Random thoughts - Snoop style
• I am taking a couple days with the family in the Poconos. The last time I was on Vacation was right after joining FTN Midwest Research and couldn't relax. It has been a long time since I have taken a full mental break. We all need it - just ask the wife and kids!
• There are so many technicians (full and part-time), that it has changed the importance of easily identifiable support and resistance levels.
• Damn I ate a lotta sushi today!
• I continue to see pull back due to being close to upper end of range and near-term overbought condition.
• After the last recession, mid-cap stocks outperformed large cap by a WIDE margin for more than three years. Maybe this "speculative" fervor is another conventional wisdom idea that history doesn't support.
• Sentiment on Wall Street seems to be Nervous Optimism (thanks for the phrase Mike). That means optimism keeps selling pressure at bay, while nervousness keeps buying at bay. Basically, we get lower volatility, no monster swings and a lot of frustration for both extremes.
• I hear a lot of people say to me..., "what about all the optimism?" I am not hearing "isn't there too much pessimism?" In other words, there are a lot of bear extremists making a case vs. extreme bulls making a case. Again, the pivotal word is EXTREME. Think of the high wire act - movement by his hands on the poll doesn't make him lose balance...it is at the extremes that balance is lost.
• There is no one better to work with than my right arm Mike.
• I love my new digs.
• Daisy loves the Jacuzzi, but I wish my kids would stop staring - and no Fred ... you can't join us.
• Despite the various indicators suggesting that Employment is dramatically improving, no less than everyone questioned a better labor view with the Challenger stats yesterday. Human nature suggests that if you get 10 compliments and 1 negative comment...which do you spend most of time on?
• The best way for me to have the courage of my conviction is to attempt proving myself wrong, rather than find stats to support my thesis.
• If you want to do an interesting exercise when you are convinced of your position...write an article taking the other side.
• Have a great time tonight "Trader Dude" and his "higher up." Also a special thanks to Toddo and Brian for helping to make someone's day. We all signed a Minyanville poster for a buddy.
• If there were a search for a new animal in Minyanville...I would suggest "chicken bull."
• Come on car pool buddy Linda...it is time to go!
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