By Todd Harrison Sep 09, 2003 8:45 am
The macro tells and Europe's action don't paint a particularly green picture so far.
I will stay one more day
Like I say--Honey, it's you
Without love in the dream
It will never come true
Good morning and welcome to the Minxy brew. Yesterday was deja vu all over again as Hoofy enjoyed yet another manic Monday. The grindy climb left the averages at their best levels of the year and spurred fresh talk bubbles and bubbly. Indeed, if beauty is in the eye of the beholder, the bulls be holdin' all the cards of late. Will the royal flush continue? Or will a more ominous flush occur? It's trippy Tuesday in the city of critters, team, so power up, settle down and let's get shakin'.
As any teenager can tell you, acne has a way of festering before it eventually clears up and the recent market breakouts are no exception. After a textbook retest, Hoofy's heroes picked up right where they left off and lit fire to the fur. With each flickering uptick, you can almost see the ursine army raising their white flags. You can't really blame them--the short side has been one helluva war this year!
Make no mistake, performance pressure is reverberating through every level of our business. Portfolio managers are anxiously eyeing quarter (and year) end, analysts are rushing to upgrade the dust and many traders who haven't beaten are looking to join. It's an emotional time for the markets and, by extension, those of us who focus on them daily.
I can't tell you when this ends--powerful agendas and manic sentiment combine for a toxic potion. My biggest fear (for Boo in the short term and all of us in the future) is that the Fed is unknowingly engineering another mini-bubble with hopes that end demand catches up with capacity. We've certainly seen previews of this script (Nikkei, NASDAQ) but only time will tell if housing, debt, derivatives and psychology follow suit. If so, we'll likely have to change Elmer's moniker to Mr. Bubble!
In the meantime, all we can do is dance, Spider, and play the hand we've been dealt. Our daily tells remain much the same--financials, breadth, retail, Intel (INTC:NASD), Microsoft (MSFT:NASD), General Electric (GE:NYSE), Cisco (CSCO:NASD), Citigroup (C:NYSE) and bonds. It should be noted that Europe is noticeably sloppy, gold is ripping higher and the dollar is weaker this morning. In the past, that's been a recipe to keep our right hand up.
Finally, without further ado, I am proud to announce the official start to our charity auction! The winner will receive two VIP tickets and be featured in animated caricature form in the new Minyanville trailer that will premiere at the Critters Choice Awards in New York City on November 12th. Please join the Saturday Night Live Band, Warren Buffett, Jimmy Fallon, Santana, the cast of the hit show "American Chopper" and a host of other stars in supporting this worthy cause! "Worthy Minion" (a Bronco fan!) wasted no time this morning with a generous bid of $10,000! To view the progress and our updated CCA site, please click on the banner to the right. And thank you Minyans--a lot of children are gonna reap the rewards of your generosity!
No positions in stocks mentioned.
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