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Jam Session


May peace be with you!


I take a walk outside,
I'm surrounded by some kids at play
I can feel their laughter
So why do I sear?

(Pearl Jam)

It's days like this that remind me of what my grandmother Dorothy used to say to me when I was a child. "What the hell are you doing in the bathroom all day and night? Why don't you get out of there and give someone else a chance?!?"

Yes, I know I'm lifting this line from our friend Igor (eye-gore?) but it's important to smile and this one always does it for me. Besides, I've been thinking a lot of the Margarita Mama and I officially wanted to send white light her way. Consider it done!

The Minx climbed on Hoofy's broad shoulders this morning and rode the bovine banshee to a stellar gain. While there's no debating the bullish elements -- breadth, the dollar, crude and fixed income -- it's interesting (is that the right word?) that the lion's share of the gains occurred by 11 a.m. Since then, there's been a bunch of grindy head fakes that frustrated the majority of our trading brethren.

I've mapped out my current posture early this morning and adhered to it throughout the session. It's too soon to tell if my strategy is right, wrong or early but it's an extension of my thought process (with defined risk) and I like that. We're either scaling our way up one of the biggest walls of worry in history or it's a compelling opportunity for the bears. I've chillin' with my main Dawg Boo (to the tune of one appendage or 25%) but, at the same time, I've got tremendous respect for the power of perception.

I am admittedly suspect that this entire move higher is a function of a rescued P.O.W (which, by the way, is AWESOME), although the press seems quick to attribute that as the cause. There's a LOT going on behind the scenes (structurally) and Brian seems to have a good handle on the "allocation trade." Either way, I'll take a quick walk through our metric bases tomorrow morning and see if we can sniff out any more clues.

I'm scooting out for quick meeting before joining my buddy Slaino at the soup kitchen for some charitable support. These are wild times and the markets are nutty, my friends, so don't be too hard on yourself if you didn't knock the cover off the ball. Tomorrow's a new day fresh with promise and opportunity but you'll never have another chance to live tonight. Enjoy it!

Fare ye well.

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