By Todd Harrison Sep 27, 2004 2:54 pm
Fare ye well into the bell!
"I don't care about losing all the money. It's losing all the stuff."
Marie Kimble, The Jerk
The afternoon fray is starting to stray as the critters all look for something to say. The focus du jour--oil and Fannie (FNM:NYSE)--continues to litter the landscape although there isn't much to add on those topics. The former seems to be a bit too popular and the latter has been looked at seven ways 'till Sunday. And while I sense one will soon boon the tape while the other creates further drag, the near-term nuances have become rather crowded.
A snapshot of today's tape finds the internals slippy and drippy from the word "go." That, coupled with the all-of-a-sudden angst in the internet space and the lethargy in the brokers, bodes well for Boo as we trickle towards the close. There's been some wagon circling near Dow 10K but that's more psychological than technical. In short, and despite spates of strength in select areas (homies), they feel heavy.
With that said--and in the interest of balance--the Matador roar has been predicated on drum tight corporates and performance anxiety into quarter-end. Both remain in play and can manifest in a moment's notice. I'm not offering this to be "hedgy" but rather to offer both sides of the trade. You can bet, sweat or fret any way you want but you always wanna know what the person on the other side of your trade is thinkin'. And now you do.
The overnight catalyst calendar is relatively muted although I continue to sense that we'll see further fesses. That's tough to game but it may be helpful if you're luggin' exposure that you don't feel particularly good about. These are tight times in the marketplace and performance has become a commodity. Think about it--a ten percent return is fabu this year while the same results would have gotten you fired in seasons past. That pressure (compression) is ever-present and we'll have to be extra patient and super-disciplined if we're gonna avoid getting mashed by the hedge fund hot potato.
I'm gonna hop back over to the buzz to ride this puppy into the sunset. We've been actively working behind the scenes on some snazzy announcements so while there may be lags in the content, please know that we never stop working for you. I can't spill the beans yet but you'll know soon enough. In the meantime, we appreciate your continued support and look forward to furthering the Minyanville mission together.
Have a peaceful night.
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