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The Eagle Eye Fleagle


Good luck into the close!


You look in her eyes
The music begins to play
Hopeless romantics
Here we go again

(The Eagles)

There's talk on the street, it sounds so familiar...great expectations, everybody's watching Yahoo! Indeed, the street opened a can of whoop ass on the internet giant despite it's boosting guidance for next year. If they're gonna punish that, the thinkin' goes, what's gonna happen if next week's earnings flurry disappoints?

You can almost hear Hoofy yawn and I suppose you can't blame our resident bovine. We've seen a number of pullbacks during this bull phase and each one got picked up faster than a finski. What could possibly be different now? Well, we are in the second half and, by definition, the second half recovery should be finding some traction. We haven't seen it in the economic numbers and if next week's outlooks don't offer signs of life, the bulls will have some 'splaining to do.

Again, the most bullish metric is one we can't see. If Vicki Vallencourt and her Waterboy Elmer continue to inject liquidity, the manic madness could continue. Away from that, there's a whole heckuva lotta reasons for this tape to trade lower (particularly if the fundies don't offer upside validation). Keep an eye on two technical levels please. There's a potential double top (negative) in the S&P and some will point to that and scream "failed rally!" On the other side of the tape, NDX 1225ish as it's the trendline from the March lows and is starting to come into focus.

The brigadier General Electric (GE:NYSE) will report tomorrow morning and that will clearly set the early tone. We'll also get the Pee Pee Eye from Beeks (exp. .3%, ex food & energy .1%) and that'll conclude the weekly catalysts. Following our two day requisite respite, the roof, the roof, the roof will be on fire with a barrage of earnings and July expiration. Get your rest, Minyans, we're gonna need it!

For the rest of today, I'm eyeing the (downside) gap in the NDX for possible fillage. I'm keeping my fall paper puts on as I firmly believe there will be a day of reckoning between now and then. The meatier intraday risk will be pared into the close (function of discipline) and we'll enter tomorrow on our toes and pounding our glove. Do I think Snapper will sneak a beek? I don't "think" so.

I'd like to end the day with a musing from fellow Minyan Chuck Callaghan (no relation to Harry). And I quote "The greatest gift you can give to the world (and to yourself) is to make a contribution to others. Finding your purpose is a matter for the soul." I agree, Chucky, and as we edge towards this "top secret" event, a lot of children are gonna find out how special this Minyanship is.

Have a peaceful night.

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