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Random Thoughts

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If I didn't know better, I would offer that the market "trades" like they're gonna denominate crude with gold.

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  • The Greatest Story Never Told? Fannie Mae (FNM) found a few more flies but the stock was upgraded this morning. I'm tellin' ya, Minyans, there's something very wrong with this picture. I mean, Franklin Raines is still getting paid!

  • Lest you thought hedgies were a bad breed, it seems like we've got some Minyanesque friends across the pond.

  • A sign of the times? Let the hoarding begin!

  • We've been noodling the upcoming Google analyst meeting (here and here), sharing the observation that it ran into last year's group hug. True to form, today's action is following the same script as the stock is up a G-spot ($10).

  • Fish Sticks? President Fish has circled back to Mr. Softee after givin' it the big ol' pan last month (and 15% ago). Given his taste for the space, this warrants a noodle, particularly if you sense a looming "N's over S's" environment approaching (as the stochastics suggest). I followed his lead this morning, taking a small call position into the teeth of the collateral damage from Dell, Dude.

  • While we don't "do" rumors in the 'Ville, we like to keep ye faithful up on what we're hearing. Take this with a grain of salt (and a shake of pepper) but word in the FX pits is that Treasury Secretary John Snow is gonna resign. This has been "around" before but I've picked it up from a few different spots and thought you should be in the loop.

  • As with most FOMC days, tomorrow should be a tale of two tapes. We'll have the pre-announcement posturing and the post-announcement exhalation. My take? Boom Boom will leave the window open for more hikes as he walks the 'data dependent' line.

  • This is your friendly Minyanville reminder that Mothers Day is quickly approaching. Don't forget to do the right thing.

  • The metals are en fuego as gold giggles $20 higher and silver futes are ahead 5%. The XAU, for its part, is tickling fresh multi-year acne as Hoofy sports a gold tooth.

  • I don't wanna be "that guy" who spills the beans so I'll word this carefully: Why didn't Jack Bauer just play the tape for CTU while he was on the plane?

  • Citi again held fitty ($50), former resistance and newfound support. That stock, along with the rest of the financials, is hangin' with Hoofy today. I've still got some fall downside paper on my sheets (against a spate of other longs) but slippage, if it's to come, prolly won't arrive until after 2:15 tomorrow. And with vol this cheap, I don't mind holding it.

  • Fat, slow and unafraid? I resemble that remark!

  • Minyan Franklin and I noodled the "basing vs.churning" dynamic regarding the metals on yesterday's Buzz. He also noted the oversold condition in Pan American Silver (PAAS) which is dutifully higher by 6% today. Nice eyes, young buck.
  • Driller? I don't even...nevermind. Just "see" the OSX as it tickles a zone that has failed three times this month.

  • Brusha, Brusha, Brusha! The breadth, despite several bovine attempts, has yet to budge from its uber-flat posture.

  • United Healthcare is thus far failing to hold long-term support at $45. I did the Texas two-step last week and stepped aside but wanted to keep it on your radar.

  • The dollar, for all you greenback fans, is near session lows (-40 bips). If I didn't know better, I would offer that the market "trades" like they're gonna denominate crude with gold.

  • As always, I hope this finds you well.


  • R.P.
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position in msft, metal equities, financials, c, paas
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