Love For Sale!
By Todd Harrison Sep 26, 2003 11:02 am
Fokker Gigolo? Now I KNOW there's irrational exuberance!
You can't sleep, you can't eat
There's no doubt, you're in deep
Your throat is tight, you can't breathe
Another kiss is all you need
No, I'm not referring to the upcoming film Fokker Bigalow: Male Gigolo, although I know that women everywhere are anxiously awaiting its debut. I was instead trying to capture Hoofy's mood last night as he schvitzed for the first time in months. Indeed, Boo ass-punched the bulls into the sloppy close and gave them reason to paws. Now, as the bovine try to prove they're fine, the game has become a bit more interesting.
The opening probe (which typically occurs in the direction of the previous day's outsized move) proved to be somewhat shallow as Snapper settles into the G-Spot. While this level will undoubtedly be defended, I just had the strangest sense of vuja de. I mean, didn't the Nazz futures seem springy yesterday as the breadth harbored halitosis? Same script today, thus far, as there are two red flicks for every green tick. Is it easy...or too easy?
I've done some diggin' and the lion's share of the late day supply was long selling which is significant on two fronts. First, it might be indicative of a looming bottleneck as the crowd is clearly lugging merchandise (potentially from higher levels). Second, much of it won't have to be covered at a later date (as a function of short covering). Is this a monster data point? No, but it's certainly a piece of a much larger (and rather complex) puzzle.
Outside of the internals, our mainstay tells aren't offering any fat pitches. The financials are somewhat soft, the biotechs are lethargic, the semis are trying to take the baton, the dollar is flat and gold continues to give a little back. It's N's over S's again, which makes intuitive sense as portfolio managers reach for the master betas into quarter-end.
In Minyanville news, we've got some pretty snazzy announcements coming next week that you'll all wanna tune in for. Suffice to say that our vision of educational philanthropy continues to build and it'll crystallize as we move into year end. Also, blink and ya missed it, Minyanville will celebrate its first birthday next week and I know that the critters are planning a big party! I sure hope it doesn't involve the Shrubby and Starker show--my poor body can't take it anymore!
As always, I hope this finds you well.
No positions in stocks mentioned.
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