By Todd Harrison May 20, 2003 3:36 pm
May peace be with you!
Let it go
So here I am, surrounded by my eight screens and mocking Fokker (because I can) when, all of a sudden, the critters piled into my office! Boo was in a fly fishing outfit, Hoofy had on a sharp cardigan, Snapper was wearing shades and driving gloves while Sammy sported Lappy khakis and a lobster bib. Daisy? Daisy had on a black dress and veil. It's a very sad day for Daisy.
It's also turning out to be a rather drab day for the Hoofmeister. The inability to hold S&P 920 (coupled with a dead cow and some terror chatter) is pulling the Minx towards the next support (S&P 905 and NDX 1100). Again, this is either the initial phase of the down/up/DOWN trade or those waiting for the up (to get out or short) will feel the same way that the quasi-bulls felt after the past two intermediate lows. Only time will tell.
What do I think? Let's just say that an interim rally (S&P 970?) wouldn't shock me but it's by no means a given. Yes, this pullback was inevitable but that very fact makes for a complacent bull camp. I remain of the (humble) opinion that there's some meaty downside "out there" but the timing of that move is difficult to game. I also believe the cheerleading that we often see on television is irresponsible and self-serving... but that's an entirely different conversation altogether (all: that's an entirely different conversation!).
Remember, Minyans, the rest of the week is gonna be uber-thin and, as such, ANY move has the potential to be vicious. The bulls will be armed with the "alright, we've pulled back and now we can rip" mantra while the bears will chant "when this log rolls over, you'll all be red!" Watch for sector rotations (drugs, retail, banks, semis, energy, metals), monitor our levels (S&P 905 is big) and, above all else, remember to breathe.
I'm officially undressing and will gingerly place the bear costume in the closet, Mary Ann. We've all gotta "let it go" to refuel our spirit and soul sometimes. That balance leads to better perspective and that, my friends, leads to a fuller life. I leave the Minyanship in the most capable hands of Snoop, Brian and C.A. and when I return, we'll start discussing the new talent that will soon grace these pages. On behalf of the critters, have a healthy, happy and safe holiday weekend.
And fare ye well.
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