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Orange Crops!


Hey Boo, did you lose this?


The first peek into Beeks' briefcase reveals "firmer" economic data, and that, coupled with the underlying support, has given the morning futes a dose of envy. The mad dash from cash started as soon as the headline posted and we saw sizable ETF's (Exchange Traded Funds - see QQQ or SPY) to buy across the board. There was some pressing by the shorts yesterday and many of them have towel tossed early. Stay on your toes as we'll get another coupla numbers at 10am.

Please note the series of lower highs and higher lows (S&P) that have been place since mid-May. We haven't just been in a range, we've formed a pennant that's winding tighter by the day. Typically, the more "bound" these formations become, the more violent the resolution. If (big if) the Minx can muster a move through S&P 1000, this particular pattern would be resolved. It's a different conversation that the "trading range" exchange (resistance at S&P 1015) but it's worth noting regardless.

I'm a little jammed this morning but wanted to get a post to you before the ticks start flickering. While the spring seems coiled and the incremental news is constructive, I will remind you that news is always worst at the bottoms and best at the tops. I'm not calling for a top right here, right now, but I wanted to add that dose of perspective before the frazzled fray is underway. The bulls are gonna do everything they can to ride the mojo through resistance and break the will of the remaining bears. If (big if) we don't rally on good news, it'll shift the psychology pendulum and alter the dynamic.

Good luck, cookie, and hit 'em where they aint.
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