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Scattered Views

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For pure informational purposes, the "dark side" read on Phelps Dodge (PD) is now in the history books. My call hedges are being FedEx'ed to Toddo for expiration burial.

Infospace (INSP) is slated to make an appearance in charting textbooks as the definition of a "Boo Wedg(i)e". I say that with utmost confidence now that the stock is cratering.

Conversely, Apple (AAPL) peeked out of the flag that Collins has been waving for a while. Kudos to this new bubble-baby if it can manage to romp despite the tape.

The "defense" names have been giving Hoofy the business for a few sessions, and they got the batons out today. Unless I missed a declaration of worldwide peace, there may be some babies in the bath-water. The WSJ suggests that about $15 billion being clipped from the Air Force / Navy wings (pun intended) will find its way to the Army, and, if I understand it correctly, this will be incremental money. Engineered Support Systems (EASI) jumps out as a potential beneficiary, but this one has had a hell of a ramp already and I am scared to chase it.

Out of deference for the one Holiday shopping experience that actually gave me a feeling of satisfaction I legged into some Williams-Sonoma (WSM). Every store I visited looking for the perfect carrot-peeler was packed with people forking over their plastic. The chart does not look too good (the dandruff gives me pause), but there is all kinds of support nearby (200 DMA and a big base of August break-out). The valuation is at the low end of its historic range, and, anecdotally inventories look to be in good shape (if anything they might have been short a few items). Raymond James shares the love for those with access to its research. As ALWAYS THIS IS NOT - NEVER IS - ADVICE; just making a record to look like a fool later on.
Positions in PD, WSM, AAPL
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