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Day Dreamer


Just be yourself sir. No matter what happens, they can't take that away from you.


It's just a fantasy, it's not the real thing
It's just a fantasy, it's not the real thing
But sometimes a fantasy
Is all you need

(Billy Joel)

The afternoon flicks are jugglin ticks as the Minx once again is up to her tricks. The morning storming was a house of pain as the master betas (internets, biotechs) led the red and messed the bed. Just as all was seemingly lost (when the S&P level broke), a quiet riot has suddenly emerged. This IS contra-hour, mind you, but some upside ducks are trying to quack higher.

With a slew of overnight news due and our bespeckled Fed chief set to speak, the hits will just keep on comin' in the City of Critters. It may be a bit cute to think that the S's hold the 200-day (particularly given the status of the other indices) but we must appreciate the field position. In other words, if the Bears were a football team and Boo was the running back, this juncture would be akin to him running thirty yards before hitting the linebackers (get it?). Doesn't mean he can't bust the tackles, it just means that he's gotta really want it.

In some ways, it feels like everything we've been discussing for the past year has finally started to "matter." In others, we've been conditioned to believe that dips are made to be bought and the electoral agenda will swoop in and save the day. The unfortunate truth is that most folks will subscribe to the latter until such time that it's too late to do anything about it. That, in my view, is when the real crisis of confidence will kick in and the disastrous dominoes will start to tumble.

First things first, we've got a mini-Snapper on our hands and some confused critters in our midst. I will remind you of the pitfalls of reactive trading and letting the tape dictate your posture. That's what got alotta folks in trouble (both ways) these past few years and if we don't learn from our mistakes, we're destined to repeat them. Watch BKX 96 (coming back quick), SOX 428 (gap to 440 above) and the clock. For if nothing else, contra-hour is about to close.

Fare ye well into the bell.

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