By Todd Harrison May 10, 2004 11:38 am
Mama said that there would be days like this...
- I'm not only the president, I'm a member!
- When does the surprise rate hike chatter start?
- Bored? No worries--the fun should pick up in pace Wednesday after Chambo speaks, Elmer winks and we hear from our friend Clarence Beeks.
- Lats are overrated.
- Happy belated third birthday to Minyanville's favorite son, Jackson Reamer.
- N's over S's. Or is it S's under N's?
- Franklin Raines.
- The S&P 200-day comes into play at 1077. These types of levels typically hold the first test.
- Good traders make money but great traders know how to take a loss.
- Forbidden fruit creates many jams.
- The breadth, much like it was Friday, smells putrid thus far.
- Bonds, after a brief upside flirtation, have joined their asset class brethren in the red (greenbacks aside).
- No one sector--with the possible exception of the financials--will quiet a bunch of quacking ducks.
- Taiwan, Argentina and Brazil have "officially" entered bear markets anew.
- Who names a kid Harpo?
- There used to be deflation fears (before Elmer kicked the printing press into overdrive). Now everyone is worried about inflation (with the CRB action as it is). Next will be the arrival of stagflation (when the stimuli-driven economy begins to slow).
- My grandfather taught me many things. Staying out of debt was on the top of his list.
- The last time crude was $40, I was 21 years old.
- Treasury yields jumped from 3.9% to 4.76% in a month. That's nuttier than Austin Power's coffee.
- De-cel-er-ation. De-cel-er-ation is.....making me wait.
- The BKX--down 25 the old way--continues to weigh on the collective psyche.
- There will always be reasons assigned to the minxy rhyme. With the tape red, the focus is on the geopolitical jitters, rate fears and earnings "peaks." If and when we rally, it'll be an "obvious" function of an improving economy (labor) and better than expected fundamentals.
- Deja Boo.
- I have some serious (and well documented) concerns about our financial system and, as such, I must allow for all downside scenarios. Still, we're at levels that could presage a Snapper and I'm allowing for that in my approach as well.
- Take a deep breath. Now take another one.
position in qqq
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