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Random Thoughts

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The definition of an investment should never be a trade gone awry.

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  • Keep an eye on Accredited Home (LEND), which is up a svelte 20% this morning. This was one of our key tells yesterday that the fear factor was due for a yellow flag.

  • How did we sniff out Snapper yesterday? Into the meat of the supply, the Nazz futures were effectively flat. That, to me, spoke of an underlying bid and gave Boo a wink to fear the turtle.

  • How did I play it? Small. Shrinkage small. I was running to an afternoon meld and, rather than slap on risk that I couldn't watch, I bought a bit more SunMicro. I still think that, in a normalized tape, the sexy six level will serve as a bovine backstop for our sun spot.

  • Speaking of fearing the turtle, please get your Minyan March Madness brackets in by 11 am today. We do this every year, with the winner getting a snazzy critter care package (and bragging rights) and the "non-winners" (there are no losers) have the option to give the kids a little love. For my part, I made my picks in an all-time record four minutes. Sans Orange, my heart just isn't in it this year.

  • Inflation? Slower growth? Hmm…if Justin Timberlake was in the house, he'd be a very busy crooner today.

  • Stagflation. stag· fla ·tion. [Origin: 1965–70; b. stagnation and inflation] noun. An inflationary period accompanied by rising unemployment and lack of growth in consumer demand and business activity.

  • If you're not mandated to trade, don't put so much pressure on yourself to participate in every move. Use this time to pull together a laundry list with potential entry points. This way, when the time comes, you'll have a definitive plan of action.

  • I stepped away from Goldenstar yesterday, as per my Buzz, but I'm clearly watching for nibble points. $3.44 seems like an intuitive level although that may be too much of a gift, if and when it arrives.

  • That, of course, doesn't matter for purposes of short-term trading postures. Indeed, a true trader doesn't much care about the destination as much as the path that we take to get there.

  • "Way back in October 2006, I wrote about S&P 1365 being an important breakout point as it relates to an important Fibonacci retracement from the high in 2000 and 2003 low. See that buzz here. The reason for my purchases today is that we tested (so far) that 1365 level. See the chart here." Professor Bennet Sedacca on yesterday's Buzz.

  • Watch the brokers today as the XBD is nestled up against the 200-day moving average and a zone of previous support and current resistance. As go the financials, so goes the...yeah, you get it.

  • The definition of an investment should never be a trade gone awry. That's an important commandment to remember while dancing in the throws of volatility.

  • Have a great day, Minyans, and just remember---You're a Melon


R.P.

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