By Todd Harrison Apr 28, 2004 11:58 am
Where are all the quacking ducks?
- The Nobel Peace Prize medal depicts three naked men with their hands on each other's shoulders. Kinda like the plates in Birdcage!
- Feel good reading for a Sunday morning.
- Silver tickles its 200-day for the first time since October (when it bounced). While it may be a bit "cute"--note that gold has smelted through a similar zone--a 30% melt into a widely watched support level typically holds (the first time). Again--never advice--but I have added a bit of exposure at these levels.
- There are more plastic flamingos in the U.S. than real ones.
- The semis are trying to stem the bleeding but they can't do it by themselves. If the breadth or financials don't soon share the baton, Hoofy could be in for a long afternoon.
- Lotsa folks are focused on tomorrow's GDP but please read Professor Reynolds's educational insight before Beeks swings by for breakfast.
- A fetus develops fingerprints at eighteen weeks.
- I got an email from someone I went to high school with (but didn't know) saying that my yearbook picture looks a lot like my Minyanville picture. Yes Michael, it's called poetic license and I'm allowed to do that!
- A grizzly bear can run as fast as the average horse...but can it run as fast as a bull?
- The rolling volatility continues as equities join the fray. The VXO is up 13%.
- According to the commodities desk of a top-tier firm, the metal smelting is a function of large margin calls for Chinese trading accounts that were active players during the run-up (and CTA's are exacerbating the selling pressure). Our ol' pal Pepe Depew from DWA offers that the XAU is 100% oversold on a weekly basis and could soon see a corrective bounce. However, he views that trade as picking up dimes in front of a bulldozer as the intermediate-term trend points south. Big picture? He still thinks higher but senses that lower prices (still) precede that move. As always, one guy's opinion and offered in the vein of education.
- I wonder if Luka was a considerate neighbor?
- Main tell check: Breadth 3:1 negative, piggies down 10 (old way), SOX driest eye in the house, Citigroup (C:NYSE) "drifting" down 40 cents.
- Outside of (potentially constructive) stochastics in the financials and the XAU, most all other sectors aren't supportive of a sustained Snapper. That doesn't mean it can't happen, it's just a feather that Hoofy would like to have in his cap.
- Cats have over one hundred vocal sounds. Dogs only have about 10. Bow wow wow yipee yo yippee yeah...
- S&P 1120ish and NDX 1440ish are the nearest term support levels.
- At what point does it become official that the Minx hasn't reacted to better than expected earnings?
- February 1865 is the only month in recorded history not to have a full moon. Neil Glassman remembers it well.
- Wednesday is Funday at Carvel.
- Bad mood? Bummed out? Stressed? SHAKE IT OFF--we've gotta lotta decisions left to make and you need to keep your wits about you.
- Never anticipate the anticipator.
- Nortel (NT:NYSE) has organically split two for one.
- Prayers to Jackson Reamer.
- Citigroup (C:NYSE) broke the point & figure trendline (from March '03) with the tick at $48.5.
- Carter Mansbach, a wily young fella that I've known for almost 20 years, pinged me to ask "Is it me or does it seem like every other week is either weak or strong and breaking down to support or hitting resistance." Well Carter, most things ARE you but this one isn't. It's called range trading and it's profitable if you see it but viciously painful if you're chasing it. Let's call the zone NDX 1140-1500ish and S&P 1120ish-1150/60
- It's not that we're playing favorites by incessantly posting on the Buzz, it's just a much friendlier dynamic platform for time sensitive observations.
- When will Ben Affleck finally appear in an AFLAC (AFL:NYSE) commercial?
- Lunch meeting? Sure! Got nothing else going on. :-(
- Keep your wits about you? Where the heck does that phrase come from?
position in qqq, silver, c
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