In Between Dreams
Don't fight the Toddo Indicator...
"I hope this old train breaks down then I could take a walk around
See what there is to see, time is just a melody
With all the people in the street walking fast as their feet
Can take them, I just roll through town
And though my window's got a view, well the frame I'm looking through Seems to have no concern for now"
Mercifully the sound of good music pulled me from my near slumber as the ghost town that is currently MVHQ almost managed to overtake me. Meehan? No doubt he's a good six pack into his weekend by now. Pledge Farley (fresh off his no-show on Monday) has amazingly elected to hit the eject button as well. Perhaps it was Macke's visit or the fact that the MV top brass jumped a flight to the Windy City this week but I, for one, am ready to begin the transition to weekend warrior.
The day certainly started off with a bang as Macke, who no doubt managed to ruffle some feathers over at the Squawk Box set, discussed a whole host of topics including: Dell, soda cans and obesity, and Minyanville before wrapping things up strongly with his standard talk of world domination. I've yet to hear the full story but I'm guessing another restraining order may be forthcoming if / when they stop celebrating the quarter over in Fort Lee.
Turning to the tape, I would have to say the "Toddo Indicator" remains intact as the markets have managed solid gains for the week yet again in his absence. The INDU, SPX and NDX have pushed 1.9%, 1.4%, and 3% higher respectively.
Today, the aforementioned General Electric (GE) failed to spur the herd following their report and the session has thus far remained largely a non-event despite a slew of economic data this morning. A quick look around finds a familiar theme as the transports, energy, metals, materials and semis (off earlier lows) remain in the red.
On the green team the biotechs continue to shine (+1.2) and homies (HGX) have also managed to find some more life (+1.3%) following positive comments from Merrill. The action leaves the group just below yesterday's intraday high (568.94).
On the trading radar for next week, earnings season heats up as a slew of big names are set to report. It should be interesting to sort through the noise there and (as usual) guidance will remain a key piece of the puzzle.
Earnings On Tap...
Monday: BAC, C, KRB, MMM, IBM
Tuesday: F, JNJ, LU, WB, WFC, AMGN, GILD, INTC, JNPR, KFT, MOT, NVLS, YHOO
Wednesday: GM, HON, JPM, PFE, UTX, WYE, ALL, COF, EBAY, QCOM, T, VRSN, WM
Thursday: DAL, IR, KO, LLY, MEDI, MRK, NOK, NXTL, SAP, SBC, UNP, UPS, WY, BRCM, GOOG, MSFT, SNDK, TQNT, XLNX
Friday: FO, KMB, MYG, OXY
In addition look for Chairman Greenspan to provide his semi-annual policy report to Congress midweek. RIMM, LM will also provide an update at shareholder meetings while beeks drops off housing data, claims, leading indicators, Philly Fed and the FOMC minutes from their June 30 meeting.
Finally, let me take this opportunity to again point out that Sunday represents the last chance to take advantage of the early bird discount for our summer conference in Ojai, CA. This event represents an excellent chance to get away from the markets, learn about managing risk and network with the Minyanville community. We sincerely hope you're able to join us.
Have a great weekend whatever you have planned. We'll see you back here again on Monday!
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