Catcher in the Rye
By Todd Harrison May 11, 2004 3:00 pm
May peace be with you and your family.
"Look, I like hitting fourth and I like the good batting average. But what I do every day behind the plate is a lot more important because it touches so many more people and so many more aspects of the game."
The afternoon tape just spit sour grapes at the pressy ursine that tried to escape. "I've been watching the banks and boy do they stink," said Boo to the crew when the sector turned pink, "but tech saved the day (thus far) for the Minx and rescued the bulls that have been on the brink." Is this just a pause in a broader bear cause or will Hoofy stand tall and accept some applause? This is serious stuff (and no time for a rhyme) so focus anew as we sift through the grime.
Alright, so will Cisco (CSCO:NASD) save the day? The chatter on the street is that Chambo will be upbeat (shocker, eh?) and the telecom giant will have good things to say. Could be--he's typically glossy--but the spice to that mix is that fundies haven't been the primary driver of the action. So we can sit here all day and talk about the coiled vs. spoiled dynamic (jiggy stochastics vs. melt potential)--and the mainstream press will assign blame/credit to Sir John--but there are bigger fish to fry.
I'm not gonna say that Cisco doesn't matter--it's a piece of the fundamental puzzle which, in turn, fits into our primary metric mix (fundies, technicals, structural, psychology)--but there is ammo in both Hoofy and Boo's backpack. It does feel a tad pressy in the near-term (not as much after today's lift) but the broader mindset is still massively complacent. The stochastics are turning (at/near support) but the meatiest legs of sell-offs are from oversold conditions. And there is still a coordinated agenda...although we all see what's happening in the world and the invisible hand may be losing its grasp.
If you're lookin' for someone to tell you how to play Cisco then you've come to the wrong town. The critters can't (and won't) make decisions for you but we hope that they'll help point you in the right direction. For my part--and so you know--I've got cheapie upside punts (still) that protect me against a ragin' cajun' Snapper but I'm keeping my cards close to the vest. I remain resolute in my belief that this won't end pretty but that's big picture thinking. And if we've learned anything, it's that the journey is more important than the destination.
Fare ye well into the bell.
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