By Todd Harrison Oct 14, 2004 3:06 pm
May peace be with you!
- Oh yeah, hockey was supposed to start its season last night.
- "In a financed based economy, copper top doesn't have the legs that it used to." --Minyan Jeff Saut.
- I would like to take a moment to salute Scotto Reamer on his consistently excellent technical vibes. Those who attended the Crested Butte retreat know how unique his approach is and I, for one, believe that he's on to something massive. Case in point was his recent missive on the VXO. I know that the language is technical but it's worth getting to "know."
- Those fireman make out like bandits, Danny!
- Lotsa hair on today's dog--General Motors (GM:NYSE) puking their forecast and saying Asia is slowing. Amer Int'l Group (AIG:NYSE)--4.5% of the DJIA--is off 11% on collusion allegations. The S&P, NDX and DJIA have all breached important support. Novellus (NVLS:NASD) is trading 10% lower and leading to a 3% face plant in the SOX. Crude is up another 2.5%),
- "Reputational risk" will likely become a familiar phrase to investors.
- Ya, ya...from Sveden!
- The director of Thailand's corrections system wanted a way to shift inmates' interest away from betting on the Euro 2004 soccer tournament. Thinking that actually playing soccer would be good, he had the idea to schedule them a match against outsiders -- ostensibly to build up their self-esteem. Unfortunately, the outsiders happened to be trained soccer-playing elephants from Ayuthaya Elephant Palace. Self-esteem might have taken a hit, since the inmates could manage only a 5-5 tie. (Associated Press)
- The VXO is up 30% in the last ten sessions but is still firmly in its teens.
- My take is the same: I respect the upside but expect the downside. And it could get a tad tenuous into the election.
- Everyone knows how valuable I feel the financials are for the overall state of the tape--I say it every day and twice on Sundays. Still, I must point out the consistent supply in the big cap financials. It was already in motion before Hank Greenberg had a headache but the Amer Int'l mess (AIG:NYSE) has focused a spotlight on the sector. Citigroup (C:NYSE), JP Morgan (JPM:NYSE) and Bank of America (BAC:NYSE) are all under distribution.
- This guy is NOT allowed in the 'Ville.
- The U.S. reaches $7.38 trillion borrowing limit and the treasury said that it will suspend pension investments to stay under the limit.
- Mama said there would be days like this. I'm a buyer of Calgon if there's any sellers out there!
- I've long said that derivatives won't cause a problem, per se, but they can exacerbate it beyond most people's comprehension. Along those lines, the Fed's Geithner is on the tape saying that the OTC derivative market has grown faster than infrastructure support.
- The trannies and homies are buckin' the trend.
- If only grandma secured a patent.
- Fare ye well into the bell and have a fantastic night!
position in c
Get The Minyanville
Daily Recap Newsletter
Daily Recap Newsletter