It Was The Knutes!
By Todd Harrison Jul 24, 2003 2:17 pm
Trade to win!
Now I'm going to tell you something I've kept to myself for years. None of you ever knew George Gipp. He was long before your time, but you all know what a tradition he is at Notre Dame. And the last thing he said to me, "Rock," he said, "sometime when the team is up against it and the breaks are beating the boys, tell them to go out there with all they've got and win just one for the Gipper. I don't know where I'll be then, Rock," he said, "but I'll know about it and I'll be happy."
--Knute Rockne, All-American
The tug-o-war continues as Hoofy and Boo stare each other down in early afternoon trading. Tensions are high as we wade through contra-hour and both critters are diggin' in for the final frontier. Hoofs, with a "what, me worry?" expression, is pointing to the minty breadth, insane internets and broken VIX. Boo, meanwhile, is calmly noting the soft SOX, bungly biotechs and upside supply. In the middle of it all, Fred Schuster chimed in to identify Ronald Reagan as the correct answer to today's trivia! For that, Fred, you've won a spankin' brand new Minyanville tee....who's better than you?
I woulda thought that the Minx woulda put on a braver face by now, and while she can still get jiggy with it, she's laboring for her gains. We've got a whole heckuva lotta earnings tonight and there may be some posturing as we round the home stretch. I've pared back some risk (and rolled up stops) and nibbled on some in my core putskis. Not terribly exciting, mind you, but an honest communication of what I'm doin'.
Making my calls around the street, there seems to be a couple of well respected technicians carefully watching the close. If the banks and techs close lower, they opine, it'll signal that a corrective period has begun. Weigh that against the technical observations we made this morning (trend channel, reverse dandruff) as you craft your overnight risk profile. One thing for sure, with the VIX a teenager and sentiment manic, a reversal of fortune can happen at any time. That doesn't mean it will--but it most certainly can.
My take? We're getting ever so close to some melted cheese. I'm watching the internet space--half smiling, half shaking my head--and sense that the speculative excess is getting....well, excessive. Again, these types of things can last longer and trade higher than most expect, so be careful if you're gaming the potential exhaustion. Speaking of which, is anybody else absolutely fried after two weeks of burning earnings?
I'm gonna jiggle and juggle as we start to eye the closing try. For all ye Minyans awaiting the November 12 announcement, it's coming down the pipe. Ending the day with one of my favorite quotes from Muhammad Ali, "Today I'm 59, tomorrow I'll be sixty. Yesterday, I was 22. Don't wake up at 60 and wish you had today to do all over again." Wise words, champ, thanks for sharing!
Good luck into the close.
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