Fun in the Sun
By Todd Harrison Jun 24, 2003 2:52 pm
Fare ye well!
Little darlin', it's been a long cold lonely winter
Little darlin', it feels like years since it's been here
Here comes the sun, here comes the sun
And I say, it's all right
Stop the presses! This just in, a yellow orb that radiates warmth was spotted above Manhattan today and the masses are flocking to view this stratospheric anomaly! Yes, folks, the spectacular weather has finally arrived in the big city and it's thinning the trading ranks as we speak. That's making an already thin day a bit thinner and exacerbating the (slight) volatility as we trudge through the session.
Today's theme continues to be dominated by an S&P outperformance of NDX. The banks held the all-important BKX 850-855 zone (thus far) and that, coupled with the stickiness in the brokers and retail, is giving the big board a relatively better tone. The semis and networkers have struggled a bit but the four-letter freaks have managed to hold their uptrend. As long as those zones hold, the bulls will claim that the upside game is still on.
The obvious focus is now squarely centered on Elmer's briss. I'm not sure how much snippage the Fed chairman will unleash but, either way, the message is clear. They want to reflate the Minx by making the equity markets the lesser of two evils. That perception can morph into an upside reality (as we've seen) but, sooner or later, she'll have to be judged on her own merits and with conventional metrics. Identifying that psychological sea change will be our mission in the rain, Jerry.
As discussed earlier, the tape (or, at least the S&P) seemingly "wants" to trade higher (and try to fill yesterday's opening gap). It's entirely alright to get "involved" if that's your gig but make sure you identify what type of trade it is before you enter the mix. Generally, there are trades for the day, trades for a catalyst and trades for a thesis. Don't confuse or rationalize your agenda if it doesn't go your way.
In the "I've gotten some weird things but this one takes the cake" department, my old friend Tommy Carden passed along a gift from Raider great Phil Villapiano. His note read "Before John Matuszak died, he game me this outfit that he wore in Caveman when he played Tonga opposite Ringo Star." This raccoon fur shaped diaper, for lack of a better word, is now being sported by young Fokker and his opposable thumbs. Thick skin baby!
Good luck into the close.
No positions in stocks mentioned.
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