America's Most Wanted
Mister Postman look and see
Is there a letter in your bag for me
I been waiting for a long long time
Since I heard from that critter of mine
A quick little blurb before I take my midday lunch meeting. Due to the overwhelming response, we're gonna start our Friday mailbag column and see how it goes. Minyanville is all about being interactive and we're looking forward to hearing what our readership is thinking. Please email Charlotte-Anne with your questions and she'll play siftmeister and forward them to me. Coolio?
With Europe closing near the lows and the dollar continued under pressure, the tape is acting a bit slippy heading into the lunch crunch. It's entirely too early to write the epitaph but having a set strategy (hopefully) allows you to use prices to our advantage. For my part, I've got two legs in the fur and will nibble lower and pepper higher.
An observant Minyan pointed out that a more appropriate S&P trendline comes into play around 920 and I can't argue with that. I can't stress how important BKX 800 is for the collective psychology so please watch that as we edge our way through the muck. Again, I can't rule out a final exhaustive rally but I don't believe it'll hold if it occurs. That doesn't mean you can't/shouldn't play it -- that's a decision that only you can make.
Gotta hop, Mon Frere. Fare ye well.
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