Friday, December 01, 2006

Who is in Control Here?

You know who, Mucky!

  • The market sold off hard today and then staged a session-end rally trimming losses into the close.  The question is who is in control here, the bulls or bears?  The bulls might argue that since we recaptured some losses towards the close that maybe things are shaping up for another move up.  After all, we've come a long ways and a rocky day here and there is no reason to abandon the trend.  The bears might argue that ahead of the weekend those who made quick profits with their shorts were covering to book gains, and that the tone of the market has changed with monday's sell-off and weak retracements, leading to today's sell off. 
  • It's your job to decide who is right!  It'll be obvious a few months from now.  We'll all look at the middle of a historical chart, when it so easy to predict what will happen next.  On the right edge of the chart it's a bit more tricky!  I remain somewhat invested with low beta holdings, some of the "safer havens," and a mounting cash position on the sidelines.  So put me in sunglasses and give me a Rum Rummer! For now...
  • A friend forwarded an email with a friday commentary from Sy Harding"Investor concerns are growing that the stock market may be running out of gas. However, gold and bonds have been in accelerating double-digit rallies. That should not be surprising, since both gold and bonds are the most popular ‘safe havens’ when economic, political, or currency uncertainties arise. And right now there seem to be uncertainties in all three areas.  Economic uncertainties are developing from increasing signs that the economy may be slowing into a harder landing than Wall Street is telling investors to expect. Political uncertainties have increased since the mid-term elections indicated the country wants change, while the form those changes might take are yet to be known. Currency uncertainties have popped up with the accelerated plunge in the U.S. dollar over recent weeks."
  • I don't have the NFL Network because my cable company doesn't carry it.  Have no idea what happened in last night's game.   I wonder how many folks have the NFL Network?  I wonder how their ratings are on their NFL games so far? 
  • Ol' Todd Salamone doesn't seem too worried about the market going forward.  "Considering all of the bad economic news out there, we didn't see a monster sell off," said Todd Salamone, senior vice president of research at Schaeffer's Investment Research in Cincinnati. "This was a pullback that may have been needed to strike a little bit of fear that would be enough to create another unwinding. A lot of negative sentiment can be unwound."
  • Semiconductors (SMH) look bad, though.  Just saying.
  • Pop culture stuff... Party girl Linday Lohan is attending Alcoholics Anonymous meetings.  The Penguin, Danny DeVito, goes on The View after a few.   Britney Spears is trying to create a new "no panties" fashion trend.
  • Eat lots of onions and garlic to lower your cancer risk.  Also lowers your risk of a good-night kiss.  You know, I wonder if can consolidate a few of these healthy-diet ideas into an easy daily menu plan?   Eat dark chocolate, onions and garlic, wash 'em down with 2 glasses of red wine every day, and live happily ever after!
  • Oh, back at work today.  Miss a few days at the Fun Factory, and you miss a lot!  They're running me around today trying to get me up to speed on all I missed.  Look folks, the weekend starts in an hour.  Lets just take it slow and pick things up in a couple days, eh?
  • I mentioned the other day that The Nine was cancelled.  After spending some hours on Thanksgiving weekend catching up with all episodes of Jericho, I worried that it may face the same fate.  Not so!  Jericho a ratings hit!
  • Busy weekend ahead... Make it a good one.  And if you're standing in long lines at the mall waiting for an MP3 player, go to the Zune aisle.  Nobody there.  You know, I may pick one up after XMAS if stores try to clear some shelf space.  If I can find anyone else in the vicinity, I'll be able to swap songs with them via wi-fi!  Lordy knows, with onion and garlic breath I'll have to hope that there is some decent range in that wi-fi!

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