Queen of Hearts
By Todd Harrison May 27, 2004 8:59 am
I'm being told that the McClellan Oscillator is pretty lofty and that implies a pullback may be near.
Some love is just a lie of the heart
The cold remains of what began with a passionate start
And they may not want it to end
But it will, it's just a question of when
Good morning and welcome back to the critter shack. After a hump day pause in the bovine cause, the bears had time to lick their paws. As Boo scanned the faces of his beaten brethren, he stepped on a box in the sullen bear den. "We're not gonna win every fight of our lives," he bellowed to all of his friends and their wives,"but as long as the bulls are exchanging high fives, they won't be prepared when the harsh truth arrives!" Will Maximus Boo rile up his crew or will they all flee and bid him adieu? It's quiet--it's Minxy--it's Thursday, my friends, so let's focus in and look through our lens!
Not much as shifted in the minxy dynamic that wasn't already covered yesterday. We know the technical complexion of the three amigos, we've discussed the two-sided interpretation of the geopolitical landscape, we're in a fundamental dead zone (that'll change next week with Intel's (INTC:NASD) mid-quarter) and Brian has done a stellar job of walking us through the structural stew. Been there, done that--now it's time to see if the collective agenda will be to press the momentum envelope or adopt a slightly more risk adverse posture into a long weekend.
During times like these--when anorexic liquidity, anxious emotions and overt agendas combine--we must be respectful both sides of the tape. We have some room to run before resistance areas reassert themselves but, at the same time, most folks have covered up and lookin' higher. That is a notable shift (from earlier in the week) and while the momentum crowd is sittin' proud, they're also all facing one direction. That opens the door for a Red Dye flankin' and potential spankin'.
As per our typical process, we'll be lookin' for a quack count in our primary tells. Whenever we see the breadth, financials and semis pointing in the same direction (with supportive evidence such as the biotechs, small caps and cyclicals), the legs under the profit table sturdy and steady. For my part, I'm gonna be employing tight parameters on any and all positions so the thin Lizzy doesn't make me dizzy. Wait for an edge to show itself, Minyans, and remember that boredom doesn't qualify as an actionable catalyst.
Good luck today.
No positions in stocks mentioned.
Get The Minyanville
Daily Recap Newsletter
Daily Recap Newsletter