The Weight
By Jeff Cooper
September 16, 2000 11:30 AM EST
I pulled into Nazareth, was feelin' about half past dead;
I just need some place where I can lay my head.
"Hey, mister, can you tell me where a man might find a bed?
He just grinned and shook my hand, and "No!" was all he
said.
Take a load off Fanny, take a load for free;
Take a load off Fanny, And (and) (and) you can put the load
right on me.
I picked up my bag, I went lookin' for a place to hide;
When I saw Carmen and the Devil walkin' side by side.
I said, "Hey, Carmen, come on, let's go downtown."
She said, "I gotta go, but m'friend can stick around.
(Chorus)
Go down, Miss Moses, there's nothin' you can say
It's just ol' Luke and Luke's waitin' on the Judgement Day.
"Well, Luke, my friend, what about young Anna Lee?"
He said, "Do me a favor, son, woncha stay an' keeÿÿÿÿp Anna
Lee company?"
(Chorus)
Crazy Chester followed me, and he caught me in the fog.
He said, "I will fix your rack, if you'll take Jack, my dog."
I said, "Wait a minute, Chester, you know I'm a peaceful
man."
He said, "That's okay, boy, won't you feed him when you
can."
(Chorus)
Catch a cannon ball now, t'take me down the line
My bag is sinkin' low and I do believe it's time.
To get back to Miss Fanny, you know she's the only one.
Who sent me here with her regards to everyone.
(Chorus)
From "Music from Big Pink"
Words by J.R. Robinson
Performed by The Band
Haven't we been here before? It seems like we've been here
for a long time. Since the most venerated of the indices, the
Dow, hit 11,000 nearly 18 months ago, a persistent weight has
kept the Dow anchored in a wide and loose trading range.
While the Dow/S&P remained boxed in, the Nasdaq 100
(NDX), the lair of the golden bulls of the new-era cult, snorted
up a 140%-plus stampede--that is, until the weight of
profit-taking tripped up the parabola this spring.
There are a lot of things you can do on a spike, but you can't
sit on them. Spikes don't need a reason to collapse, they fall of
their own weight. So despite the input of the federal reserve
that has pumped up the money supply at a 10% annual rate in
the last few months, fueling the economy and flooding the
excess over into financial instruments, the equity markets did
not continue their summer jaunt. Despite margin debt surging
back to the levels of last spring, most of the major indices
remained not only substantially below prior highs, but are
flirting with breaks of important support. While the opium of
the Street--easy cash--spiked with the conventional wisdom
that the market always rallies into an election, instead of a
rally, the market appears to have OD'd on the August
momentum.
The herd mentality never ceases to amaze me. Money
managers continue to smoke the same thing. And they
continue to chase the same cast of characters, despite the
same stratospheric valuations and the lessons of last spring.
Don'ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ |
