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Head Waiter

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May peace be with you!

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The waiting is the hardest part
Every day you see one more card
You take it on faith, you take it to the heart
The waiting is the hardest part


(Tom Petty)


The slinky Minx dances on the brink as traders trade and the critters think. We walked through both sides of the great debate this morning and the subsequent data points--namely Merrill (MER:NYSE) and Kla-Tencor (KLAC:NASD)--were pretty shabby. Still, we've thus far absorbed the news and that leads us to a very important determination.

The fate of the tape can be surmised by figuring out if the current action is basing or churning. While the former typically occurs during uptrends--and we've had a series of lower highs in most major indices--Hoofy will argue that '04, in and of itself, is a base in a broader (intermediate term) rally. And just to be fair, as long as we're playing this game, Boo will counter that Hoofy's stair-step has occurred in the context of a secular bear market.

Say what?

I'm not trying to confuse you--really--I simply want to stress the importance of identifying a horizon before initiating risk. There is a schvitz load of information flying at us and trying to digest it simultaneously is enough to drive anyone batty. Play your game, Minyans, and filter out the appropriate data points that apply to your chosen methodology. And then take a deep breath--there will be easier tapes to trade. Our mission is to get there in one piece.

The equity action is unremarkable save the above mentioned situations, some jig in retail, lethargy in the energy patch and smeltage in the metal stocks. The dollar caught a bid on the heels of this morning's data and is currently playing pin the tail on the shoulder (DXY 88). We've got the mother chip tonight, a slew of pooh tomorrow (BankAmerica (BAC:NYSE), Genzyme (GENZ:NASD), Apple (AAPL:NASD), Advanced Micro (AMD:NYSE)) and a boatload of Beeks on Thursday. In other words, pace yourself and save some mojo for the rest of the test.

I'm gonna jump to the Buzz and ride out the rest of the session. I wanna thank ye faithful for your continued Minyanship and welcome those who have signed up for Minyans in the Mountains. I would also like to add a quick thanks to all the Professors for showing up each day and making our community the special place that it is.

Fare ye well into the bell.

R.P.
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