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Cane and Able

By

Fokker, please tell me that Toddo's kidding!

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You thought you was the cool fool
Never could do no wrong
Had everything sewed up tight
How come you lay awake all night long?


(Grateful Dead)


Alright, it seems that the Jedi mind trick with today's trivia caught the Minyanship off guard. Let me pose the question another way: The actor who played Principal Dick Vernon has gained notoriety in Minyanville through one of his other roles. Who was the actor and what role has made him a Minyanville mainstay? The first correct answer sent to survey@minyanville.com will secure a spankin' new Minyanville tee just in time for summer!

On to more mundane topics, the Minx has officially entered flux mode as she waffles through the lunch crunch. While we've certainly gotta lotta trading left in the session, the action (thus far) is impressive in the face of IBM (IBM:NYSE) (down 3 1/2). The breadth holds steady, the banks are firm, the S&P absorbed this morning's put buyer and there's little follow through to yesterday's "outside" day.

So, does that mean Hoofy is good to go? That depends on where you think he's going and, more importantly, when you think he'll get there. I've got one leg in my fur (25% conviction on the short side) which is marrying further "blow off" potential with the possibility that we've already seen the meat of it. I'm also conscious that the uptrend is still in place and until the S&P breaks 935ish (NDX 1140ish), the bulls deserve some r-e-s-p-e-c-t.

The action should pick up in the next few sessions as we edge towards Thursday's semiconductor catalysts and Friday's economic data. Use the down time to manicure your risk, catch your breath and get ready for the pending flurry. I'm not suggesting that you lower your level of intensity, mind you, but if you don't take advantage of the quiet time, you won't have ample gas to accelerate through the fast times with Mr. Hand!

Meanwhile, back at the ranch, young Fokker is brimming with excitement following his adult cabaret debut last night. I'll tell ya, I don't know where the kid gets his energy from as I'm typically spent following a day of flickering ticks. I didn't make his opening (I was dutifully scanning my charts) but I heard he put on quite the show. Nathan Lane eat your heart out!

As always, I hope this finds you well.
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