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Random thoughts - Snoop style


I do not believe that the market should go up every day or that it shouldn't pause...I simply chose to look past any near-term volatility and outline an intermediate-term framework.

• If everyone believes the weak dollar is going to hurt domestic stocks and bonds, what happens if it only causes a market pause and then the US Dollar reverses? It is already down 23% since its 2002 peak.

• The argument of secular bull vs. bear isn't relevant to me. The S&P 500 (SPX) hasn't even moved above the last lower high in a clear downtrend of lower lows and lower highs, which defines a downtrend. To repeat - THE SPX HASN'T EVEN BROKEN THE DOWNTREND YET!!! And I am the resident bull.

• A retest of that last lower high would be 1160 or 11.5% above yesterday's close.

• Everyone I have spoken to thinks it is time to rest. That includes me (I talk to myself a lot).

• I am going to Cleveland (home office of FTN Midwest Research) next you think I should tell "trader dude" and his "higher up?" That whole bunny thing kinda scared me.

• My right arm Mike is an excellent young technician and provides the support necessary for pieces posted here.

• I am trying to find a person who loves "beta" right now.

• When I was very confused about the tape, my friend Harvey said "stop thinking and tell me what you see." That was when the S&P 500 broke above 950ish.

• Watch what Brooks writes...he is a real "old timer." Only his wisdom surpasses his age.

• I am going to get it for that prior bullet!

• I love my new digs at FTN Midwest Research. As you have clearly noticed, I post a bit less than I used to. Frankly, it is because I am blessed with a wonderful opportunity to do research and write in-depth analysis for a great firm and awesome client base (Trader dude and Adam!). I want to reinforce that Toddo created Minyanville for the purpose of education. It isn't about right or wrong here, it is about how to get to a viewpoint. The vision of Minyanville was to build a friendly community centered on education. Mission accomplished.
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