Freaky Friday Random Rants
By Todd Harrison Jun 02, 2006 8:22 am
Breakfast with Beeks is all the rage this morning....
- Breakfast with Beeks is all the rage this morning. Estimates are for 170,000 new non-farm jobs, 4.7% unemployment and 33.8 average hours. A few thoughts. First, anyone who believes that there's only 4.7% of Americans unemployed should put some teeth under their pillow and cookies by their chimney. Second, in a data-dependent, hedge-fund crowded, holiday thinned, technically critical juncture such as this, it's gonna be nasty noisy near the opening (wait for the dust to settle). Third, if I ever worked 33.8 hours in a week, I very well might feel like the world's biggest slacker.
- As Beeks stands in the dark corner of the underground garage, orange crop report in hand, the early morning commodities are getting ready to play. Copper is bouncing 3.5%, silver is up a deuce and the yellow metal, fighting for respect, is marginally higher. Lean hogs (used to make bacon, which you might find in a bacon, lettuce and tomato sandwich) has yet to open.
- All ye metal nationalization noodlers, please see this link! With the Peruvian elections this weekend, you can be sure that the metal equity complex is gonna be en fuego on Monday. You know where I stand, Peg, long a spate of defined risk calls (Goldcorp, Pan American), as well as a slug of Golden Star (GSS), as I begin to rebuild the "long energy and metals, long financial puts" pairs trade.
- And yes, I'm conscious that the piggies won't get poked until BKX 108 falls by the wayside, which is why I've been ginger in my approach (somewhat wider scales).
- I thought S&P 1280 was gonna cap yesterday's close in front of the big bad unknown. And you know what? I was wrong. S&P 1300 and NDX 1635 are the next levels of lore for the Matador Crowd and I'll be eyeballin' the breadth, financials, dollar, small caps and rotation station (particularly the drugs) as we hop to our requisite two-day respite.
- Speaking of the dollar, did anyone else notice that the greenback, up a slug yesterday morning, gave back all its gains just as the market found a bid? I'm tellin' ya, something strange is afoot at the Circle K.
- "The NYSE 50-day MA Indicator reversed up today after forming a higher bottom below 30% and will likely give a buy signal today. This will probably give some added boost to Hoofy as he marches back toward 1280 with the hopes of putting that level in his rear view mirror. But I view this action as more bearish than a quicker washout and believe the probabilities are such that we see 1170 before 1300." Pepe Depew on yesterday's Buzz.
- If you haven't read Minyanville's newest professor, please put down that doughnut and check out Mr.Woody Dorsey. He's very snazzy.
- I have an idea. Let's take cheap Mexican labor, Canadian natural resources and create one big nation. We'll call it.....Texas!
- And finally, to finish up a freaky holiday week Friday, we circle back to a task at hand...
Many of you knew Bill Meehan from Cantor Fitzgerald fame. He was a buddy--a good dude and a sharp cookie if there ever was one. As most Minyans know, his son, William Meehan III has been an editor in the 'Ville for the last few years. Somehow, in our quest for market zest, the young lad has escaped a nickname, which is the hallmark of all ye who work at MVHQ.
As such, and as we're a community that prides itself on interaction, we're gonna name the kid with your help. Please click here with your choice of a nickname and we'll tally 'em up and announce the tag on today's close.
What shall Billy's perpetual nickname be?
A) Ox (Dewey Oxberger)
B) Curly (from the three stooges)
C) Fester (Uncle!)
D) Bud" (Larry "Bud" Melman)
E) Bluto (Animal House)
F) Turtle (Entourage)
Current standings: 1) Bud, 2) Fester, 3) (tie) Curly, OX, 5) (tie) Bluto, Turtle (write ins: Goat, Squeak, Casper, Diesel, Rhino, Mr. Burgandy).
- Thanks, and may peace be with you.
position in gg, gss, paas, financials, energy, select drugs
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