Random Thoughts for the Road
By Todd Harrison Jun 13, 2003 1:02 pm
May peace be with you!
- Why is it that we feel better about ourselves if we eat a slice of cake a nibble at a time rather than all at once?
- S&P 970ish and NDX 1170ish are trendline support (on a closing basis) from the March lows. For those wondering when this healthy pullback becomes "unhealthy," those are decent levels to eyeball.
- Why would anybody want to take anything with a grain of salt? What's one grain gonna do for us?
- Big cap biotech hangs tough. Big cap tech (ex-Oracle (ORCL:Nasdaq)) is starting to slip a bit.
- We'll never talk at you in Minyanville, we'll always talk with you.
- How old IS Dikembe Mutombo?
- The brokers still act well -- and somebody is buying the schnitz out of this J.P. Morgan Chase (JPM:NYSE)!
- Happy 3-0 to longtime Minyan Reed "the dancin' bear" Woodson!
- How can Amanda Whirlitzer not be in our starting rotation?
- As it stands, that's a pretty nasty looking double top in the NDX.
- Minyanfest tomorrow (Saturday) afternoon in San Antonio. Rosario's (910 S. Alamo St. 210-223-1806) at 5:30 p.m. We may bring Fokker and toss him on the mechanical bull!
- The prevailing psychology continues to be "buy the dips." It'll keep working till it doesn't... but when it doesn't, there are gonna be alotta trapped bulls.
- The Internet, once thought to be the business product of the future, have removed pricing power from virtually every industry. Ironic, isn't it?
- Are you on Instant Messenger? You can download some awesome Minyanville icons by clicking here and scrolling to the bottom of the page!
- I will be out of the office on Monday.
- I haven't seen many pressers down here (they're scared). I can't blame 'em but, well, when everyone's scared to short, it's usually a "tell." (think of it in reverse, when everyone was scared to buy)
- Does a chicken have lips?
- On cue, the storms have arrived in New York City just in time for the weekend.
- The S&P triangle we discussed this morning has (thus far) held the lower band tag.
- NDX 1220 should offer some resistance on the upside.
- Sean Penn, Jennifer Jason Leigh, Judge Reinhold, Phoebe Cates, Forrest Whitaker, Eric Stoltz, Nicholas Cage and Anthony Edwards, Nancy Wilson.
- Tapes that spend the entire day typically end in that direction. With that said, watch the financials and breadth for signs of traction into the close. With the entire trading community so "edgy," sparks can fly either way. Good luck, my friends, and we'll reconnect on Tuesday.
position in spx, qqq
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