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The Poncho Honcho

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May peace be with you!

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We met down on the fort of Rio Grande
We met down on the fort of Rio Grande
Eat the salted peanuts out the can
Eat the salted peanuts out the can


(War)

The CSCO kid reports a penny better and marginally higher revenues and the street anxiously awaits the conference call (for guidance). Late day chatter made the rounds that Chambo & Co. were gonna "beat and raise" and while they accomplished the first, the second remains the wild card. One thing for sure, Minyans, the recent rally (and whispers) raised the "bar" and expectations are high. Stay tuned.

The Elmer double pump head fake (rally/fail/rally) took us on a round trip right back to our pre-FOMC levels. Overall, it was another constructive session for the Minx and the "blow-off" script seems to be in tact. The warning signals are there -- we've discussed them in kind -- now we just need the exhaustion trade. My sense is that we're in the midst of that now, although the timing is admittedly difficult to game.

In the meantime, I'm scanning a laundry list (two ways) for relative longs and absolute shorts. I'm clearly skewed to the put side of the equation and, thus far, it's been early. With June paper, however, I'm afforded a little time and I'm thankful for that. I've little doubt about where we're heading, I'm simply struggling with when we get there.

Either way, we'll do it again manana and it promises to be an interesting Hump Day. I'm gonna jump to listen to Sir Chambo before meeting Senor Sklar and Senorita Holovach (Jacob's Cure) for dinner and a discussion of the important stuff. I sincerely hope you all had a profitable day and, more importantly, a profitable evening.

Have a peaceful night.

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