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Random Thoughts


With the market at all-time highs, the mindset of America seems to be a negative divergence.

  • Unfortunately, when Farley wears this tee shirt, it sounds as if the record is skipping.

  • For the in the hood, please note that any tick above S&P 1389ish (multiple highs) will likely trigger buy stops in the S&P. Will they get there? Thus far, market breadth, which is marginally positive, does not support it.

  • Speaking of breadth, Professor Tom Alexander wrote on today's Buzz "NYSE issues are positive net 472. That is pretty pathetic based on the first hour's rally. The Naz has formed a new rally high and at the moment has a significant divergence with breadth at the 11/6 high. There divergences are very significant and likely to be resolved by breadth beginning to surge higher, or tank city"

  • It's interesting that Barron's touched on the concept of inflation (in the things we need) and deflation (in the things we want) in the same issue as they highlighted the red hot high-end real estate market. That sorta sums up the whole "haves" vs. "have nots" dynamic we've touched on for so long.

  • With the market at all-time highs, the mindset of America seems to be a negative divergence.

  • My two favorite football teams are the Raiders and anyone playing the Broncos. I coulda, shoulda and woulda had a double header sweep yesterday if only my beloved silver and black had half a heart.

  • Andrew Walter should be the poster child for STD. That's what happens with no protection.

  • Speaking of protection, I'll continue to point to the uber-low volatilities as an opportunity into year-end. Stock replacements and married puts seem intuitive to these old eyes.

  • What the heck are those? Check out Professor Succo's excellent derivative tutorial!

  • I remember buying that pint of Häagen-Dazs Chocolate Chocolate Chip. And I remember putting it in my freezer before I went to bed. But I don't remember how the empty container found its way to my kitchen floor this morning.

  • Excuse me sir, can I borrow 860,366,604,163,458 pennies please?

  • Hoofy just walked by to say "Hey Cookie, I know you see the dandruff in the dollar. How bout that reverse dandruff in the S&P? That sorta fits your "asset class deflation vs. dollar devaluation bent, no?"
  • Sector-wise, energy and metals are listening to some chin music as they follow the laggy CRB lower (-90 bips). Conversely, the dollar is staving off the aforementioned dandruff with a 40 bip bounce. I have, so you know, NOT sold my metal equity holdings.

  • Does anyone else get the distinct feeling that big cap pharma is overdone on the downside? DRG 336ish (200-day and multiple multiyear support) should offer defined risk for Snapper as he crafts an upside try.

  • The content on December 1st should be pretty balanced between Matador City and Red Dye Junction. The evening festivities won't be as fortunate!

  • The brokers have been "basing" between XBD 230 and XBD 240, so keep an eye on that band for future clues. Why basing (as opposed to churning)? Simple, it's occurring above previous resistance.


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Position in metal equities, financials
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