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Random Thoughts

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  • Minxy symbolism?

  • Gold, despite the marginal slippage today, remains firmly agrasp of the leadership baton. My belief that this is the long-term currency of choice was further emboldened after my skip to the Middle East.

  • If crude was the culprit when it tickled $70, why is the broader market lower as it fingers $60?

  • Shining happy people!

  • Please circle Sunday October 23 on ye calendar for a little NYC Minyan Footballfest. Nothing fancy, just some greasy grubb and a big group hug at my brother Lionel's snazzy hub. Please let us know if you have an interest.

  • Deflation Alert!

  • "We're expecting the VIX to move higher because (a) it is now above its upward sloping 10 and 40-week moving averages, (b) it is now above the downward sloping trendline going back to late July '02, (c) it has rebounded off long-term support at the 10 level, (d) and our monthly momentum indicator is giving a "buy-signal" which has generally been accurate since the early '90s and is the first "buy-signal" since the S&P 500 broke out to the upside in May '03. In short, we're looking for the VIX to work higher and investor agita to increase." -- Uber-Minyan John Roque of Natexis Bleichroeder

  • The action in the money center banks continues to weigh on the Matador fray. The BKX is sitting directly on the '05 lows and we'll need to monitor the action in this complex.

  • "The call for this week: Last Wednesday constituted a 90% down-day. A 90% down-day is a session when down-points comprise 90% of up plus down-points (read: price) and at the same time down-volume is 90% of up plus down volume. Such readings are typically associated with either the beginning of a waterfall decline, or the end of a decline. As previously stated, the next few weeks should tell the story." -- Jeff Saut of Raymond James

  • Hoofy better have an alibi!

  • SOX 450. It was staunch resistance in late '04 and early '05 and it remains a level to watch. While you're there, keep half an eye peeled to NDX 1535-1550 (important support).

  • I suppose you can't blame Hoofy for looking past the big picture blues. Still, with each passing Delphi (DPH), we're reminded of the pension potholes in the system.

  • We're tabulating the finally tally from the RP Katrina relief drive and will have particulars in the next week or so. A kind thanks to everyone who helped us make a difference and give something back. Please note that we'll be sending out the particulars on Fari's kind offer in the coming weeks as well.

  • Speaking of Zefat....

  • Yogi Berra once said that you can observe a lot simply from watching. Keep an eye on our mainstay tells (breadth, semis, financials, autos) as Snapper attempts to turn the tide.

  • Please note the lack of reference to the Boston Red Sox in today's column.

  • "In General Motors (GM) there are nothing but put buyers, every strike and every duration. Some firms have raised their bankruptcy probabilities to 30% from 10% due to Delphi (DPH)." -- John Succo on today's Buzz (he has a position in GM).

  • Fur Balls!


    R.P.
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