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Freaky Friday Random Thoughts


If the American consumer is one of the seven deadly sins, they would be gluttony.

  • We've been watching S&P 1275, NDX 1705, Citi $48, GE $35 and IBM $81 as technical inflections and they remain in play as we ready for the fresh freak.

  • I've never been accused of being an economist (although I'll put my Laffer Curve up against just about anyone). Still, the GDP (1.1% vs. expectations of 2.8%) coupled with personal consumption (1.1% vs. .4%) isn't good news in my book. The weakness in GDP was caused by a significant shortfall in business capital spending.

  • Broadcom, the second highest weighting in the SOX, is a dozen handles higher on the back of earnings. That'll spark the chip shtick above (the triple top) at SOX 540 to start the session.

  • Consistent with my aforementioned gameplan, I scaled out of a slew of longs as we started ticklin' resistance yesterday. That includes my Yahoo! exposure although I'm keeping a close eye on the $36 level (the 200-day and the lower end of a $4 gap).

  • Professor Succo and I wanna thank the good folks at Wharton for their hospitality yesterday. These Town Hall Chats are always time well spent.

  • While the rally felt "obligatory" on the front end of this week, the step found some pep yesterday and (thus far) this morning. Odd, considering that a known terrorist organization now controls Palestinian Authority.

  • In the long run, I'll bet on limited supply over subjective multiples.

  • Is it any wonder that Billy and Pep both bleed blue?

  • "Our work has shown that Technology has generally been under-exploited by bulls over the last several months. The combination of incredulousness and momentum is powerful, and often durable. If you listened closely, you could almost hear portfolio managers scrambling to get equal weighted in Technology. The gaps to the upside, volume alerts and accompanying volatility alerts all suggest a rush for exposure." Lehman technician Jeff DeGraaf

  • While many were expecting "large caps over small caps" in 2006 (we even got this comment at Wharton yesterday), the IWM (i-shares Russell) has outperformed the NDX & S&P by approximately 600 bp so far.

  • Relax, Spider, you've still got your seat. For now.

  • It's been a long week in alotta ways and our requisite respite is seven short hours away. Keep your head up, thoughts clear and mojo hummin'. A good Friday will make for a much better weekend.

  • Good luck today.

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