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Random Thoughts

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If somebody just bought five million QQQ and the market ticked down, what does that tell ya?

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  • Did it creep anybody else out that the Fonz used the bathroom as his "office"

  • The SPX is only up 3% since Jun 18 yet tens of billions of dollars have flowed into funds and the economy has clearly gotten better- are we due for another leg higher or is the market telling us something?

  • Something D-O-O economics.

  • The Philly Fed at high noon will color today's sentiment.

  • The Nazz futures are jumpy and the S&P's resilient...but General Electric (GE:NYSE), Citigroup (C:NYSE), the brokers and the breadth are still noncommittal.

  • There are plenty of legitimate reasons to be bearish and if (when) we trade off, it'll seem obvious. If we continue to rally, the bulls will say that we pulled back to the S&P 50-day and there's still plenty of liquidity left in the market. And you wonder why this business is a double-edged sword?

  • Both gold and the dollar are marginally softer thus far today.

  • Why is Jack so happy?

  • I spoke to a bond guy yesterday who's "nailed it" for the last few years. He told me that the single biggest potential fly in the bullish ointment is higher crude prices.

  • Europe, while well off its lows, is down about .5% across the board.

  • I was in Istanbul two summers ago and thought it was a beautiful city. Everyone I encountered at the spice markets and bazaars was friendly and appreciative of Western travelers. Prayers to them.

  • I'm starting to see more activity in the airlines (both ways). Ditto on the drugs.

  • There are some exciting changes/additions coming to Minyanville. Daisy has been getting gussied up in anticipation!

  • A big Texas howdy to Cowboy, Metta and the clan!

  • Could the stimulus last through the election? It did during the Nixon administration (although there was a hefty pullback that corresponded to about this time).

  • If you're reading this and you're not a registered Minyan, please do the right thing.

  • Patience is often the hardest discipline to master.

  • Flow's Diner: We just saw 5,000,000 QQQ to buy (cover). The futures actually ticked down as that order got filled.

  • Breadth flat now.

  • There's a big difference between having fun and being happy.

  • One of these macro markets is gonna be wrong.

  • The critters send their love to Jackson Reamer.
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