By Todd Harrison May 26, 2004 12:36 pm
I thought stocks were supposed to get LESS attractive at higher levels?
- Why do weeks take longer to pass when you're dieting?
- Minyan Jeff Saut offers that on this day in 1896--the Dow Jones begins an index of 12 industrial stocks (the close was 40.94). I'm told that Neil Glassman bought that open personally.
- A LOT of shorts were unwound (squeezed out) during yesterday's jiggy giggle. That removes a level of demand from the marketplace.
- API says US Gas inventories rose 1.7MM brls, crude inventories rose 764k brls and distillate inventories fell 666k. The Dept of Energy followed with a report saying crude inventories were unchanged, gas inventories fell 700k and distillate inventories fell 500k brls. Just in case you missed it.
- It's all about the pigskin chemistry. And yes, I've got the double secret reverse mojo mush placed on the Silver and Black.
- I had lunch with Bill Walton a couple of years ago. He told me a story about how he took all of his Celtic teammates to a Dead show and Jerry seated them just off stage to the right. He said that Larry Bird's jaw was on the ground the entire time. I asked him if the Chief "partook" but I couldn't wrangle a response from the big guy.
- Minyan Pepe Depew offers some food for the Dow Jones thought process: "That is a reverse shakeout pattern. (Bullish shakeout is unbroken double top followed by reversal up entry point) and that is usually good for bearish entry on first reversal down. I especially like the formation here because it follows a bullish shakeout at 10250 that failed!" (not advice).
- A jury of their peers? Yeah-pull this leg and it plays jingle bells!
- Breadth is flat as a mat as we edge towards the massive Sashimi Wednesday print (shoes off).
- Lehman's aptly named technical analyst Jeff DeGraff offers "The combination of breadth, volume and price momentum when overbought/oversold and accompanied by a reversal often coincides with a reversal or at least moderation of the previous trend. The momentum surge on Tuesday generated a buy signal, the first such indication since it nailed the top in late January with a sell signal, and the first such buy signal since October 2002."
- There are certain teletubbies who are gonna bury middle America with their bubbliciously blind optimism. Again.
- Denville, N.J., animal control officer Meredith Petrillo reported solving the problem of one bear's taking up residence ("denning") underneath a homeowner's deck. Petrillo advised the resident to have her husband urinate under the deck -- after which the respectful bear began denning elsewhere. [Boston Globe]
- I have a pretty jammy afternoon schedule--1:30 sushifest, 2:30 apprentice interview, 4:00 conference call and, last but certainly not least, a groovy evening gaggle with Mssrs. Succo, Glassman, Ehlers, Santoli and Van.
- Newport Minyans stand up and be counted!
- Would you rather be wealthy or loved?
- Yahoo! (YHOO:NASD) and eBay (EBAY:NASD) broke to new highs yesterday. Yes, that surprised me as well.
- Something to chew on.
- From Professor Goepfert on the Buzz: "I've received quite a few requests for updates on Rydex Bank fund assets since my post on May 12th (12:04:58pm). Not surprisingly, the 6% rally in the BKX since that time has brought some interest in the group, and assets have nearly quintupled to $26 million. However, assets have been as high as $80 million as recently as last November, and have been over $100 million in the past. The "easy" trade (is there such a thing?) is over, but as long as sentiment keeps improving and assets in the fund continue to increase, it seems as though banks in general should be able to keep working higher." If you wanna read more JG, please visit his website!
- Phish food!
- Fashion police?
- All you have is your name and your word.
- Please don't read this if you have a stuffy nose.
- The best revenge is living well.
No positions in stocks mentioned.
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