• Jet Eww?
  
  
• We can learn a lot just by watching (the Fed). Remember last summer? We were sniffing and scratching long before the wheels on the financial wagon began to wobble. It seems that they've been particularly proactive in the last few weeks—I wonder if Ben Bernanke sees Old Mother Hubbard lurking in the shadows?
  
  
• Yes, deals are a sign of confidence. They’re not a panacea—and one deal does not an M&A resurgence make—but it's a piece of the puzzle. 
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• The most bullish thing about the Hewlett-Packard (HPQ)/EDS (EDS) (proposed) deal? The fact that IBM (IBM) trades as dry as it does.
  
  
• Late yesterday, we noted that AIG (AIG) and Citigroup (C) (red in a green sea) spoke to looming supply. Watch these names (and the financials, in general) as we dance with Ms. Tyler.
  
  
• The level of lore for Research in Motion (RIMM)? $138ish, from where it broke out.
  
  
• I'm balancing patience and discipline as I trade around my Gannett (GCI) calls. I am, so you know, trading for a credit as I've sold enough to cover my cost basis and have remaining exposure in the name.
  
  
• If you’re sick, go to a doctor!
  
  
• At the same time, I "went home" in my Schlumberger (SLB) puts this morning as it was a pure trade and trades are made to be taken.
  
  
• “As the market rejoices at the Fed's unparalleled intervention into markets and the banking system, it may soon come to realize that at this rate the entire balance sheet of the Fed will be used up in an attempt to fund the banking system. The easy lifting has been done. As problems grow and the Fed has to get really creative, people will soon realize just how much risk they are taking.” Mr. Practical on today’s Buzz.
  
  
• S&P 1405. NDX 2000. A day on the Buzz wouldn't be complete without mentioning these two motherlode levels.
  
  
• Wasn't it Jeff Saut that said the next world war would be fought over water not oil?
  
  
• "I can’t stop looking at the ISE with multiple equity call/put readings above 200. It is just freaky optimism." Minyan Mark
  
  
• Aruba, Jamaica, oh I wanna take ya....
  
  
• News is always best at a top and worst at a bottom. The tricky nature of our current juncture is that the government hasn't let the markets trade freely. So while news is drekky, the tape is far from it's heels.

R.P.