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Random Thoughts

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Some people make things happen, others watch them happen and others turn around and say "What happened?"

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  • Ninety years ago today, in the Bronx , Ruby Peck was born. Those who knew him continue to celebrate his life through doing the right thing, thinking positive and staying true to their name and their word. Last Friday, we took a giant step forward in spreading that word and furthering our mission of aspiring to inspire. Rest in peace, Grandpa, and thank you.

  • "I'm digging the double bottom action on Walgreens (WAG). The chain's November comps were solid, as well. If I still lived in Cali , where there's a Walgreens every two blocks or so, they'd have December in the bag after I load up on over the counter cold-meds. As is, be careful shorting CVS... I hear they're having a big December." Television's JeffMacke® on this morning's Buzz.

  • December Expiration? Already? Due to the fact that December 1st was a Friday, the last put funeral of the year will arrive with two full weeks left in '07. Structurally, there is large open interest at S&P 1400 and S&P 1425 so those will likely serve as the magnets to the madness.

  • Some people make things happen, others watch them happen and others turn around and say "What happened?"

  • A gorilla bought 15,000 S&P January 1400 puts while I was in the meeting. What did Eddie Murphy used to say? "Hey, wasn't me!"

  • Keep in mind that S&P 1400 might 'matter' more (as a support) than S&P 1407 into December expiration.

  • Breadth is flattish and the brokers are holding a bid. Until they fail, the tape will bend rather than break (keep close tabs on Goldman-it's the fly in the upside ointment today).

  • Minyans are welcome to join the MVHQ crew tonight at The Red Lion as we support our Boy Blue and his Rolling Bones Band.

  • HGX 250 remains resistance while HGX 225 (200-day) is the first discernible support (note the twisty overbought stochastics as well).

  • "The HUI is now up half a percent with gold down $3. A positive divergence of this sort typically (but not always) precedes a rally in the metal. Thus, the odds suggest that both the metal and the shares could be set to rally off of tomorrow's jobs data." Lance Lewis on today's Buzz (position in metals)

  • Minyan Mailbag

    Toddo- We have seen sell-offs where oil goes down, gold goes down, everything goes down and the dollar rallies (and vice-versa). Is it possible that everything can go down, and the dollar doesn't rally?

    Peace,
    Minyan Jim

    Absolutely. I've long said that asset classes (as a whole) and the dollar cannot rally in synch for a sustained period but they can certainly trade lower together. I don't know when, how or 'why' but my sense is that it would be a "debasement event" (crude denominated in Euros, for example) or a crisis in confidence.

    Again, this is simply my opinion and I've learned that when it comes to hypothesizing about the market, there is a defined interpretation of a pertinent reality. It's called profit and loss.

    With that said, I continue to manage my risk while many others chase reward. I won't make as much on the up, up and away's but I'll sleep better knowing that my future isn't entirely tied to other people's perception.


R.P.

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Position in financials, metals
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