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Random Thoughts

By

My bullish brethren know exactly where the stops are!

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  • Scattered customers have sold upwards of 80,000 QQQ puts today.

  • The buying I saw during that spurt was all futures related (S&P).

  • If a gnome on a knoll had a gnu with a gnat, would it be gnice?

  • I've seen scattered buying of the Semiconductor HOLDRs (SMH:Amex) but, thus far, the Semiconductor Index (SOX) is underperforming.

  • This tape is thin and gappy -- scarily thin and scarily gappy.

  • Oops -- as I write, I just say a buyer of 35,000 QQQ June 26 puts. Duke & Duke must be psyched.

  • This tape is more dizzying that Daisy in a butterscotch thong!

  • Does Saddam matter anymore?

  • The brokers are trading (relatively) heavy. If (big if) the tape turns lower, look for these to lead the way.

  • When you think of garbage, think of Akeem!

  • The S&P breadth is better than the NDX breadth.

  • There sure are a lot of scared traders out there today (both ways).

  • The DXY (dollar index) is holding steady down 1%.

  • The buyers are always higher and the sellers are always lower. Reactive traders abound.

  • Watch eBay (EBAY:Nasdaq) here -- if they can't turn this bad boy higher, it could weigh on tech sentiment.

  • The one and only Nipples Neuberger swung by (sans his full-length shearling coat) to say hi!

  • N-V-T-S nuts.

  • Eric Estrada really dropped the ball after CHiPs.

  • Straight down was too "easy." If (big if) we're to spill, the Minx had to stop out a chunk of short exposure.

  • Evidently, there was a rather meaty buy program that hit the market early this morning (catching the shorts and spiking the tape).

  • Tony did some great work today illustrating our current juncture.

  • Europe is up marginally across the board.

  • Is everybody in the world using S&P 905 and NDX 1100 as fish-or-cut-bait levels? And if so, is it too scripted?

  • Trading "not to lose" is the quickest way to lose money.

  • Good luck Elmer.
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