By Todd Harrison Jun 21, 2007 12:09 pm
The question on everyone's lips is whether this is "it" or simply another shake out before we leg higher. The answer is...there's no way to know.
- Summer, summer, summertime! I scribed an opening vibe today that walks through why alotta large players are concerned into quarter-end. It has to do with a Bear and his name ain't Boo.
- The Blackstone IPO, which prices tonight and begins trading tomorrow. As it stands, I'm hearing the deal is about six times oversubscribed.
- Clowns to the left of me, jokers to the right? Yeah, here we are stuck in the middle of the S&P range, which measures from 1490 to 1540. Too wide for my liking, which is why I'm eyeing other contextual backdrops (BKX).
- My goodness, just when the bear thought he caught the bunny, the rabbit sprung from the trap. Yeah, Mikey likes it--or at least for the moment--and this whippage caught alotta folks looking left and running right.
- Why the Snapper? Well, the S&P whooshed to the uptrend and the fitty-day and bounced precisely on that line.
- Coincidence? Self-fulfilling? Intuitive? Not sure. Minxy? Fer sure.
- While hindsight is 20/20--and the potential for downside draggage was certainly there-- the green Semis in a red tape spoke to the underlying bid and sector rotation. Now, as we settle down, Francis, the group is up a quick deuce (2%) and challenging 52-week highs.
- I know water is a commodity but this is nuts.
- N's over S's as folks migrate away from the smoke in the financials? Prolly at first but, remember, as goes the financials, so goes the tape.
- Kevin and Charlie walked into my office this morning and peered over my shoulder. "What's going on?" they asked, like two bemused children. "See this section?" I responded, pointing to the upper left corner of my third screen dedicated to the financials, "If this stays red, it'll spread..." as I waved my hand across the rest of my turret.
- The question on everyone's lips is whether this is "it" or simply another shake out before we leg higher. The answer is...there's no way to know. The conditional elements for downside dislocation are surely in place but they've been in place. As I wrote this morning, there are two sides to this situation. See 'em both and respect, don't defer, both ways.
- As the financials are THE catalyst, I'm watching them (and the breadth) all day and very closely for any signs of slippage or traction. The banks are broken, below the BKX 116 and the 200-day, and the next two steps, if you will, will be BKX 114 and 111.60. Indeed, if the big picture is comprised of alotta little pictures, this chart provides the perfect Kodak moment.
- I'm supposed to be travelin' tomorrow (it figures) but will try to find a turret to monitor the action. If we don't speak, lemme take this moment to wish ye a peaceful, easy weekend. As my friend
John Succo always tells me, experience is our greatest gift. Here's hoping that your experiences bring a smile to your puss.
No positions in stocks mentioned.
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