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Quickie Randoms

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  • You're going the wrong way!

  • Money vs. Currency.

  • I opined in Ojai that, while still a long-term long in energy, that the sector was ripe for a "sharp correction to shake out the bandwagon bulls." That seems to be unfolding and, while it's spooky, I still believe that sector has secular winds at its back. I also offered that the metals were poised to take the leadership baton although, admittedly, I didn't suspect that the XAU would jump 24% in a month. With the group now taking a breather, I've nibbled on some silver stock exposure with a longer-term horizon (while keeping powder dry for lower levels).

  • N's over S's as S&P 1200 serves as a ceiling and NDX 1550 fancies itself a floor.

  • That false breakdown--and subsequent Snapper--in the semis (below SOX 433) is the stuff that trading rallies are made of.

  • JP Morgan $35. Like a magnet.

  • There's chatter that some of the supply in the energy patch was Refco related. I've asked folks close to the situation but the feedback is hazy at best. I guess that's why they call it a "proprietary" portfolio.

  • But was there a hole in one?

  • Hindsight is 20/20.

  • "One thing is clear. The era of easy oil is over." - Chevron, The Breaking Point, NY Times, August 21, 2005

  • We touched on a thought yesterday regarding "avenues of isolationism." This column sorta jibes.

  • "New buy signal today for Fannie Mae (FNM), the stock's first since May, occurring from oversold levels. The primary context remains negative, as it has been since January, but there is room to 50 +/- a bit with support now having formed at 42." Pepe Depew on today's Buzz.

  • If you haven't gotten on the Horse yet...

  • You should see the toast-we couldn't even get it through the door!

  • We've noted the open interest in the S&P (1180, 1175, 1170, 1165) and it appeared that it was a non-event for purposes of expiration. As--and if--we draw closer to those strikes, dealers (who are short those puts) must sell stock as a hedge.

  • Sunday. Minyanfest. NYC.

  • Fare ye well into the bell.


    R.P.
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position in silver stocks, jpm, rfx
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