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Random Thoughts


Walk tall and carry some steady discipline...

  • YOU tell her...

  • As many mutual funds end their year on November 1, expect further posturing and prints through the end of next week.

  • The highlight of the left coast swing? It wasn't the look on the faces of the folks across the table when Hoofy and Boo came to life (although that was awesome). It wasn't the weather, which was a torrential downpour from touch down to take off. And it clearly wasn't the red eye home this morning, snuggled between two rather large individuals on JetBlue (JBLU). It was, without question, the Albert Pujols style come-from-behind rock-paper-scissors victory over President Fish. The stuff of legends...
  • Please note that the S&P 1174 level that the Horse has been eyeing has played tetherball all morning. While alotta folks are keying on that area, my eyes keep migrating to S&P 1168ish (October intraday double bottom). If I were a sell-stop, that's where I would call home.

  • Risky Business.

  • Zat iz not my dog!

  • Why do I focus on the internals as an intraday tell? Because they usually work when skewed hard in either direction. NYSE breadth, which was as bad as 4:1 earlier, is currently 3:1 negative.

  • Swan Song!

  • It's interesting (for lack of a better word) that Wilma is supposed to be the biggest, baddest mama yet and the CRB is down on the day.

  • Ben Bernanke's wall paper.

  • With expiration around the corner, traders could be bowling for pins in the S&P. There appears to be large open interest on the put side at S&P 1180, 1175, 1170 and 1165. If dealers are, in fact, short these puts to customers, they'll have to sell stock (to hedge) if/when the Minx edges closer to those strikes (and the delta increases). Just a heads up before we get McCracken!

  • T-minus four days until the Super Sunday Minyanfest!

  • The weekly Investor's Intelligence figures show a slight drop in bullish sentiment to 45.3% from 45.8% prior and an increase in bearish sentiment to 29.5% from 29.2% prior.

  • There's hope for Meehan yet!

  • "For the first time in a long time we're finally seeing more net new buy signals than sell signals across the board today. The SPX ability to hold above the 1168 area so far this morning was key in Snapper's first lift. As I mentioned yesterday, the percent of stocks on the SPX and NYSE above their 50-day moving average has reversed up so that gives further credence to a move higher here. Is it tradable? Absolutely. Depends largely on time frame, however. The longer-term context remains negative and I still believe risk/reward favors selling rallies over buying dips. " -- Pepe Depew on today's Buzz

  • Lest we forget, there are a ton of expiration related mechanical crosscurrents in play under the surface. You don't need to see 'em, cookie, you just need to respect that they're there.

  • Cold, hard facts.

  • White light and prayers to my brother JB.

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