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Punch Bowl


The incredible Hulk? He must have an amazing schwanstucker!


All the waiters in your grand cafe
Leave their tables when you blink
Every dog must have his everyday
Every drunk must have his drink

(Billy Joel)

I know, I know -- there are a lot of ABBA fans (and the men who love them) disappointed with their inclusion on our musical bottom-dweller list. All I can ask, dancing queens, is that you don't shoot the messenger. Hey, I even saw Mama Mia a while back -- I was dragged there kicking and screaming, mind you, but I stayed for the whole show!

First things first, please take the time to read Brian's superb investigatory journalism (think Zoolander) posted in this morning's News & Views. There's some wacky action in bondland and he's the Minyan with the opinion in that regard. Wasabi!

The early action is to the upside and, after yesterday's quick zing, wary traders are toe-dippin' early. The longer they hold, the more the bulls will likely gain confidence. Please understand, however, that there's plenty of two-sided risk to this tape (particularly in front of expiration). Stay tight, stay sharp and, in the words of my friend Dan Meehan, strive to be happy!

The technical areas of contention include S&P 950-955 (NDX 1165ish) on the upside and S&P 935 (NDX 1140, BKX 800) on the downside. Also, keep an the PPH (pharma index) as the puppies will confirm an upside breakout at 80. Over in the oil patch, the Oil Service HOLDRs (OIH:Amex) did the same at 62 although this group is the definition of uber-extended. Still, they're levels worth noting as the reachers reach and the preachers preach.

I'm "protecting" myself against the "blow off" and while I want my imagery and risk-profile to be consistent, I'm admittedly reticent usher the bear costume back to the closet (if/when a stop is triggered). I maintain that when the last buyer gets filled, there's gonna be some fugly follies. Let's circle back to this one IF our levels come into question. A'ight?

I'm gonna juggle and jiggle so lemme hop. Meanwhile, the critters are absolutely beside themselves with excitement as they prepare for the arrival of Queen Casey. This calls for a sushifest of the highest order and I've already got Fokker on the case. Engine room, more steam!

As always, I hope this finds you with some jingle in your jeans.
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