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Random Thoughts

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Look alive, Minyans!

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  • The Ruby Peck Foundation, in conjunction with Minyanville, is pleased and proud to announce that the all-star guitar auction will begin on December 7th. It's been a long time coming, I know, but we'll get it done and it'll be done right.

  • Al-Zarqawi chatter gets loud on the Street.

  • The pop & drop scenario is starting to crystallize in my crowded keppe. Once (and if) we take out S&P 1250, there will surely be a spate of technical buying (and a lot less bears in the hood).

  • "Strength tends to beget enthusiasm, and as such our MSI has fallen into "overly optimistic" territory. Notable is the change on the NDX with regard to the CFTC's Commitment of Trader's data. At the commencement of this rally, hedgers were best positioned to gain from an advance, while large speculators held their largest net-short positions in history. This latest rally has brought a change in attitudes, with hedgers effectively selling their long positions to newly positioned net-long speculators. This change is not unusual, nor has it reached dangerous extremes, it does however, underscore the ability of investors to quickly shift their thinking, and will likely become a problem as this rally continues." -- Lehman technician Jeff DeGraaf

  • What a prick!

  • "Boeing (BA), on the heels of news Sunday of $4.6 B in 787 sales, is testing important resistance here today. A move to 69 would break a triple top. And note that the PHLX Semiconductor Index (SOX) faces important resistance at 485. " -- Pepe Depew on today's Buzz

  • In Flow's Diner, We've seen a size buyer of American Tower (AMT) Jan 30 calls today.

  • He's very lucky that I was otherwise occupied!

  • We're picking up more and more chatter regarding the outsized open interest in December S&P puts (dealers are short puts and short futes against them--negative gamma that has the potential to exacerbate the rally).

  • The financials are laggy anew. It's a bit early to tell if this is a healthy rotation (as they work off their overbought condition) or the first sign that the recent rally is starting to tire (the piggies led us higher).

  • The trek to .500 continues!

  • The CD of the day.

  • I'm traveling to Mackeville on Wednesday night and will use the plane time to scribe my annual "Minyan Thanks" column. Despite the daily frustration we collectively share, there is a ton to be thankful for. And I am, each and every day.

  • Hat size alert! The VXO is off a deuce (2%) and staring at single digits.

  • The new and improved Minyanville digs are almost complete and suffice to say that it's a considerable uptick to our current site. I'm not supposed to talk about this (I've been given strict orders) but I'm finding it hard to contain my enthusiasm. Tick by tick, brick by brick and Minyan by Minyan, we're building something special in the 'Ville. Thank you kindly for being a part of our family.



    R.P.
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