Who's Buying?
3/27/01 12:24 PM ET
Mama's got a squeeze box she wears on her chest
And when Daddy comes home he never gets no rest
'cause she's playing all night
And the music's all right
Mama's got a squeeze box Daddy never sleeps at night
Exsqueeze me? Baking soda? Our trading team continues to make their calls around the Street, and we're still seeing a lack of institutional buying. A lot of short covering, some "posturing" in front of quarter end and a bit of head-scratching.
Let's look at it this way: If the confidence number came in at 97 (very low), a case could be made that the Fed is still in the "intrapicture" and the market would probably lift. Now, if I told you preopening that the number would come in at 117 (which it did), you'd probably want to put some shorts out, right? What if I told you that you could short QQQs (QQQ:Amex) up a couple of dollars on that number? You would whack me, right?
When we have our portfolio-management meeting, we like to look at the market from all angles and try to understand what both the bulls and bears are thinking. Under the above thesis, we are able to remove emotion and, while respecting the action, view it as an opportunity.
Meanwhile, I just got a call from my mole at the Teterboro Airport who tells me that a Monsieur Boo's jet has just arrived from the Bahamas. Gee, I hope his fetzer valve is working correctly. Very interesting. |
