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Morning Randoms

By

Hit 'em hard!

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  • As Brotskinny noted this morning, the TRIN has closed above two for three consecutive days for the first time ever.

  • A few Minyans ask why I spend so much time on the Buzz & Banter and the answer isn't that I'm playing favorites. Quite simply, the Buzz allows me (and the other professors) to chime in quickly on a dynamic basis and real-time basis. If you're an active Minyan--or interested in the guts of the daily trading body--that's the place to be.

  • The 'Cuse noose is a true bummer (sorry Fish). Still, if memory serves, they seem to do alright in the NCAA's after getting tossed from the Big East.

  • Most everyone is expecting a bounce today--almost across the board. While it certainly could happen (after such a sharp dive), please remember that there is a "I don't wanna be long over the weekend" potential....that 'may' lead to the "nothing happened so let's rally" Monday Snapper.

  • An "up" opening is actually more bearish than a "down" opening today.

  • Hoofy will argue that, just as sharp Snappers littered the bubble melt, hard dips are natural for a bull market (remember, folks, he IS a bull).

  • Are vols (VXO) establishing a new trading range?

  • Watch the banks--they melted through the BKX 50-day like a hot knife through (low fat) buttah. That'll act as first resistance this morning.

  • $3.3 beans into mutual funds this week.

  • ICI data shows cash at US retail money market funds has now fallen to $883B, the lowest level since mid 1999.

  • China's top two financial regulators warned that a surge in lending by state-owned banks is fueling inflation and heightening the prospect of a shock to the world's fastest-growing economy. (Washington Post)

  • N's over S's should continue.

  • When in doubt, sit it out...or do a little less.

  • Foreign central banks bought $9.26B of treasuries, taking holdings on treasuries and agencies up to $1.165 trillion (suggests continued intervention)

  • Judith the J-Dog, after some prodding, weighed in at a (lean and mean) 125lb. The envelopes are now officially sealed and will be reopened on April 12th.

  • S&P 1125 has established itself as the official line in the upside sand.

  • With the 50% spike in vols, option pros may wanna think about back spreading long vol positions.

  • Lotsa big cap tech stochastics are giving buy signals but, as the grill marks on Boo's arse can tell ya, they're more of a directional (not timing) tool.

  • A young Minyan asked what the psychology was like in April 2000 (with regard to dip buying). I told him, as you already know, that many sentiment surveys today are giddier than they were then. Doesn't mean the result will be the same but it's certainly not a positive.

  • I had my (brief but always enjoyable) weekly face time with Professor Succo last night and the topic of refi-mania came up. He's one smart cookie.

  • Wrenched my back on the hoops court last night...noice!

  • Grandpa Neil, eat another bagel!

    R.P.
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