Doin' the Dew
By Marcus Laun Apr 30, 2003 12:47 pm
I'm in the mix now
Searchin' for the right spot
To hit now, get down
Damn my lover dig down
(LL Cool J)
Alright, a couple of quick blips. First, a big Minyanville congrat's to Stan Katz on correctly identifying Eleanor as the roommate who left Janet and Chrissie looking pa nub. Jack lucked out, but to this day, I'm disappointed that he didn't get busy with Chrissie. It was RIGHT THERE! Also, mea culpa on using "The Dating Game" in the last post -- it was "The Newlywed Game" -- man, you Minyans don't miss a trick!
So where are we? The drab dollar continues to weigh on equities as the greenback slips and slides through the session. It's a deja vu all over again as we're left to wonder if the tape acts fantastic in the face of this action (bullish) or if this is a flag that warrants attention (particularly with a crowded long side). It never matters... until it does. And when it does, it becomes obvious in hindsight. Oy!
Thus far, our levels -- NDX 1100, S&P 910 and Dow Jones 8450 -- have held and that's a constructive input. The financials are battling the semis in the supersector showdown and that's created a tug-o-war for the daily sentiment. Away from the obvious, gold is edging higher, the retailers are better offered and the Ingram Micro (IM:NYSE) news is weighing on tech. I'm sticking with my lone leg in the fur as it's consistent with my view but, at the same time, I'm conscious that some end of day games are possible.
Watch Dell (DELL:Nasdaq) in here as a tech tell as well. The COO is on the tape saying that he sees no sign of an uptick in corporate technology demand. This "may" matter -- the semis are already soft -- but it's also possible that investors will choose to "look through" yet again. Something to watch as we collectively find our way.
Away from the tape for a second, I want to share some thoughts that have been floating about behind my eyes. Each and every time I see something tragic -- a close friend killed by a drunk driver, terrorists slamming into the towers, a young father succumbing to a devastating disease -- I'm reminded of how we all tend to lose ourselves, at times, in petty nonsense. The amount of effort that we waste on silly spats and trivial tasks drains our energy from where it needs to be. I'm guilty of it -- we all are -- but the first step towards positive changes are identifying where the problem lies. If we all took the time to better ourselves a bit, the world would be a much happier place.
Just thinking out loud and hoping that this finds you jinglin', baby. I'll be back.
position in qqq, spy, dia
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