The Rent Check
By Todd Harrison Sep 29, 2004 3:26 pm
Our house is a very, very fine house
With two cats in the yard
Life used to be so hard
Now everything is easy 'Cause of you
The afternoon fray is tickin' away as the bears pull their hair and the bulls turn to play. The action has been a mirror image of yesterday's scrimmage as the beta chase spurred the race. Not a shocker with quarter-end beckoning (and investors reckoning) but if you were a day early, you were more than a few dollars short. And so it is, the Minx circa 2004, where we have to nail both the timing and the direction!
While the techs have room (the 200-day is at NDX 1440), the old school is a tad tighter with tranched resistance between here and S&P 1117 (before even stauncher levels above). My sense continues to be that a battle will wage between the good (I think crude slips), the bad (fundamental pre's) and the unknown (geopolitical). We've mapped out the competing scenarios repeatedly and I'm not sure that I've got further insight in that regard. Suffice to say that those who believe we'll see a sharp move in either direction can take solace (and refuge) in optionland (with those indices down 3% across the board).
I've been particularly jammy today (shocker) so I've gotta keep this missive short. Before I go, however, I would like to circle back to the earlier Minyan Mailbag. There were several things that jumped out about that particular exchange but the thing I didn't mention was the importance of knowing your product. Whether it's stocks, bonds, metals, real estate or schnitzel, you should have a thorough knowledge before risking your (or anyone else's) hard earned cake. In other words, while I'm always happy to help, the mere fact that I'm the counsel of choice is telling in and of itself.
I'm jumpin' back to the Buzz before turning my attention to the gentleman sitting to my left. He's one of the two new professors slated to hit the 'Ville in the next few week's and I don't wanna scare him off with my A.D.D before he starts! I sincerely hope that you're faring well and not getting caught up in the silliness that surrounds us. Deep breath and positive thoughts, my friends, and hit 'em hard into the bell.
Have a peaceful night.
No positions in stocks mentioned.
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