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Catching Up and Idle Thumps


"Back in the saddle, again."


"Tis not in mortals to command success,

but we'll do more, Sempronius; we'll deserve it."

-George Washington, quoting Cato

You cannot command trading Mojo. Mojo appears when Mojo wants to appear. There's Mojo's schedule and your schedule and yours doesn't matter.

All you can control is your energy, focus and dedication. You can't demand a visit from the hot-hand of Mojo but you can create a Mojo-friendly environment for him. Of equal importance to your P&L, you can also know when you'd be bad company for Mojo; days when you don't deserve his company.

Such were the days of last week for me. I was slammed and surly and way too clouded to have a "feel" for much of anything, let alone stocks. I wouldn't have recognized Mojo if he shaved his head and were dressed in a plaid sports coat. It was the kind of week where I spent all day on Friday waiting for the PG&E (unlisted but would have the ticker EVIL) guy only to have him show up at 8pm.

If you have that dense of a karma cloud surrounding you it's almost certainly a really bad time to do much trading.

There's much to catch up on so let's get to it, bullet-style:

  • Greenspan talking about hedge funds while Senators rail against accounting shenanigans, almost willfully ignoring the filth in their own accounting House. If the idea was that I, as a market participant, would emerge from those exercises with a greater sense of ease that the folks "running things" have a clue... it didn't work.

  • Elmer offering that "the easy returns are likely gone for hedge funds" was classic. Easy? I mean, this was the same guy who felt the need to not-so-quietly intervene to bail out Long Term Capital, lest the global economy be quickly reduced to the age of serfdom, right? That said, it was good to see someone recognizing the market benefits of the Age of Hedge Funds ("... the marauding cabals of evil create liquidity as a function of their rumor mongering, price manipulations and general Scroogery...")

  • One thing that makes us all look like hamsters in a wheel, after you've had a couple days in the non-stock world to lend some perspective: The S&P 500 is down .8% for the year.

  • To catch up on my Tivo (TIVO) thought process: As I had remotely put in the Buzz last week, I sold some more of my long position into the post-earnings move. Despite finding the report A-Ok. I'm still long it, still like the Bigger Picture, but I've learned to trim gains when you get 'em with TiVo.

  • DirecTV (DTV) has (had to?) put TiVO back in their ads (formerly for "DirecTV DVRs (with TiVO)"). Unless the product from the NDS Group (NNDS) for DTV is further along than it seems, Rupert's got his cheese in the wind on this one.
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No positions in stocks mentioned.

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