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Withering Heights

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May peace be with you!

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Sometimes in our lives we all have pain
We all have sorrow
But if we are wise
We know that there's always tomorrow


(Bill Withers)


The afternoon Minx has started to blink as the bears hold on tight and the bulls start to think. The tenor of today's tape has been relatively firm all session but those slippy SOX have put the love on the rocks. Now, with an hour left in the trading session, the critters are scanning the screens to see what it means.

The big red zit on today's complexion is the semiconductor space and the continued meltage. Indeed, if there was a food chain for tech, the chips would be a big part of any notorious diet. They're now down 11% in the last six trading sessions and that's starting to raise eyebrows among my fellow tape watchers. This sector (and the piggies) led the tape up and it would be irresponsible for us to ignore them as they change (and lose) face.

With that said, Sir Elmer will take the mike tomorrow and if actions speak louder than words, we could be in for a wild ride. I, for one, don't sense that he'll pull any triggers but the vernacular will be equally scrutinized. The domino will start with treasuries, ride through the financials and finally settle into the broader tape. As such, active Minyans should pay particular attention to our daily guides as we find our way.

Hoofy will argue that the tape acts fabu given the chip action and crude traction (+2%). He's got a point, I suppose, as there are plenty of excuses for Boo to open yet another can of whoop ass. I'm not sure what to make of that (other than a broach or a pterodactyl) as we're either churning (before the next leg lower) or basing (for an Elmer relief rally). Allow for both if you're actively involved and please remember to leave ample room as a margin for error.

I owe an apology to the Minyanship as I've been admittedly distracted during today's trading. I'm trying to wrap my arms around a few personal issues so if the gruff isn't up to snuff, now you know why. Regardless, it is what it is and we'll do what we must as the twisty road continues to unfold. I sincerely hope that you're all faring well and if not, that you have the perspective to understand that tomorrow is a brand new day.

Good luck into the close.

R.P.

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