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Random Thoughts


...I still think alotta longs are hand sitting and hoping.

  • My grandparents, Ruby and Dorothy, were married 59 years (yesterday was their anniversary). This couple? 77 Years. No wonder Pfizer is up today!

  • And yes, Dorothy (aka the Margarita Mama) will be there with bells on Friday Night as we raise money in her husband's name.

  • Woody Dorsey said earlier on the Buzz that "market positions, investor perceptions and media stories are the flow or flotsam and jetsam of the market. Tis the season for…some December corrections, a weak form of January effect followed by more severe corrections" That vibes with the savvy soothsayer and, while today's today isn't reflective of that (yet), it's something to keep on ye radar.

  • Did you see that JP Morgan sold its Amaranth trades to Citadel for $725 beans less than two weeks after taking 'em down (which helped "cushion" a third quarter decline in trading revenue).

  • Around and around we go in our finance based economy. Professor Succo Buzzed yesterday on the "financial alchemy" and he knows more about the market machination than anyone I've ever met.

  • For what it's worth, I still think alotta longs are hand sitting and hoping.

  • We eyed the reverse dandruff in the drillers yesterday and that remains very much in play today (OSX +3%). An upside down head & shoulders pattern typically leads to no more tears.

  • The Following Buzz Took Place between 10:00 AM and 11:00 AM...

    Knight jumps queen...Bishop jumps queen...everyone jumps the Queen!

    Yep, it's a gang, er, tackle as we begin to mount our weekly hump. And what started out as an upside sniff has turned into an all out riff.

    In the interest of honesty, and with a respectful nod to the 5:1 NYSE breadth and 3:1 Nazz internals, I'm still not seeing upside sector validation. The financials are firm...but far from fantastic. The semis feel like they wanna trade lower and the net names are the definition of unexciting.

    Yes, there are upside opportunities---the OSX wants to run--but, I don't know, they just don't feel right to me. Am I aggressively fading (read: selling)? Nope--I've got my financial puts (out to March) and I'm sitting tight. And yes, I've still got my metals, which seem to be trading quite fine considering their usual "counter-trend" mentality.

    Negative Nancy? Nah, Honest Abe and subject to change.

  • Keep an eye on pharma as they upside sector speed. We noted how "intriguing" they were yesterday, in the context of technical headwinds below DRG 350. That level is coming up quick.

  • The weekly Investor's Intelligence survey shows a drop in bullish sentiment to 57.5% from 58.5% last week while bearish sentiment was unchanged for the second consecutive week at 22.3%.

  • We held our MIM-CCA preparatory conference call yesterday with the likes of Pomboy, Galbraith, Saut, Weldon, Macke, Bernstein, Golub, Erlanger, and the like. They're pumped up for this show and I can't blame 'em--it's hard not to be excited. As is often the case with MV Events, Minyans are beginning to mass at the border and I'm told that we might have to put a soft hold on ticket sales soon. Not sellin', just tellin' as I know alotta folks are planning to pony up at the door.

  • We'll be scribing some vibe from the conference on Friday with hopes of sharing insights with ye faithful who can't make it. In that vein and on that note, I've gotta try to circle some time to collect my thoughts (between now and then) so I can properly set the stage for this fine line-up. A moth in a light bulb factory? That's what I feel like sometimes but hey-you only live once. Might as well make it count.

  • As always, I hope this finds you well.
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Position in financials, metals, JPM
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