naked (sans costumes) and find my way to a nice, quiet dinner. This business can be all-consuming at times and if you don't take the time to balance, you're only doing yourself a disservice. Besides, there's an entire world out there and the onus is on us to take advantage of our time. For as my grandfather Ruby always said, time is the most precious of commodities.
Have a peaceful night.
No positions in stocks mentioned.
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