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Reality Show & Tell

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May peace be with you!

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You are living a reality I left years ago
It quite nearly killed me.
In the long run it will make you cry.
Make you crazy and old before your time.

(Stephen Stills)



I was scribin' my vibe with the critter tribe when I paused to peruse Professor Macke's latest column. If you haven't taken the time to give it a good read, I encourage you to do so at your convenience. It stands out on a number of levels, not the least of which is the refreshing honesty that drips from each word. Most hedge fund managers go to extremes to put on a brave face and stick out their chest. Jeff, in a candid and forthright catharsis, maps out the unspoken fear that is gripping hedgies around the street. I agree with his assertation that the sidelines will become increasingly crowded and I applaud him for having the courage to proactively make that choice for himself.

Turning our attention to the Monday muck, the action today has been unremarkable save a few master betas. The nutty nets have glistened green while several nutty nuts continue to scream. My eyes are watching the Taser's (TASR:NASD) and TravelZoo's (TZOO:NASD) of the world but I've also noticed former fliers like Research in Motion (RIMM:NASD) retest the 50-day moving average for the first time in months. What goes up must come down, I 'spose, although good timing is the only difference between an awesome fade and ursine denial.

The macro elements were relatively tame today as crude burped down a percent and the metal/dollar duopoly are on either side of unchanged. That should change in the next few days as Chambo arrives tomorrow, Elmer takes center stage on Wednesday and Michael Dell triumphs the "haves" over the "have nots" on Thursday. I'm not sure if any of the three amigos will shock us but with the tape flirting with multiple acne (potentially bullish) at an uber-extended juncture (potentially bearish), I'm sure some reasons will be assigned to the rhymes.

I don't have a super-strong feel here although I'm quite conscious that the action is fabu. I would venture a guess that "straight up" is a long shot and the likelihood is that we'll get a decent pause in the next few sessions. I'm not making a stand, mind you, but I'm also not in chase mode. That's never been my style and it's cost me during periods of parabolic frolic. That--and chocolate--are my fatal weaknesses during the trading day.

I'm gonna hop as time is tickin' and the ticks are flickin'. I sincerely hope you've had a fine day and an even better night.

R.P.
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