Sniff and Scratch
By Todd Harrison Apr 24, 2003 9:21 am
Think about it: Tony looks that good AFTER the camera added 15 pounds!
It's a wickedly busy morning in Minyanville and the critters are juggling lotsa balls as we edge towards the opening bell. While Fokker feasts on fresh toast (slacker), I wanted to quickly walk through the early news with my fellow Minyans. There's a shipload of stuff goin' on, cookie, so let's dive right in.
Last night's earning's were pretty mixed as Qualcomm (QCOM:Nasdaq) was solid (vs. expectations), KLA-Tencor (KLAC:Nasdaq) beat by a couple of pennies but guided lower, Symantec (SYMC:Nasdaq) was blah and Veritas Software (VRTS:Nasdaq) (along with a host of others) was "there." In morning research, UBS Warburg punted AT&T (T:NYSE) and Xerox (XRX:NYSE); Goldman upgraded AOL (AOL:NYSE); JP Morgan booted Apollo Group (APOL:Nasdaq) and Aflac (AFL:NYSE) (duck!); Smith Barney undered Overture Services (OVER:Nasdaq) and Wachovia upgraded Veritas (VRTS:Nasdaq). Finally, the durable goods number surprised to the upside and we need to factor that into our mix.
On the news front, SARS continues to haunt the Pacific Rim as Beijing announced 125 overnight cases and quarantined a hospital. The World Health Organization also added Toronto as a list of places to avoid and, as that marks the first North American city on the list, it raised some eyebrows. I know we've been discussing this situation for a while and, thus far, it hasn't mattered for U.S. equities. However, as there's a tangible economic impact and the potential for a psychological one, we must continue to keep it on our radar.
On a trading basis, S&P 900ish and NDX 1100 remains the new support zones (former resistance) and the bulls will be leaning against those levels on the long side. If (big if) those lines don't hold, that will be the first signal that a bigger trade may be setting up on the downside. On the other side of the coin, BKX 800 remains daddy's nemesis and the banks reaction at this level should set the tone for the overall tape.
Minyans, you know your mission: remove emotion, trade to win and let's get some mojo rockin'. Shoes off, sleeves up and head high. Also, grab that remote and flip to CNNfn as Snoop Tone & the boyz are doin' the Rhonda shuffle this morning. I'll say this and I'll say it from the heart -- I've met a lot of people over the years and there aren't many better than Tony. He's a brother in every sense of the word.
Kick some arse today.
position in qqq
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