Oct 19, 2004

Bark or bite?

It feels like there is a lot of angst out there today. It is really just more of the same as the market marches sideways. The dip this AM in the banks (caused by insurance fears) really has a lot of bulls reconsidering. I think we continue to edge sideways in equities and that these mini-panics (or euphorias) are opportunities for short-term trades. Still have some bigger trends like the advance and collapse in steel stocks but as a whole too many traders and not enought idea's. Everyone has tight stops and very little patience with the market.

Lots of people talking about election risk but I think the risk is more in the process than in the outcome. Seeing stories daily now about various start dates for absentee ballots. That combined with law suits being fought about computer voting and new laws make me think the media is going to recreate "Indecision 2000" before the voting even starts. Probably more hype than anything until election day actually arrives.

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