Ace of Trades
Good luck into the close!
If I had a gun for every ace I've drawn
I could arm a town the size of Abilene
Don't you push me baby cause I'm moaning low
You know I'm only in it for the gold
And so it is...Sean Mueller--Bronco fan, family man, Arizona clan and one man band--will officially star in the first ever Minyanville animated trailer that will premiere at the Critters Choice Awards in New York City. Hoofy, wasting no time, has already requested a picture and a W2 but I calmed our resident bovine by telling him that it's all good (and for the kids). Nonetheless, Daisy's zone diet is kickin' in and she's looking like a cross between Salma Hayek and Catherine Zeta Jones. Hmm...Daisy Mueller sure does have a nice ring to it!
September expiration is dripping right along and while the tape meanders lower, the clock is ticking slower. The action in the metals stands out and the underlying stocks act absolutely fabu (which speaks volumes given the recent equity jig). I've got my (8) screens grouped by sector and the gold teeth continue to pull higher. Barrick Gold (ABX:NYSE) (which broke out above 19 in late August) has successfully retested (and held) the top end of its new range, Newmont Mining (NEM:NYSE) is attempting to push to a new yearly high and Pan American Silver (PAAS:NASD) is high ho-ing away.
The metal mettle coincides with the thumping in the dollar as the greenback continues its quest for a monopoly peg. There's a lot of chatter in the street about Gee Seven meeting and, while the ramifications are yet unknown, what is clear is that there's a lot of behind the scenes maneuvering going on. This isn't news to anyone who has carefully watched the global developments this year but it remains to be seen how long the hand stand can last. Put another way, the minxy zoo has been a function of Elmer's Glue and the tube continues to squeeze the tape higher
Other than that, it's standard fare as we look and share. International Business Machines (IBM:NYSE) continues its gap fillage (from last spring) and while that's an admittedly random observation, it serves as a good real-time example of a technical concept. Away from that action, the tape gropes for traction as the Minx probes the initial support levels at S&P 1030 and NDX 1385. If form holds, the noise should pick up considerably as we edge closer to close.
Looking ahead to next week, the financial parade will continue as Goldman Sachs (GS:NYSE), Lehman Brothers (LEH:NYSE) and Mother Morgan (MWD:NYSE) all state their case on Tuesday. Monsieur Beeks will swing by on Thursday with a handful of cheeky economic numbers and that'll help shape psychology as eyes will then shift to quarter-end. As it stands, it's Hoofy's ball to fumble--the tangible metrics continue to point higher and, as we know, the negatives won't matter until the tape is lower. I will offer that expiration often provides a certain "stickiness" and, as such, we should remain sober as we eye a potential post-expiration hangover.
Just another hour or so to go before we close up this show, so bear down and focus and let's make some dough. Once the bell tolls, I'll ask that you turn it off and tune it out for a few days as we regroup, refresh and rejuvenate. The purpose of weekends isn't to ready for the next work week--that's a waste of time and life. Have some fun, watch some football and kick back with some cool waves and a tasty bud. Before you know it, you'll be back at your desk.
May peace be with you.
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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