The Boss Toss
Somebody call Fat Bastard and get my mojo back!
You can hide 'neath your covers and study your pain
Make crosses from your lovers, throw roses in the rain
Waste your summer praying in vain
For a savior to rise from these streets
Holy cow! One demerit for Toddo. How can I, a self-admitted Jersey-born East Coaster, forget about the Boss at the Meadowlands this summer? He's gives one fantastic show -- particularly in his home state -- and we may have to schlep to the swamp for that one. Hey Fokker, I'll make you a deal, get tickets to the show and I'll stop tossing oranges at you!
Back in tapeland, there's two ways to look at today's action. The market either acts fantastic given the lethargy in the financials OR the banks are telling us that there's more downside comin'. They're surely not the only caveat -- the dollar continues to slip, the internals are still blah, the retailers act heavy, complacency abounds, the VIX is coiled like a spring and everyone is scared to short. Even so, the market has (thus far) held support and the longer it does, Snapper has hope.
Is this a healthy pullback or a sign of crackage? We won't know for sure without the benefit of hindsight but -- not to beat a dead horse (where does THAT one come from?) -- as long as the S's hold 900ish and NDX 1100, Hoofy has to be given the benefit of the doubt. I'm not necessarily trading 'em that way, mind you, but I always strive to view the tape through objective eyes. Put it this way: The fire alarm is ringing in the background but the school kids don't seem to care.
Looking forward for a moment, the earning's parade continues tonight with Amazon (AMZN:Nasdaq), Applied Micro Circuits (AMCC:Nasdaq), Emulex (ELX:NYSE), TriQuint Semiconductor (TQNT:Nasdaq), VeriSign (VRSN:Nasdaq) and Western Digital (WDC:NYSE) (among others) all reporting. Monsieur Beeks will also be in motion tomorrow morning as he releases the Gross Domestic Product (expected at 2.4%), Personal Consumption (expected at 1.7%), the Wolverine confidence number (expected at 85) and New Home Sales (expected at 905,000).
On a personal note, my pops is visiting from Maui tomorrow (first time in a long time) and I'll be taking a day away from Minyanville so I can do the right thing. I'll monitor the action until he arrives and then, in typical slacker fashion, give myself the executive pardon. I'll be in next week but may skip town Thursday and/or Friday so I can take him down to Baltimore to meet his grandkids. A'ight?
Before I go, let's slip a quick (and easy) trivia question in. What was Mr. Bill's infamous sidekick? The first correct answer sent to firstname.lastname@example.org gets a free Minyanville tee! Oh noooooooooo....
As always, I hope this finds you swimmingly well.
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 email@example.com.
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