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Random Thoughts


Short weeks throw off the Hump Day!

  • How much is that MaGoogle in the window?

  • "Let's see, the DJIA is up 1.16%, but the Dollar Index is down 1.53% so the foreign investor has actually lost money today. Indeed, where you stand is a function of where you sit." Jeff "As Good as it Gets" Saut (on the heels of yesterday's rally)

  • Will I ever be able to hop from "H" to "J" without thinking of the letter "I"?

  • For what it's worth (and it may not be much), I think the yield curve inversion has lotsa room.

  • Please note the NYSE breadth has been sticky green (2:1) all session as the S's try to put 1275 underfoot.

  • Keep an eye on Citigroup (C) as it edges through the tight channel that is $48-$50. When this breaks (either way), the tape will likely follow.

  • There's a FULL MOON tonight!

  • How high do the airlines have to trade before they take the "warm nuts" restrictions off?

  • Merry Hiss Miss?

  • "The laws of thermodynamics state that no energy is lost in the universe, it just transforms. The financial markets are a system like the universe, albeit much different, but a system nevertheless. A positive effect on one aspect is usually a negative one on another. Let's look at stock prices and corporate spreads. Brian points out consistently that tight credit spreads are good for stock prices. This in my mind is a coincidence correlation: at some levels an increase in liquidity is good for both. But interestingly that liquidity on the margin begins to work against itself. Due to high liquidity, companies have been buying stock back. This is the last thing corporate bond holders like to see: the spending of cash on buying stock. They would much rather companies pay down debt with that cash. So corporate spreads may widen if the market senses that too much liquidity is going into stocks versus bonds, thus widening corporate spreads and hurting stock prices. It is all connected." -- John Succo on today's Buzz

  • I gotta think the Horns have a chip on their shoulder but I'm not sure it'll matter.

  • Meanwhile, in the media mix....

  • Does anyone else get the sense that Iran is gonna get messy?

  • Keep on eye on General Electric (GE). As Larry David would say, $35 is pretty, pretty, pretty, pretty, pretty, pretty important from a technical perspective.

  • No Toga for me, thanks.

  • The weekly Investor's Intelligence survey shows a drop in bullish sentiment to 55.7% from 60.4% prior while bearish sentiment climbed to 23.7% from 20.8% prior.

  • Discipline over conviction.

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