Swingin' with Fokker
May peace be with you!
"Let me tell you something, Mike. You're money, and you know what else? You're a big winner. I'm gonna ask you a simple question: who's the big winner tonight in the casino? Mikey, that's who. Mikey's the big winner."
--Trent Walker, Swingers
Who the heck needs Vegas when we've got the world's biggest casino staring us in the face? Certainly not Snapper who, emboldened by the piggy banks and brazen brokers, clawed back from the depths of despair. Once the Minx refused to blink, the jittery bears punted their protection and started their reflection.
As it stands, the NDX 1355 triple-lindy resistance is (barely) still in tact although Boo's confidence has been cracked. It's the same 'ol script for the ursine uglies as they had the bulls on the ropes but couldn't deliver the knockout punch. Instead, Oscar DeLa Hoofy sucked it up, stuck it out and eyes the bell with new found clout. The averages are much ado about nuttin', honey, but marginally green screens are a confidence booster for the bulls.
Next week's freak will include a fresh round of economic data, the semiconductor "book to bill" and a new round of earnings churning. Lennar (LEN:NYSE) and KB Home (KBH:NYSE) will release Tuesday, Best Buy (BBY:NYSE), Circuit City (CC:NYSE) and 3Com (COMS:NASD) report Wednesday while Jabil Circuit (JBL:NYSE), Nike (NKE:NYSE) and Palm (PALM:NASD) offer their state of the union on Thursday.
Twelve sessions remain in the third quarter and agendas are being discussed as we talk. Performance anxiety is a powerful catalyst and after (what will be billed as) a successful "retest" of the S&P acne, the chasers will be more emboldened to dance to the trance. What do I think? I think that stocks should (and eventually will) be much lower. However, liquidity and psychology are making the timing aspect of that move tough as nails.
Rennie Scinto was the first to correctly identify Iron Maiden as the Nuke's tee of choice. For that, Sir Scinto will have his choice of ragin' cajun Minyanville tees to sport around town! Also, Minyan Neal Greenberg will end the week atop the auction leader board. The winner will star in--and attend--the first ever animated Minyanville trailer that will premiere at the Critters Choice Awards in New York City (net proceeds to benefit the Ruby Peck Foundation for Children's Education). The polls close next Friday at high noon, Minyans, and some lucky duck will share the screen with Daisy!
On a more serious note, this has been a pretty emotional week for all of us. Yesterday's somber anniversary stirred a lot of memories and reminded us of a darker time. If adversity truly builds character, we must absorb the pain and better ourselves as a result. That catharsis can take many forms--spending more time with your family, getting involved in philanthropic efforts, being kind to others or better to yourself. Don't let our lessons go to waste, my friends, as those who can't learn from history are destined to repeat it.
Have a peaceful weekend.
Todd Harrison is the founder and Chief Executive Officer of Minyanville. Prior to his current role, Mr. Harrison was President and head trader at a $400 million dollar New York-based hedge fund. Todd welcomes your comments and/or feedback at firstname.lastname@example.org.
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