- We've walked through the laundry list of potential flags. Some things to watch the other way include a benign Elmer speech (tomorrow), a good Treasury refunding and a continuation of the recovery in junk spreads (that started yesterday)
- A humble request to all Minyans. Please join me in saying "J-T-B" and send some white light to the left coast. Thanks!
- Further suggestions for Fokker Jr.- Ruprecht, Gaylord and the Gipper.
- There was an article in CFO.com last week regarding new accounting and off-balance sheet assets. This rule (FIN 46) impacted Cisco (CSCO:NASD) to the tune of $567 million and could filter through to other companies as well.
- In the movie Sling Blade actor Billy Bob Thornton - in an attempt to make his character Karl Childers walk in a more awkward manner -- put crushed glass in his shoes.
- The breadth has improved nicely (better in the S's) and is somewhat 'sticky' during the downside tests. That, in a vacuum, is bullish.
- At the beginning of Prohibition, there was such confidence that alcohol was the cause of virtually all crime, a number of towns actually sold their jails. In an isolated series of events, we've seen a fair amount of puts being sold today in the marketplace.
- The Minx is trying to squirt and spurt through initial resistance. If it does, S&P 1150 and NDX 1515 will move into the near-term cross hairs.
- Chatter of "push outs" in the semiconductor space were making the rounds this morning. I am not involved (and can't confirm) but it was 'out there.'
- American International Group (AIG:NYSE), Coca Cola (KO:NYSE), Fox Entertainment (FOX:NYSE) and Hercules, Hercules, Hercules (HPC:NYSE) report tomorrow morning.
- Flow's Diner: We just saw a customer selling 1,500,000 XLF (financial spiders).
- Europe is now hugging either side of the flat line.
- VXO 18 (volatility index) once again quelled the fear smear (currently 15.80). This is a level that should remain on our radars.
- Ever see Liar Liar with Jim Carey? Wouldn't it be awesome if Elmer's child made the same wish tonight? Think about it--this could be one of the funniest Randoms ever!
- The XBD (broker/dealer index) is down in the face of a massive Merrill buyback (MER:NYSE).
- The conference call jugglefest continues--and will through next week's launch--so thanks in advance for understanding. We're still shooting for Tuesday but Thursday may be the more realistic date. Stay tuned--the critters are workin' their tails off (bad image) and it's always better to do something right rather than quick.
- Retail (still crowded on the short side) is taking a breather after a few days of jig.
- Every trader is now staring at the same levels. Ya think?
- Define your horizon--either price or time--before initiating risk.
- From Minyan Ronald Sen: Trading lately reminds me of the scene in 'Butch Cassidy & the Sundance Kid' where Butch is in the knife fight and wants to discuss the rules. His opponent says, 'Rules in a knife fight?', whereupon Butch kicks him in the groin. 1,2,3 Go...
Todd Harrison is the founder and Chief Executive Officer of Minyanville. Prior to his current role, Mr. Harrison was President and head trader at a $400 million dollar New York-based hedge fund. Todd welcomes your comments and/or feedback at firstname.lastname@example.org.
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