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Bipolar Tendencies


Banks a lot!


I've been first and last
Look at how the time goes past
But I'm all alone at last
Rolling home to you

(Neil Young)

Alright, I think I've heard every possible comment on the picture at the top of the page. Yes, it looks like Dylan from 90210, no, I don't have that much hair and no, you can't actually see my cheekbones anymore! But let me ask an honest question: If you could have a cartoon render of yourself, wouldn't you take some creative liberties? I mean, I can eat all the Brent & Sam's I want, skip the gym and never age. Excellent!

The tape continues to wishbone and you get the sense that the S's will pull the N's up or the N's will pull down the S's. The banks are starting to act perky and they're now directly challenging the semiconductors for "top tell" status. I haven't heard any stories coming out of the financial conference but moody Junior is making the calls and sniffing it out. Meanwhile, the S&P internals have edged back towards a more neutral posture as the techs continue to lag. If you want to see this tape in a nutshell (no, this is me in a nutshell), pull up KLAC and Citigroup and watch them trade side by side.

Looking forward, the Intel mid-quarter update is the bogey on the horizon and that, along with CS First Boston's tech fete, will dominate tomorrow's headlines. We'll also get a decision out of the E.C.B before tomorrow's opening (expectations are for a 50 bip snip) and that will likely set the tone for the European bourses. Finally, for all you retail players, same store sales will be released tomorrow morning and that should help shape the holiday shopping season psychology...although Minyanville retail sales will not be included.

With regard to the disclosure issue, I wanted to circle back to a discussion we had yesterday. It's important that you understand that we operate with a large portfolio of stocks and, while the old disclosure bias indicated whether we were long or short a particular vehicle, it was quite possible that it was part of a larger trading strategy (ie-a hedge).

In other words, it is our view that offering the 'side' of a trade often gave the wrong impression to readers who were looking for "direction" via the disclosures. You'll always know whether I'm involved in a name-and hasn't changed-and I'll continue to use the costumes as a metaphorical representation of my (humble) trading posture. We're simply trying to alleviate any miscommunications and be as honest as we can with the readers. Besides-it's out of my hands at this point so please work with me on this.

For those who were wondering if Bucky broke, the answer is a resounding yes and when the fries arrived, his hands were moving faster than Roy Jones Jr.! I'd love to tell you the rest of the story, but I've gotta toss my other hat back on and move some merchandise.

Hope you're kicking some proverbial tail!


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