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Random Thoughts

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"Rolling rotations" are a sign of a strong tape.

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  • And Rudolph had a self-esteem issue?

  • We saw $5,000,000,000 (yes, billion) worth of S&P futures bought minutes after the S's made a fresh high shortly after the opening. Was it the Dukes? Nah, it was a combination of technical buying (triggered by 'new high' in the S&P) and expiration (the draw to S&P 1425). And, for what it's worth, I think S&P 1425ish caps 'em into expiration.

  • Gooooooooooal! Brazil is up a percent and registering fresh all-time highs. Why does that matter? It's a proxy for 1) emerging market concerns, 2) risk appetites and 3) unique waxing strategies.

  • Don't stress and press, just see and be.

  • The financials, the single most important group in the troop, are a 'tad' laggy today (yes, I know it's relative). While they're not yet considered a Jeff Goldblum style fly, keep an eye on 'em IF the tape fades. Stocks (sectors) that don't rally with the market typically imply supply.

  • This ditty isn't Hard to Handle.

  • Remember that reverse dandruff we spoke of in the drillers? It continues to flake higher. You know that conventional dandruff we eyed in the trannies? It remains alive under TRAN 4800.

  • Levels of Lore? BKX 115, TRAN 4600, HGX 240 (50% retracement) and SOX 465ish (right here and right now).

  • From a "tea leaves standpoint," the Matador Crowd is all systems go. At different times, however, different metrics assume distinct weighting and importance. Given the juxtaposition of tomorrow's expiration, I would offer that the structural metric is currently top tier (with psychology, technicals and fundies trailing in that order).

  • You would think that he would buy 'em a drink first, eh?

  • Wait, the dollar and stocks are both higher? Yep, it can happen any given day. But I firmly believe that they cannot both sustain the jig. Asset class deflation or dollar devaluation-it's been the DNA of this market since the back of the bubble and it remains very much in play.

  • "Rolling rotations" are a sign of a strong tape.

  • Mea culpa on not sharing the fact that Best Buy knocked 25% off everything under the moon during my plasma binge last Saturday. In hindsight, that was an anecdotal tell that something strange was afoot at the Circle K.

  • Who does number two work for!?!?

  • There were (and are) a slew of deals this week and thus far, the Minx has gobbled up the supply. Please note that, starting next week, the calendar will slow considerably into the holidays.

  • Rest in Peace, Mr. Boyle. And thank you for the memories.


R.P.

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