The Grand Stand
Strategy is our strength and not disaster.
You are living a reality I left years ago
It quite nearly killed me.
In the long run it will make you cry.
Make you crazy and old before your time.
(Crosby, Stills & Nash)
The afternoon session edges along and there's only one game in town. On the south side of S&P 1015, Hoofy is pushin' his cushion and trying to break 'em out. At the same time, Boo is laying across the top of the manhole grasping and clawing to hold back the herd. The winner of this battle will set the tone for the entire equity universe. Nothin' like a little pressure, eh?
As we discussed earlier, the breadth and brokers bode well for the bovine. What we must weigh against that is the number of traders who have gotten long awaiting the "inevitable" acne. If they don't squeeze through the looking glass, that merchandise may come for sale (particularly in the face of today's bond meltage and SOX slippage). It's dicey, Minyans, so please stay on your toes.
The fun and games continue tomorrow as Smith Barney and Cowen continue their tech fete, Lehman does the energy thang, CS First Boston throws a software party, Thomas Weisel hosts healthcare and Goldman goes shopping with retail. On Thursday, the world's most anticlimactic mid-quarter update will be held as Intel (INTC:NASD) tells its tale.
I'm gonna hop as I just saw one million SPY hit the tape on the sell-side. If (big if) this is indicative flow, it might make for an interesting close. Either way, please keep your wits about you and your discipline tight. Emotion is the enemy in this business and trading with your heart can cost you your head.
For all you Minyans trying to guess the talent at the Critters Choice Awards, I can only say....nothing. The details of the event--including confirmed talent, sponsorships and beneficiaries--will be announced on the CCA site as it becomes public. I promise you two things: you won't be disappointed....and we're gonna raise a lot of money for the kids.
Good luck into the close.
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