Freaky Friday the 13th Randoms
By Marcus Laun May 13, 2005 9:05 am
Good luck on this spooky Friday!
- Duuuuuude! Will Dell (DELL) matter? It was "there" but, much like Cisco (CSCO), it's simply a prawn in a much bigger sea. There are alotta structural situations that will likely trump fundamentals in terms of a trading totem pole.
- Early yesterday morning, we noted the dollar dynamic and some potential implications for metals and the broader tape. Sure 'nuff, as the greenback grabbed some, uh, green back, both equities, metals (and pretty much anything supply/demand related) got jack hammered. We've humbly opined in this space that we--as in we're all in this together--will have to choose between a firmer currency or buoyant markets. While that's a "big picture thought," we know that the big picture is often made up of alotta little pictures. Something to monitor as we power up this Friday pup to find the DXY up an additional 55 bips
- The action yesterday-grippy greenback and drippy commodities (crude)-sparked chatter that the gorilla hedge funds were unwinding big positions. Whether it was their choice (or a forced hand) is thus far uncertain.
- Contrary to market rumors, Jeff Macke will still be hosting CNBC's Squawk Box on Monday.
- Speaking of hedge funds, snaps to Professor John Succo for being FAR ahead of the crowd in discussing the carnage in the convertible bond market.
- Planes, Trains & Automobiles or Dirty Rotten Scoundrels?
- We noted the importance of the Goldman Sachs (GS) $107.50 level a few weeks ago as an upside line in the sand. Suffice to say that this level remains intact.
- Condo Carcass?
- Fish, Collins, Succo and I took Jeff and Cheryl Saut to their first Minyan Mexicana last night. After we were sufficiently stuffed, Mr. Saut graced the all-star guitar with his fine penmanship.
- There is a massive difference between having fun and being happy. I learned that lesson through the years and consider myself a better man for it.
- If you haven't scribbled on the Note Pad yet, it's worth a quick morning gander.
- The obvious level this morning is S&P 1158ish (200-day). I don't think it's as "powerful" as DJIA 10,400 (the other way) but it's on Hoofy's radar and now it's on yours.
- The longer the Mother Morgan saga drags on, the more that two things will be lost: internal talent and external patience.
- Pass the Herb! The big man weighs in from Sunny San Diego!
- I continue to hear from friends in the business how frustrated they are with a) the market and b) their performance. Indeed, the earning curve is taking thrice the effort to make half the money as the field crowds and the capacity weeds. We've been discussing this dynamic for five (count 'em) years and my sense is that we're still in the early innings. Please don't shoot the messenger, just manage expectations and mentally prepare yourself for what's to come.
- Along those lines, I'm chock full of fumes this morning after another uber-long week in the freak. T-minus seven hours 'till the requisite Friday night face plant so let's suck it up and truck it down. We're almost there.
- Good luck today.
No positions in stocks mentioned.
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