Morning Glory

If the best fades are the hardest fades, Toddo, this is one helluva fade!

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Before we delve into the muck and try to make sense of the madness, I have to tell my fellow Minyanheads about last night's Robert Hunter festival. In a word--unbelievable. God bless the man who, at 61, is able to stand on stage for two and a half hours and do what he loves. The highlight, for me, was the Scarlet->Uncle John's Band->Reuben and Cerise trifecta but his classic renditions of Stella Blue and Ripple weren't far behind. Suffice to say that he rocked my soul and provided balance when it was needed most.

Alright, let's get shakin'. In the old world, ORCL and MCHP's admissions last night would be enough to quell the tech swell but the fundamental metric is being rationalized by the war. In peripheral research, Bear is cautious IBM, Solly booted AMZN, Merrill thinks optical names are blurred, Morgan upped LMT, JP Morgan downed CVS and Monty upped CCL. Finally, BSC released "solid" earnings this morning and that should lend to the S's over N's trade, cousin Richard.

The obvious level to monitor today is S&P 870 although I'm left to wonder if it's TOO obvious. I was watching a European financial segment (very) early this morning and they were chatting it up in a big way. You guys know how I hate conventional wisdom but, regardless, it's an inflection "zone" and we must respect it. The same broadcast also discussed the notion of a "plunge protection team" at work in the U.S equity market and while I'm not prepared to comment on this topic (yet), I wanted let you know that conspiracy theorists getting loud in Europe. Not actionable, per se, but certainly interesting.

There will likely be no shortage of rumors today and the tape is sure to be whippy and trippy. Angst levels are as high as I can ever remember and that, coupled with the looming expiry, will likely exacerbate volatility in a big way. This is your friendly Minyanville reminder to put limits on your orders and think before acting--the Minx isn't futzin' around these days!