• Stay away from the light!
  
  
• Since last spring, when Minyanville mapped the early stages of contagion, government officials assured us that the dominoes of the debt crisis would be contained.
  
  
• Now, a full year and 20% lower than where Minyans read the writing on the wall, Big Ben capitulates on the economy?
  
  
• I mean, even Hoofy and Boo were on the case while the financial system was on solid footing!
  
  
• While anecdotal—and with a conscious nod that 1) the sharpest sell-offs occur during oversold conditions and 2) this mess will take many years to fully unfold, will his admission of angst serve as a contrarian data point?
  
  
• Or did Wells Fargo (WFC)—a well-run bank at the center of the California mortgage mess—stem the bank bloodletting with this morning's "any whiff of good news in the financials will be greeted with open arms" earnings?
  
  
• In other words, are the long-term problems we've been discussing for oh-so-long being priced into the here-and-now for a near-term trade?
  
  
• Holy Cow, did anyone else stay up to watch that CLASSIC 15-inning all-star game at Yankee Stadium last night? I mean, honestly, who needs sleep?
  
  
• Do as I say, not as I do? According to Trimtabs, only seven new stock buybacks totaling $2.9 billion were announced from Friday through Tuesday, which were the first three days of earnings season. If buybacks don't bounce back later this week, they'll be below $10 billion for ten consecutive weeks for the first time since mid-2005.
  
  
• Meanwhile, according to Dealogic, new offerings could easily hit $18 billion this week, the third-highest amount this year.
  
  
• Is this he Matador City National Anthem into the 3 pm “I wonder if we see redemptions today” window?
  
  
• I'm not sure I've ever seen a more orderly stair-step in a trading vehicle than what currently exists in crude. A quick glance at Texas Tea paints a very defined technical picture. $140 was support and, once broken, morphed into resistance. $130 is current support--Mr. Valentine has set the price--with $120 looming large. Under that? $120, $110 and $100. 
  
  
  Click to enlarge
  
  
• As discussed on Monday's Buzz, I added USO puts into the close slightly in and around $145. I understand that bulls and bears make money--and bacon gets shaken--but I'm still there. Discipline likely dictates peeling a bit off so keep that in mind as the newfound support approaches.
  
  
• Red beans in the green sea? Wal-Mart (WMT), which trades funky cold medina.
  
  
• In the mojo shift department, I replaced the "signed by the entire 1994 Stanley Cup winning NY Rangers team" Adam Graves jersey with a signed Joe Torre game jersey in one of my lucite cases in my office. Whatever it takes, right?
  
  
• It's always darkest before the dawn!
  
  

• At the risk of a complete mush--and conscious that Wachovia (WB) continues to trade, uh, not as well as it should, this is an update from yesterday morning's laundry list. While I'm still there on the long side (the faux bull costume, two legs), I've made some token sales just in case. Discipline is like a diet--you can trip, but you can't fall.
  
  
  • Lowes (LOW) +1%
  • General Motors (GM) +20%
  • Freddie Mac (FRE) +14%
  • Pulte Homes (PHM) +10%
  • WB +15%
  • Merrill (MER) +5%
  • Gannett (GCI) -5%
    
    
• Orange Mocha Frappacino!!!!
  
  
• As always, I hope this finds you swell. Pork Chops and Apple Sauce. Swell.
  
  
• This is required reading for every single Minyan in existence.

R.P.