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Random Thoughts

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As go the financials, so goes the tape.

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  • "This remains the strangest tape I've ever seen. Someone is buying indexes and then stocks fill in for sale. That someone then buys the indices again, all stocks follow higher, before sellers come in (to individual stocks) and the indices get heavy...until buyers of indexes reappear and then it repeats over and over. My point is that entities are just buying stock markets instead of companies, regardless of any discernment." John Succo on yesterday's Buzz

  • If I were a Hussman, Ya ha deedle deedle, bubba bubba deedle deedle dum...

  • Newmont, which turned from jiggy to squiggy yesterday, is flirting with Red Dye again. If this gets thwacked on the Peru stuff, I'm gonna buy some back (me love this long-term).

  • My sense, for lack of a better word, is that IF Hoofy can rally the troops; Boo will have a tough time repeating yesterday's thumper.

  • Alternative rock? Nah, alternative energy!

  • T-minus three days till we shake some bones. Noice!

  • The drillers, which were quietly thumped late yesterday, probed previous acne out of the gate. Textbook technicals dictate that the retest of a breakout is an optimal time to buy.

  • As mentioned in my opener, I had dinner last night with one of the best traders on the Street (he runs ten figure size). We spoke on the financials and, while he 'sees' a pull-back, he believes that they've still got plenty of room to run. So ya know...

  • We've been discussing the "debasing" of the dollar for a while now. In fact, we delved into it this morning anew. Pay attention to this, Minyans, not because the DXY is down another 80 bips, but because it has the potential to go a lot lower.

  • Consistent with my stated plan of action, I nibbled anew on some SunMicro as it filled the gap (near $5). The risk to this trade? Scott McNealy has been dumping alotta stock and that isn't exactly a warm and fuzzy vote of confidence.

  • Google is knock, knock, knocking on $400 again. Please see both gaps--the one above ($407 to $435) and the one below ($364 to $342).

  • Is this a good omen for Farley as he makes his case to rejoin MVHQ upon graduation?

  • An astute Minyan asked if Warren Buffett's put sale was a bet that Boom Boom will keep "things" reflated. Interesting thought, particularly if WB is short the dollar as well.

  • Citi $48. See it, cookie, as it's a big level

  • So lemme get this straight, Ambassador, you're telling me that you lost a Russian nuclear submarine?

  • Professor Sedacca keeps telling me that he wants to take me fly fishing in Vail. That should be interesting as the only fly fishing I've done is after a Thanksgiving meal.

  • See how the DRG hugs 330? The reverse dandruff (bullish) is still in place but the sector acts a bit flaky of late.

  • Herb Greenberg of MarketWatch just "officially" RSVP'd for MIM3. Noice!

  • As go the financials, so goes the tape. And yes, I'm short a coupla these pups for a trade (vs. a spate of select longs).

  • NYSE internals are workin' nine to five (what a way to make a living...). Nazz breadth continues to be unimpressive.

  • The Fed's Fisher is on the tape saying the U.S is "enjoying robust growth" but fails to mention the ever-expanding debt that is facilitating it. He also said that an "inverted yield curve doesn't portend a recession" and, in fact, that "a flat yield curve reflects liquidity in the system."


  • R.P.
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