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Morning Randoms

By

Think positive, Minyans, and let's hit the weekend with some jingle in our jeans!

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  • Nothing is free in life.

  • I don't mean to beat a "corrupt" horse but the PPI stuff is tough to stomach.

  • Can you pull a tendon in your arm from writing too much?

  • Reason # 21865 to be nice to strangers: I left my cell phone in a taxi last night and the cabbie tracked me down to return it. Perhaps it had something to do with the engaging conversation we shared on my way to dinner.

  • Collins hasn't bit on the cookie bet yet and wants to know how many Minyans wanna piece of the action. Losers donate their portion to the Ruby Peck Foundation for Children's Education?

  • Who does number two work for?!? The Bank of England raised rates 25 bps (to 4..5%) noting that inflationary pressures are "likely to build" and that "cost pressures are rising as spare capacity narrows."

  • The S&P and NDX both closed on the uptrend lines from the May lows. This short-term trend (bullish) and the looming '04 trendline (bearish) seem to be on a collision course.

  • There is a difference between liquidity and volume.

  • Last night, the Semiconductor Industry Association predicted 28.6% growth for 2004 and a CAGR of 10.4% thru 2007. However, the report also calls for 4.2% growth in '05, and a decline of 0.8% in '06 suggesting that this year could represent the peak for chips.

  • See some old friends. It's good for the soul.

  • It's her name!

  • UBS raises the Oilfield Services group from neutral to buy while upgrading Schlumberger (SLB:NYSE), Nabors Industries (NBR:NYSE), Noble Drilling (NE:NYSE), Smith International (SII:NYSE), BJ Services (BJS:NYSE), Ensco International (ESV:NYSE).

  • I think alternating two and three day weekends should be mandated. As should one month sabbaticals.

  • The New York Times has reported that Libya intelligence operatives had a plot to assassinate Saudi Prince Abdullah.


  • We should have details next week regarding the Minyanville Mountain Minglefest. It'll be part educational seminar, part chill session and all good. As I said to the Minyan professors--at the very least, we'll have the entire Minyan family together for some serious vibe time!

  • Young Bill Meehan flubbed his only breakfast order of the week today. Blasphemy!

  • The biowrecks--which broke all near-term support yesterday--have some hope left. There is marginal support at BTK 480.

  • There are a bevy of big picture concerns that would justify further slippage (particularly with sentiment so complacent). With that said, there is a certain validity to the fact that the debt market is "smarter" than their equity brethren and any cracks in the foundation will appear there first.

  • Greg Weldon and Neal Dingmann should both make their Minyan debut next week and two more professors are "in motion." As we have a circle of trust, all new Minyan blood must be unanimously voted into the fold by the existing professors. It fosters a culture of trust and keeps the critters happy!

  • Dow 10,400. S&P 1140. Nazz 2015. BKX 98. SOX 487.

  • Wise words from Neal Glassman: "Honoring President Reagan tomorrow, try to focus on his vision of a strong, moral, entrepreneurial America whether you embraced the man or not."

  • "Be on my side, I'll be on your side baby. There is no reason for you to hide..."

  • There's no such thing as a sure bet.

  • From this morning's Horse and I concur: "In the very short term, stock investors today will likely face the question of how long they want to be in front of a long weekend that will see a gathering of world leaders in one place. People would not want to be long stocks in case something bad happens on the terror front, but might be faced with having to buy them back higher on Monday should nothing happen."

  • And so it begins...

  • There are some very exciting things in the Minyanville hopper and we'll be announcing them as soon as they're locked.

  • I'm already hearing chatter of quarter-end related buoyancy.

  • Blood on the streets is up to my ankles...

  • Good luck today.

    R.P.
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