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Morning Randoms


Good Luck today!


In what has become one continual series of back-to-back-to-back business meetings, I have a biggie this morning at 8:00 (we'll fit 'em in anywhere we can!). This particular meld is with a rather accomplished gentleman from the left coast who wants to meet the critters and tape measure Daisy. As the dairy diva will surely need help "primping," I'm gonna write as much as I possibly can, jammy out a morning Randoms and circle back to the Buzz shortly after the opening.

  • According to the WSJ, Fannie Mae (FNM) has been ordered by the SEC to restate earnings for the past four years due to improper accounting for derivatives (that may include $9 bln in losses). The SEC and DoJ will continue their investigation into the matter and we will likely see a shake-up of senior management. Will it matter, does it now? Franklin would answer if he only knew how! More importantly, the impact on the financial sector is focus one this morning. I'm not sure if it'll yawn or spawn as folks are widely conditioned to "Fredimize" rather than entertain "Enronesque" thoughts.

  • Things we want vs. things we need.

  • I attended the premiere of "Meet the Fockers" last night and without breaching movie etiquette, I'll simply say that it was an upside surprise. I didn't have very high expectations and perhaps that's why I giggled throughout. And while I've never been a big fan of Babs, she and Dustin stole the show in supporting roles.

  • For those that missed the mindmeld on Fantasy Island last yesterday afternoon, it offers some good insights from uber-Minyans John Roque and Rick Schottenfeld.

  • Mini-Minyan Mailbag: "Toddo, I'm surprised you don't have a theory that we can drop big going into year's end. Seems we just need a little downside to spark some fear of protecting gains. No one wants to sell their winners just yet due to the accelerated tax bill. Combined with big bullish sentiment, it is a recipe for disaster.--Minyan MA." MA- While it's admittedly a weak "thesis," the Ice Capades analogy is the best expression of my market vibe. Sentiment and vols are thinning the ice and more and more bulls continue to crowd the pond. That's not a "cause" but could lead to an "effect" that you discussed should--and that's the operative word--should a crack appear underhoof.

  • Good pup!

  • Alright Minyans, there's only four sessions left in the Minyanville Holiday auction and Neal Greenberg remains atop the leader board. I won't run through the guest list (which has now swelled to 40) but suffice to say that each and every attendee will be dynamic and accomplished in their own special way. As I intend to make this year memorable (and celebrate "things" that will be announced in January), I'll personally guarantee that the winning Minyan will be very pleased with the people, place, performance and (I couldn't help myself) the one-of-a-kind gift. And please remember that this isn't about me or Minyanville---this is about helping the kids lead better lives and giving something back (The Ruby Peck Foundation for Children's Education is a 501c3 non-profit corporation).

  • Editor's Note: We incorrectly identified Meehan's perfect holiday gift yesterday. His number one stocking (sleeve?) stuffer is this.

  • My key tell has been the financials in general and Citigroup (C:NYSE) in particular. For those intent on finding "no more tears" through the end of the year, you might want to monitor the inverse dandruff in Sandy's wheel. Also watch BKX 103.75 as well.

  • Ghost Story.

  • "Men, it has been well said, think in herds; it will be seen that they go mad in herds, while they only recover their senses slowly, and one by one." -- Charles Mackay

  • I care, you care, we all care for Medicare!

  • Where's the beef?

  • I'm gonna jump into this meeting for a bit and will return to the Buzz shortly after the opening. Thanks kindly for your understanding and hit 'em hard Minyans!
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