By Todd Harrison Aug 10, 2004 12:19 pm
The ducks are lining up if Elmer doesn't pull the plug.
- Mama always said that there was no such thing as a free lunch.
- "We offer the party as a big tent. How we do that within the platform, the preamble to the platform, or whatnot, that remains to be seen. But that message will have to be articulated with great clarity." -- Dan Quayle
- I've already started guzzling water in an effort to hydrate for the 'Butte.
- There's a nice gap from S&P 1075 to S&P 1080. And that level, of course, is our first resistance.
- Lehman's aptly named technical analyst Jeff DeGraaf is in the midst of a conference call highlighting the "break" at S&P 1080 and the "surprisingly complacent" sentiment. His liquidity indicators are "deteriorating" as distribution outpaces accumulation. He also sees a bull market in the energy sector fwiw.
- Is Elmer gonna blame crude as the cause of the "soft patch?"
- Please put limits on your orders if you're trading the announcement.
- Europe is trying to ride the stateside coattails as we edge through the morning muck. DAX 3700ish is the level to watch as that's the German equivalent to S&P 1080.
- Crude and terrorism aren't responsible for the secular bear market. That honor goes to the bubble and, by extension, Mr. Maestro himself.
- I got the call from ABC at 8:58 am and was in the chair (cross town) at 9:27 am. Hence the ratty tee and facial scruff (not that lead time would have changed either).
- Turn up the volume--it's gonna be hard to hear Elmer from between the rock and his hard place.
- Gold is trying to mount the $400 hump and turn it from resistance to support. Ditto for silver $7.85.
- Are too many people looking for a high volume washout?
- Click shtick! The internets are leading the master beta dance higher.
- I know it's pre-season but I love it when the Donkey's lose.
- Deflation! The owners at the Idle Spur will be offering a 25% beer discount to all Minyan minglers on the eve of our Mountainfest!
- Crude, which briefly banged it's keppe at $45/brl, has retreated as front month futures are 1% lower. Not a huge move in the grand scheme of things but certainly something to keep an eye on.
- Hoofy likes what he sees thus far as the Minx is enjoying broad participation and uber-snazzy breadth. The two caveats? Volume (not confirming) and Elmer. And then, of course, there's Cisco (CSCO:NASD) after the bell.
- I had the strangest dream about Angelina Jolie last night. Seriously.
- "Be careful with corporates. Corporates have been too strong relative to stocks in here. Corporates are like a BLT without the bacon." - Paul McCulley, PIMCO, CNBC, 11:50 AM
- Watch CYC 667--it's where the cyclicals run into the 200-day.
- We continue to get a few Minyans tossing their hat into the Colorado ring each day. In other words, it's not too late to join us for the first annual mountain shindig!
position in silver
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