By Todd Harrison Apr 29, 2004 3:34 pm
May peace be with you!
The screen door slams
Mary's dress waves
Like a vision she dances across the porch
As the radio plays
The Minx is infected as stops were elected and the Hoofy is feelin' pretty rejected. Indeed, Boo changed the channel and what was once the bottom of the range has morphed into new resistance. That's the key as we edge forward through the muck. If Snapper can retake the break and start a head fake, the pressers will feel like they made a mistake. If he can't shake the quake and put on the breaks, he'll be rubbing his can ('cause it surely will ache).
S&P 116 and NDX 1435 are (were) the lines in the sand and we're seeing some pukage below (and will see coverin' above). The semis have led the dread (-3.5%) and snapped the wishbone (BKX) dressing. Now the financials--the best acting sector all day--is testing a triple bottom and eyeballin' the BKX 200-day ($94.60). Role reversal? More like a roll reversal!
We began the session askin' the question if the carry trade will leave an impression. That's still in motion although the metals have taken a (much needed) respite from the stomach pit. How they act (tomorrow) will go a long way in helping us discern if Carrie will have a date for the prom. Intuitively, they should rally--a little inflation and a flight from scary equities and a sluggy dollar. It they continue to smelt, however, liquidity (or lack thereof) will be the obvious culprit.
I didn't press the downside today and I'm not sure if that's bullish or bearish. The action is increasingly troublesome and many of our ducks are being fricasseed. Still, I wasn't 'sure' on the short-term stuff and rather than place emotional bets, I did a bit less and traded around some cores. Exciting? Not really. Frustrating? A little. Looking back? Never. Opportunities and profitability will never be found in a rear view mirror.
I'm gonna hop as we're a tad short handed and I've gotta confer with the critters before the close. I sincerely hope you're all finding your way and remaining disciplined in your approach. There are days that you'll be the windshield and other days that you'll be the bug. The goal, as always, is to stay in the game and live to fight another day.
Fare ye well into the bell.
position in qqq, silver
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