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Random Thoughts

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Look alive, Minyans!

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  • The all-star guitar has been discussed in BusinessWeek, the Sunday New York Times, CNN Money and numerous other media outlets last week. The top bid remains $35,500 with five days left in the contest. The auction winner will receive a receipt from the Ruby Peck Foundation for the tax deductible portion of the bid in the amount that exceeds the fair market value of the guitar. In other words, all but (roughly) $800 is tax deductible!

  • With the notable exception of the XAU (+3%), most sectors are slithery as we edge into the new week. I would expect further jockeying between the sectors in front of Elmer's last hurrah tomorrow.

  • Please note that the piggies (BKX) and the brokers (XBD) just slipped in synch into Red Dye. The financials were THE tell last week and should remain on ye radar (particularly with Elmer waiting in the wings).

  • Any Minyans interested in joining the critters and I in Aspen for Dr. J's seminar should mention "Minyanville" for some special critter gifts.

  • "Do you know a bubble when you SEE one? By far and away, the biggest debate of 2005 was whether there was a bubble in housing or not. Most anecdotal evidence would suggest so in parts of the country, but I will leave that for you to decide. What there has been in my opinion, is a bubble in housing shares that is similar in duration and percentage and just as parabolic as the 3 previous bubbles in gold, the Nikkei and the Nazz. Like they say, a picture is worth a 1000 words, so if you don't believe me, see the attached graph. And yes, I am well aware of the difference in valuations of tech stocks at 100 times earnings at the peak and 7 to 10 times now for most homebuilders. I suspect the 'E' in P/E may be vulnerable, which is what the chart is telling us. Personally, as I have said before, I do not believe in the "it's different this time" mantra being used by housing bulls. Only time will tell, I guess, but I find this graph very intriguing." -- Bennet Sedacca on today's Buzz.

  • If you haven't seen "Da Vinci and the code he lived by" on the History channel, you might wanna take a peek. Fascinating stuff.

  • Staple this on the top of the TPS report!

  • Bad seasons define true fans. I had to remind myself of that a few times while watching yesterday's Silver, Black and Blue debacle.

  • Our friends at M.S. Howells & Co are conducting a search for a head trader at its Scottsdale headquarters. If you're interested in hanging your hat in Scottsdale (it's mighty nice out there) and have seven plus years of institutional trading experience, please contact my pal Adam for more details. Thanks!

  • Is last year's script too obvious to follow?

  • "Coming into today, bond futures have had five consecutive days of "one way trade." Very unusual. Basically, this means the bond either gapped up and never traded negative, or gapped down and never traded positive. In fact, what is even more strange is that the gaps have reversed each day. How unusual is it? It's never happened before that we've had five flip flop gaps like that." -- Jason Roney on today's Buzz.

  • Everything is bigger in Texas. Even the potential political problems.

  • Lotsa IPO's this week, according to uber-Minyan Sal Morreale. That won't help Hoofy as he digests the supply/demand dynamic.

  • Critter gifts?

  • Does anyone else have the Mondays?


    R.P.
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