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The Dead Bed


Good luck into the bell!


Till the morning comes, it'll do you fine.
Till the morning comes, like a highway sign,
Showing you the way, leaving no doubt,
Of the way on in or the way back out.

(Grateful Dead)

The ticks and tocks and flicks and stocks are coming to a head as we edge towards the bell that tolls. I'm not sure there's much to say that hasn't already been covered--the semis are a battlefield at SOX 500, the financials are weighing on the collective mindset (Brazil), sector rotation remains all the rage, retail trades squeezy, the internets are firm and energy is taking a breather. All in all, par for the course as we head into tomorrow's force.

I'm not sure what (if anything) to make of Brazil. If memory serves (where DOES that come from?), we've seen a few "mini-implosions" this past year that raised our ire before fanning the fire. While I'll stop short of sending Fokker south (candle in hand), I'll always err to the side of making sure you see what's going on. This way, you have more data points with which to make an informed decision.

Most of the folks I've spoken with today are pointing to Fed Governor Bernanke's dovish comments earlier today as the latest "positive." While I don't profess to understand how to extrapolate his view (to tomorrow's data), I can't shake the feeling that these guys have become salesmen. It's my view that the Fed is trying to buy time (literally) in an effort to let the economy self-fulfill itself to health. The structural actions (liquidity) and supporting vernacular make for a powerful combination but, at this point, they'd better be right. The hole they're digging is getting deeper by the day.

I've gotta hop onto this call before taking Fokker and Mini-me out for a schnitzel. I'm gonna try and get some vibes out to you tomorrow morning but, either way, Mr. Brodsky will have the con and you'll be in good hands. Happy birthday to my brother Lionel--ya old man--and, for the rest of ye faithful Minyans, please be sure to take a quick read of News and Views after the close. This is what makes the Minyanship special and anything we can do to help one of our own is most appreciated.

Have a peaceful night.
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