The Waiting
It's the hardest part
Any Tom Petty fans out there? I caught the train early on and even played a cover of “Listen to Her Heart” in a music school band. Damn the Torpedoes told the world that TP and the Heartbreakers were gonna be huge. But it was their fourth album, Hard Promises, that produced today’s featured track, The Waiting, with Mike Campbell’s 12-string opening jangle reminiscent of Roger McGuinn and The Byrds. The message was clear. The waiting is the hardest part.
So here we are, waiting on today’s Quarterly Refunding Announcement (QRA) and Fed meeting (without press conference) along with tomorrow’s inflation data and Friday’s jobs report. And while we’re waiting, Trump drops a 25% (plus bonus!) tariff on India! Let’s go!!
The VIX Mix chose not to wait, shedding 11 points in yesterday’s mixed market action. Bullish components also dropped back from 15 to 11.
Even with that drop, it’s still another green bar on the chart below. That makes nine in a row even as the SPX win streak was halted at six days.
Anyway, that’s the picture as we head into the fray over the next three sessions. As we pointed out yesterday, the QRA may be the most important news, especially as it sits under the radar for most people. I’ll be paying attention.
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I had no idea at the time how lucky I was to grow up in the 60s and 70s in the NYC radio market... while most of my friends were listening to WPLJ (album rock, basically, Stairway to Heaven about once every 2 hours), I was listening to WNEW-FM. The jocks were given a degree of programming freedom unimaginable in today's media world... comparable to but more grown up than a lot of what I used to hear on college radio in the early 80s... Yes, ELP, King Crimson, Kate Bush, Roxy Music, Cocteau Twins, Steely Dan, just as likely to be heard as Dave Edmunds, the Be Stiff artists, and their contemporaries as I mentioned last week. The Wikipedia page does a good not great job of summarizing the station's history.
It really was a remarkable time. Tom Petty was certainly of that time and part of the WNEW rotation.
What do we have now? a bunch of pop/rap which is all mixed for earbuds rather than what we used to play at home and in our cars (with no AC!) good and loud. Always more fun to listen together with others.