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3 O'Clock High: Stepping in It




Mrs. Jeffmacke and I are blessed with two children. We are unabashedly delighted to be parents. We are openly thankful to Higher Powers for our having been given the opportunity to raise these wondrous things.

It's important to give thanks often for these blessings, regardless of personal beliefs. Because giving thanks will keep you from being a Debbie Downer when you experience 3AM wake-up calls from an extremely irate Young Superfly (the boy), as I did this morning.

Rather than dwelling on the negatives of such a situation, you might instead say, "I am thankful for the 3 hours of sleep that I had. They were good." If you do this with enough Vim, you'll be in a happy frame of mind while you rush to the kitchen, barefooted and groggy, while Superfly angrily vows to "drop the unfused-skull head-butt of DOOM" on your ass, should you not feed him soon.

You'll need that happy mind-set, good Minyans, because in just moments it may so happen that you find you and your barefeet sliding right through a still-warm, hideous, mass of dog droppings, left on the kitchen floor by a very, very bad Labrador.

"Boy, you can't train a dog to have that kind of digestive capacity" you might cheerfully think. "And what fun it is to start the day with a stern mental challenge! 'Should daddy feed the now incoherently raging Superfly, and risk dripping whatever hideous substance is obscenely oozing through his toes (daddy is afraid to really look at it but the smell, which just hit daddy's face, is... invigorating!) all the way from the kitchen to the crib or should daddy first clean the kitchen and let the entire neighborhood wake to the sounds of howling infant?'

"What a head-scratcher! To think, I could be sleeping!"

These precious moments

Remember Monday's rally and the one that took place last Friday?

Sure, those rallies seemed a little hard to trade at the time. I'm not sure anyone really made money (or at least kept what they made, at this point). Still, that "The Street Likes Bernanke Monday" was a special day. Don't let Hoofy skidding through the dung today, on his way to NASDAQ 2000/ Dow 10,000 (or below) turn us into a bunch of grumpy faces. Let us instead be thankful for the rally that we had and the rally that will someday arrive.

There are a lot of trapped longs out there. They are getting smashed and they are starting to make a run for it. If SPX 1178 fails to hold the bulls are going to be leaving their own "offerings" on the Street, rather than my kitchen floor.

I'm making price target lists of some entry point stock ideas (you've heard 'em before... 30's for the Best Buy (BBY) remnants, a couple bucks lower than here for ANF etc.) and I'm trying to focus on the positive. Doing so feels a little hollow but saying Thanks keeps me from either buying stock here (catching knives) or trying to jump into shorts aggressively.

I view those choices as akin to the "Feed or Clean" decision I had this morning: I don't expect a satisfying outcome, either way. Someday this selling is going to end and we'll all look back and laugh. It's just not going to be today.

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Position in BBY

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