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Make me proud!


Hey, comin' out around the world
Be ready for a brand new beat
Oh, summer's here and the time is right
Oh, for dancin' in the streets

(Martha & the Vandellas)

The pigpen, er, play pen continues as the Minx nudges her way through S&P 935 and the bulls are giggling anew. We've been discussing the" blow off" potential and I suppose this action shouldn't come as a surprise. The S&P, BKX, NDX have all "broken out") and the upside vacuum is sucking in critters of all ages, shapes and sizes. As painful a proposition this is for Boo, I explained to our furry friend that he WANTS this... he NEEDS this and he should CRAVE this IF the rollover thesis is to come to fruition.

Why? Because, when trading, our goal is to identify disconnects and advantageous risk/reward situations. Clearly, the higher lows/higher highs we've witnessed in pickasector has been a bullish tell but, as we said, that was then and this is now. With the upside capitulation in motion, the bulls comfy, the stochastics pretzel twisting, vols coiling and the dollar melty, it's starting to get tingly the other way.

I've been eyeballing NDX 1200ish and S&P 950ish as attainable blowoff levels but, as you know, I've been scaling into June puts nonetheless. I am mentally preparing for a "bullish" Fed (whatever that is) and a good Cisco (CSCO:Nasdaq) (no edge) and, if they occur, I'll have powder ready to deploy. In other words, I have a strategy mapped out for any/all of the above scenarios.

I won't ever tell you what will happen (not my style) but I'll always put it out there with the best intentions. This is admittedly the chilliest stretch that I can remember, but honesty and dignity aren't a function of profitability. I don't gloat when I nail 'em and I won't sulk when I don't. All we can do is our very best, my friends, and let the chips fall where they may.

Good luck -- and kick some arse!
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