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Spinning Wheels

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Fare ye well into the bell!

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Highway run
Into the midnight sun
Wheels go round and round
In my mind


(Journey)


The bipolar friction and heated debate has set the stage and laid the bait. What remains to be seen is whether the low hanging fruit (that is the most telegraphed acne in recent history) will follow the path of conventional wisdom or burn the technical herd. We all know about the vaunted pop-and-drop (please see gold) and if the equity fray trades the same way, there will be alotta bitter critters in our midst.

Today's trade was very sector specific as the semis flexed (beta play), retail flailed, the metals got smelted and the brokers buoyed the fragile financials. What's interesting is that the cyclicals trade firm (for now) while the mortgage lenders are tellin' ya that higher rates do, in fact, matter. Yes, Elmer's hike is more telegraphed than Samuel Morse but extrapolating the ripples remains subjective and, to a degree, conjecture.

I, for one, will be glad to get this quarter over with. Not necessarily because it's been difficult (it has) but because the stock jockeys are crowdin' and crampin'. I'm not certain that tomorrow will quell the anxious swell, however, as we have Beeks on Friday and a three-day weekend thereafter. There are clearly opportunities to make some cake but now, more than ever, requires a disciplined approach and cogent strategy.

I've gotta jump as I'm already late for my end of the day meeting. I sincerely hope that ye faithful had a fine day and that you have an even better night.

Fare ye well.

R.P.
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