Lights, Camera, Action!
WOW - what an experience!
Today was "Bring your kids to work day," and I did just that. My two boys came in with me and went to do a guest host gig with CNNfn. I want to take a minute to thank the folks at CNNfn for hosting the Dwyer kids (all three of us).
I figured that they would just have the boys sitting off to the side getting bored to death -- but they got so much more. They got to go in the control room, get behind the camera with the floor directors and actually got interviewed by Rhonda for about three minutes, which is an eternity in television time.
What an experience for them and especially for me. I was so proud it brought a tear to my eye. Thanks again Rhonda and crew - it was an experience they'll be talking about long after I am gone.
In terms of the market, a couple of things struck me about today's action when I was on set. First, the tone of the traders and investor types we interviewed seemed very confident of the upside. Everyone was saying that it was no surprise that the market was pulling back after such a nice run, but that it was resting before an imminent move through resistance. That in itself isn't negative, but is another factor I am watching as the market approaches intermediate-term resistance zones.
Second was the increased media attention given to a possible impact from the SARS epidemic. Two days ago, that didn't matter - but when the market is near the upper end of the range and needs to rest, folks look for the negative aspects of the market to explain what they want to do. The reverse happens near the bottom end of the range, when folks look for positive things to justify being a buyer. In a trading range, usually both positive and negative influences have been there for a while, but they are highlighted as people look for reasons to explain what was going to happen naturally anyway.
Off to another meeting, but wanted to pass along these quick thoughts.
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