By Todd Harrison Jul 16, 2003 2:16 pm
Who you calling hairy?
My tires were slashed and I almost crashed
But the Lord had mercy
My machine she's a dud out stuck in the mud
Somewhere in the swamps of Jersey
Talk about a pickle! While most Minyans focused their trivia quest on sashimi style samplers, they clearly weren't herring me. Only Minyan John Scott identified the pickled protein and won himself a spankin' brand new Minyanville tee! His critter of choice? Snapper, obviously, and our resident tortoise continues to top the best seller list. I wonder if there's a message in that?
Back in life, back to reality, S&P 990 continues to be a level of contention. Despite the bunk banks and breadth that borders on halitosis, the underlying tenor hangs tough. It may have something to do with INTC's (INTC:NASD) bid to fill the gap (to 27), maybe it's the tight tone of the retailers or perhaps it's expiration related stickiness. Whatever it is, Boo continues to do his best salmon impersonation against Hoofy's steam team.
I've done some manicuring today as I want to be tight heading into the overnight news. I've got some defined risk paper on (both ways) and I'm trading intraday to augment my risk profile. The lethargy in the face of good news is a potential shift in the market dynamic (remember when bad news was bought?) but, again, this battle is far from over. I've got little doubt as to how this will end but the journey remains more important than the destination.
International Business Machines (IBM:NYSE) and QLogic (QLGC:NASD) lead tonight's earnings parade while Altria (MO:NYSE), Caterpillar (CAT:NYSE), Coca Cola (KO:NYSE), General Motors (GM:NYSE), Nokia (NOK:NYSE) and United Healthcare (UNH:NYSE) highlight tomorrow morning's show. Monsieur Beeks will also be active with housing starts (exp.1750k), jobless claims (exp. 425k) and the Philly cheese steak (exp. 7.0).
I've got a fair amount on my plate right now (earnings wise) so please lemme jump and flip ticks. If you're cossing toins on your market exposure, take a deep breath and think of your relative edge. The next few sessions, filled with earnings and expiration, promise to be hairy. When that happens, you typically want to be as clean shaven as possible.
Good luck into the close.
position in intc
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