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Random Thoughts

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Today's tape is a picture of bovine beauty.

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  • It is the man who carefully advances step by step, with his mind becoming wider and wider -- and progressively better able to grasp any theme or situation -- persevering in what he knows to be practical, and concentrating his thought upon it, who is bound to succeed in the greatest degree." -- Alexander Graham Bell

  • Today's tape is a picture of bovine beauty. Breadth is 4:1 positive, the financials are gigglin' higher (BKX 108 becomes first resistance) and the semis (SOX +3%), energy (OSX +4%), metals (XAU +4.5%), homies (HGX +2.5%) and small caps (Russell +2.5%) are all doing their part.

  • Does Kevin Federline know that Pepe Depew is raiding his wardrobe?

  • The following Buzz took place between 11:00 AM and 12:00 Noon:



    And a new day will dawn
    For those who stand long
    And the forests will echo with laughter

    Indeed, the brazen bovine who are standing alongside Hoofy are enjoying their first giggle in quite some time. And while I'm toeing that line with them, I've made some sales as a function of discipline. You know the usual suspects--Weatherford (+5%) and Centex (+4%) among them--and I'm looking to pare further "overage" into S&P 1260 (200-day). Do we get there? I "think" so although, from a pure trading standpoint, I wanna peel and balance as we approach that technical tickle.

    My game plan, so you know, is to use liftage in the finanacials to nibble anew at some piggy puts and "pare off" my long cores. That would address my Phantom fear, as well as allow for the forthcoming metamorphism. No, I'm not talking about my transition from bachelorhood to that married guy--although that's currently in the works--I'm referring to my long-held belief that energy will overtake the financials as top dog in the S&P.

    One step at a time, Minyans, and that step currently points towards Matador City . While a reversal of fortune is within our probability spectrum, the tea leaves don't currently support it. If market internals fail (they're presently 4:1) of the financials get funky, Boo has a shot to turn this plot. Again, I don't see it but I've gladly let some exposure go with the hope that my first sales are my worst sales.

    As always, I hope this finds you well.

  • Diggin' the Buzz? Well, give it lotsa hugs because it's gonna cease to exist as you know it. We're a few short days away from the snazzy launch of Buzz 2.0 and Minyans are gonna schvitz when they see it! Wait a minute--will they schvitz, or will they kill us? First they're gonna schvitz and then they're gonna kill us!

  • Not reading the Buzz? Then you're missing the best content on the 'Ville. Not sellin' ya, just tellin' ya.

  • Blink! The VXO is down 20%.

  • If you get confused, just listen to the music play. I mean, come on now, it just doesn't get any better than this!

  • The Gland Stand?

  • The Kiss of Death? No, I'm not talking about Eddie Mush from A Bronx Tale. I'm talking about the NDX as the 50-day moving average is about to cross through the 200-day. We've spoken about this signal before--and those smarter than me have "proved" its insignificance--but I wanted to make sure you saw it.

  • Mucho White light and a ton of love to Jules Francis Saut. The entire Minyanville community is channeling positive mojo your way.

  • You know, sometimes when I'm trading, I get the Chloe face going. I can't help it.

  • The Fly Guy! Potential flies in the morning skies? How 'bout daddy's nemesis, JP Morgan, which is doing everything it can to stay flat in the fields of green after testing her 200-day yesterday. That screams of supply, from where I sit, particularly on the heels of the smack down of late. As discussed, I wanna "sell blips" in the financials. I'm just not sure we get 'em.

  • If you were fishin' yesterday, please take the time to read Professor Goepfert's Sentiment Vibes and the revised State of the Art (which is getting some good play around the Street).

  • He coulda sold naked puts to prove his point.

  • Driller? I don't even...Please see the OSX (+3.5%) as it snaps back through its 200-day moving average. I own some exposure in this complex--most notably Weatherford (WFT)--and parceled out some of my 'cheaper adds' while trading around a core. Just keeping ye faithful up as we find our way together.

  • I was on the horn with the savvy soothayin' sommelier Jeff Saut of Raymond James this morning and he told me that he bought two (of his desired three) tranches of long exposure the last few days. As he was the only voice of reason in the Journal on May 11, I wanted to make sure ye faithful are well aware of his soothsayin' fare. Those joining us at Minyans in the Mountains will have the opportunity to see for yourself what a good dude he is.

  • It looks like the MVHQ hoop has to come down!




R.P.

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position in wft, ctx, metals, energy
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