Banjo Picker:
Already on my calendar, along with a few other items of note. (g)
I suspect that today might prove a reasonable point at which to increase certain short/put positions,.... at least from a fundamental as opposed to chicken-entrail-reading point of view. (g)
Aside from the Cali lights-out drawing closer, CSCO has to provide numbers and guidance this eve, and I expect a somber commentary. To that end, I will likely increase exposure to the optical-networking crowd a bit.
I'm hearing rumours about IBM. Some in-house execs think there is a need to remind folks that things are not wondrous out there. Not that Louis-the-Fib would ever let such a thing happen, but I will definitely add some puts over the next week or two.
In the field, a calamity continues to unfold. It can be summarized in three words,...... inventories, inventories, inventories. As in "piled to the flourescent lights", as in "spilling out into the cafeteria", as in "can we rent the local stadium for a few months?" I have no idea how the boys intend to clear those inventories, but until they do, it's grave digging time in the stock market.
Allan can print all he wants, and it is for certain, that much of this "play-dough" will end up sloshing onto the trading floors, but it isn't going to turn this "super tanker" (thank you "Big Abby"), from its appointment with the looming icebergs. The consumer is worried, he's cutting back and hunkering down, and without him, the U.S. inventory scene continues to make "Larry the Liquidator" grin in anticipation.
Best, Earlie |
