Patience is a virtue!
- And you wonder why I rent my apartment in NYC?
- "No technical change from yesterday: still looking for a new swing low in the SPX, INDU, NYA, etc. to form with another probe lower. The most important observation we can make is how overlapped the advance off yesterday's lows is. That suggests strongly that we'll see another probe lower that could well be the 5th wave low we're looking for. From there we are still expecting a few session rally to occur before the larger bearish forces reassert themselves and lead to a multi-week decline. The bearish case, however, rests on the need for one more new low, however slight to form 5 waves down from last week's peaks. Stay tuned, some important technical action is taking place." Scotto Reamer on today's Buzz
- Never turn a blind eye to animal cruelty.
- "The shorts are going to get crushed. You ain't seen nothin' yet." Robert Toll, Chairman and CEO, Toll Brothers (TOL), CNBC, 2/23/05. Interesting, considering he sold 2,000,000 shares in December (he still leaves 11.4 million shares).
- Sleepin' with dem fishes!
- I mentioned this on the Buzz earlier but wanted to make sure all Minyans saw it. The response, thus far, has been overwhelming! "How many Minyans would be interested in obtaining Minyanville gold and silver commemorative coins with Hoofy on the front and Boo on the back? We could call them the "Schnitzel" and use them as collectors' pieces and stores of value (they will be solid gold or silver). Personally, I'm all for it if for no other reason than I can walk up to the critters and say "You're money baby and you don't even know it!"
- There is something very ironic about this medical assumption.
- Boo just took the last Random and put it on the bulletin board of the Red Dye locker room.
- Derivatives aren't a causation of a problem but they can certainly exacerbate one when it arrives.
- Are you overtrading? There is such a thing as proactive patience.
- The Minyan experience will uptick in March as we roll out a slew of news. While I've been massively tempted to leak the freak, I'm sure you'll find it worth the wait.
- Vibes on metals and energy.
- Playin' in the band? Since the S&P broke out above 1160 in November, we've been vacillating back and forth in a sixty handle range. That's one of the reasons that the VXO is so low (11-handle again) and it has frustrated the mo'mo'go'go traders who "buy up" and "sell down." Ranges aren't bad if you see 'em and scalp 'em (sell strength, buy weakness) but please make sure you stay disciplined if they break out either way. If we've learned anything over the years, it's that the definition of an investment should never be a trade gone awry.
- I think I found a nice side business for David Miller.
- I'm not sure if it has anything to do with her being a beaver but after spending the night with Thumper, Boo keeps walking around saying "damn!"
- The trannies (TRAN) are starting to vibe Hoofy's upside antennae. Please keep an eye on these puppies as we trade ahead.
- Pillows? Those aren't pillows!
- Raaaaaaaaaaid! Vibes from Morgan Sage Stephen Roach.
- Rotation station: Into the homies and semis and out of media, "big net," drillers and metal equities.
- "Below the favorable surface [of the economy], there are as many dangerous and intractable circumstances as I can remember.... Nothing in our experience is comparable...But no one is willing to understand [this] and do anything about it... We are consuming... about six per cent more than we are producing. What holds the world together is a massive flow of capital from abroad... it's what feeds our consumption binge... the United States economy is growing on the savings of the poor... A big adjustment will inevitably become necessary, long before the social security surpluses disappear and the deficit explodes...We are skating on increasingly thin ice." Former Fed Chairman Paul Volker speaking at a recent conference.
- Chinese bubble blowing?
- I just hope he drinks plenty of milk so his jaw bone stays strong!
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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