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Random Thoughts

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Oh by the way, we forgot to mention...

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  • Cat trick!

  • "Errors and omissions are no stranger to government statistics, but omitting whole sentences from FOMC statements is surprising, even for Government work. Other than the period between 2:20 and the close, the market maintained its small upward bias. For those trading off of intra-day point and figure, it was 1 1/2 hours from hell. As for market sentiment, 53% of the Rydex long/short data is committed to the long-side of the equation. It's an improvement from the beginning of the year when 78% of assets were committed to the long-side, but it 's suggestive more of a bounce than a bottom." -- Lehman technician Jeff DeGraaf

  • Google (GOOG) continues to drift higher as Hoofy eyes defined risk. As I'm a big believer that gaps eventually fill, I told Boo to watch the $215-$205 vacuum.

  • More vibes on Tuesday's with Elmer.

  • Speaking of gap fillage, General Motors (GM)--up an astounding 17%--will fill the vacuum that is her gap at $33.70. This puppy is squeezin' alotta bears today but the pain--at least from a technical perspective--may be nearing an end.

  • Minyan Media Advisory: The Iron Horse--aka Brian Reynolds of MS Howells & Co. fame--will be on Bloomberg TV at 3:00 EST to discuss the corporate bond market, General Motors and (perhaps) his payroll playbook.

  • Pat Tillman and his family deserved the respect of immediate honesty.

  • I wrote on the Buzz that the financials hold the key to the vault and, from a field position standpoint (and on a trading basis), the piggies (BKX) seemed more vulnerable than the brokers (XBD). As it stands, the former is probing the 200-day (BKX 99.15) while the latter is enjoying a sunny spot on the sidewalk (+2.8%).

  • Crude, on the heels of the inventory data, has seen more swings than a Hedonism vacation.

  • As it stands, there is no evidence that the bears were reacting to yesterday's late day Fed announcement.

  • Sammy!

  • Why would Captain Kirk pay 10% through the offer for General Motors (GM)? You mean, other than the fact that he already owns 22,000,000 shares?

  • I kinda had the same afternoon yesterday.

  • The U.S. Treasury is considering whether to reintroduce the 30-year bond? Let's make it a 50 year and get it over with!

  • "I like the tape for the day and 'think' we have room to DJIA 10,400 and NDX 1460. Why? Market internals, the brokers (over banks), trapped shorts and path of maximum frustration. I think this rally is fadable (read: a sale) and will eye both time (into Friday) and price (levels discussed above). And, of course, I wanna keep my risk defined (via stops) as I'm wary of trap doors." Buzz vibe, 10:07 EST

  • As a follow-up to that thought, I just opined to Collins that I'm getting less bullish as we edge closer to multiple resistance points. The internals-snazzy all session-support a strong close but volume leaves a lot to be desired. While we could see another thrust higher, this is perhaps the most fragile +75 market I can remember.

  • The Roman Empire.

  • This is your friendly Minyanville reminder to circle August 18-21st in your calendar for Minyans in the Mountains II in Santa Barbara, California. I'm not allowed to name names yet but I promise that the ilk will be consistent with what you've come to expect in the 'Ville.


    R.P.
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