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Random Thoughts


Be the ball...

  • Why are rich people considered well heeled? If I were that wealthy, I would wear whatever footwear I wanted!

  • For the record and for what it's worth, I think the tape tops somewhere between triple witch and the midterm elections. And a few smart cookies I speak with are in the exact same camp.

  • I get the whole Rotation Station thang--if you sort your screens by sectors, you'll get it too. And while we've spoken about "rolling rotations" being healthy (vs. outright migrations), I'll offer that the action in the financials must be monitored.

  • As it stands, the banks (-1%) are back below BKX 114 and the brokers, while above technical support (XBD 220) are lethargic. It makes sense, right? Inverted yield curve, smoking mortgages, interwoven financial fabric (derivatives), hedge fund issues. Heck, it's made sense for a long time and, in the interest of full disclosure, I've been worried--and wrong--a long time.

  • The one element I'm trying to noodle is whether the market composition can shift without causing a seismic disturbance. In other words, if energy is going to assume top weighting (from the financials) in the S&P again, can that happen with a displacement? And does that mean we can pick at energy with a long-term horizon again?

  • As go the financials, so goes the tape...

  • Today's tea leaves are a mixed bag at best. We've got some good (energy, metals, breadth (3:2), Apple (+6%), eBay (+7%), UPS (+4%)), some bad (banks and brokers, down one percent each) and some ugly (LEND, Wamu).

  • "See it here. The chart of net new 52 week highs in the NYSE. It actually fell yesterday and is way below previous highs-divergence defined. On a day when the party hats and cheerleaders were out in full force." Professor Bennet Sedacca on today's Buzz.

  • Place this in the 'follow-up' folder considering the recent resignation of the Golden Star (GSS) CFO. Minyans might remember the recent conversation I had with Lance Lewis regarding the implications. News hit the tape today that Golden Star has announced a debt facility. Lance pinged me to say, "You see, the CFO wrapped it up before he left," (there was speculation that he left because he couldn't wrap it up). We both own this stock so please take this in the manner its intended (education, not advice). Perception is reality on Wall Street and that chasm is now closed. Let's see how the stock reacts.

  • Despite almost getting thumped at Shea last Friday (for wearing a Yankee hat), I'm still rootin' for the Amazin's to represent.

  • Minyan Doug Kass just connected with us to say that there are MONSTER rumblings beneath the belly of the beast. Dougie is hearing (not confirmed) that Bank of America (BAC) may offer mortgages without points for their big checking account customers (sorta what they're doing in the online broker space). This, of course, would pose (further) problems for the WaMu's and Countrywide Financial's (CFC) of the world.

  • Has United Healthcare finally turned the corner? The once-loved giant has seemingly made a higher low (double bottom).

  • Be the ball.


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position in metals, banks, brokers, gss
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