By Todd Harrison May 06, 2004 12:08 pm
Posture will be everything in front of Mr. Beeks!
- Daisy is very excited to graze the sidelines!
- Have a question for the Minyan Mailbag? Go for it--our goal is to remove intimidation form the financial markets and provide insightful education. And remember...there's no such thing as a silly question.
- Overseas markets are getting thwacked with a ruler (think Blues Brothers). Brazil and Germany are down 3%+.
- I think Fokker met his future bride last night. Funny thing is, I "knew it" before he even saw her. And no, her name isn't Martha.
- Citigroup (C:NYSE) is sitting directly on its 200-day moving average ($47.84).
- The Russell 2000 is toying with fresh '04 lows and will break a triple bottom at RUT 555 (if and when). That, along with the synchronized trim, may be indicative of dirty pillows.
- On this date in 1959 a Pablo Picasso painting of a Dutch girl was sold for $154,000 in London. It was, at that time, the highest price paid for a work by a living artist. Yesterday Picasso's 1905 painting "Boy with a Pipe" sold for $104 million at Sotheby's. I guess inflation is in the eye of the beholder.
- Elmer was on the tape saying that a slowing China economy will trim commodity prices. That's obviously not 'new'--it's been around for a few weeks--and it'll be interesting to see if this exacerbates the smelting or provides a pivot point (as master of the oblivious).
- The Minx, after some gap fillage, takes a hard right turn and eyes last week's lows. NDX 1400 and S&P 1107 are the last beacons before the March (and '04) lows of NDX 1370 and S&P 1087.
- I haven't seen breadth this bad since I woke up nose to nose with Phoebe. The losers are swarming the winners 7:1 on the NYSE.
- Be a Weiner!
- On this date in 1915, Babe Ruth hit his first major league home run while playing for the Boston Red Sox. I believe that Neil Glassman was in attendance.
- The semis trade like they're a bit crowded (on the short side). If Snapper peeks his beak out--which will be tough with the internals (and financials) so heavy--he'll likely swing by this sector first.
- I am having a special Thursday edition Sashimifest with Mssrs.. Santoli, Roque and Schottenfeld today. Extra wasabi, Collins, chop chop!
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- The stochastic buy signals we saw a few days ago are still 'closer' to buy signals but could certainly pretzel twist a bit.
- The VXO (volatility measure) is up almost 12% and testing 18 again. We discussed the potential disconnect between perception and reality in Maury's Wig last night.
- Sexual Chocolate!
- The potential for serious two-sided gappage (tomorrow morning) may cloud the afternoon agendas a bit.
- I've feared that we've been in the early stages of a multiyear bear market since 2000. Sometimes it seemed right--sometimes it's been wrong--but it has always been offered as one trader's humble opinion. That's what chaps my lap about some of these loud market pundits--they try to make you feel silly for missing a move (but are nowhere to be found when you're run over by it).
- I'll tell anyone that I care about that the single most important wisdom I can impart is as follows: the purpose of the journey is the journey itself. There will always be new goals, better performance, professional deadlines, social pressures and self-imposed standards. But if you're constantly looking ahead and not enjoying the "now," it doesn't really matter where you go because you'll never be happy.
position in c, silver, qqq
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