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Random Thoughts


N's over S's....or S's under N's!


  • Ask and you shall receive.

  • Is it me or have equities lagged the macro dance by a day? We saw action on Thursday that "extrapolated" to a Friday giggle and mused a similar vibe yesterday.

  • While resistance looms (DJIA 10,865/S&P 1218), today's tea leaves are generally supportive of higher prices. The one potential fly remains the financials, which remain stuck in the muck. That "may" simply be a function of rotation (into beta) but is certainly worthy of a mention. If the broader tape flips the switch, watch these names for signs of further supply.

  • Sometimes you eat the Orange, other times you get the Pitts.

  • Raise your hand if you think yields are going lower?

  • Better late than never!

  • I've put a dollar bill on my wall (behind screen number four) to remind me that it remains a focus.

  • The respected technical service Lowry's noted this morning that, while the S&P is near the highest levels of the year, only 61% of NYSE stocks are above the 10-day moving average (vs. 85% on Feb 4). This speaks to the narrowing scope of the current rally and is a slightly negative divergence. They remain bullish in the intermediate term, however, and believe that any near-term pullback should be minor.

  • The chatter in Google (GOOG) has turned from "lock up shock" to "when this puppy gets added to the S&P/NDX...."

  • _____ a doodle doo!

  • While I learned a long time ago that "gaming" expiration direction is a lesson in futility, there is a chorus of "upside bias" floating around today.

  • The three faces of inflation.

  • "Low volatility suggests a state of balance exists where buyers and sellers battle over middle ground with little progress. However, as physicists are aware, or anyone studying the dynamics of a sand pile for that matter, steady states often hide a more insidious potential, as several of the grains lie on the critical edge between catastrophic avalanche and Newtonian inertia (object at rest stays at rest)." Jeff DeGraaf of Lehman Brothers

  • Funny, they seem to work for me!

  • Hedge hogs?

  • Shakin' bacon!

  • Please note that the S&P midcap SPDR's (MDY) are flirting with an all-time high.

  • Did anybody raise their hand?

  • In the interest of real-time education--and a modeling unlike anything out there on the Street--please take some time to reread Scotto Reamer's Agilent (A) anticipation yesterday.

  • "According to the Nasdaq website, a stock "...must have "seasoned" on Nasdaq or another recognized market (generally, a company is considered to be seasoned if it has been listed on a market for at least two years" however "...if the security would otherwise qualify to be in the top 25% of the securities included in the Index by market capitalization for the six prior consecutive month-ends, then a one-year "seasoning" criterion would apply" So it would seem the earliest GOOG could be included would be one year from its IPO which is not until August 2005." Jason Roney on today's Buzz (and in response to my earlier scribe).

  • In-N-Out?

  • Does anybody else miss Snoop Tony Dwyer on the 'Ville? Ping him and let him know!!!

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No positions in stocks mentioned.
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