By Todd Harrison Jun 07, 2006 12:26 pm
Wish you were a headlight on a northbound train? Well, then, why not shine your light through the cool Colorado rain!
- Imagine the irony when the mercury drops below thirty-two degrees Fahrenheit in this small, Michigan suburb.
- (The following Buzz took place between 9:00 AM and 10:00 AM) Loco Motion? Call me crazy (you crazy!) but I'm getting bullish pangs. In fact, I've layered into some defined risk upsides in my favorite metal names and for the first time in recent memory, I've taken a stab at the homies. Not advice, just trying to make hay before the big bad wolf blows down the proverbial house. It's a pure trade and, so you know, my Dr. Dre exposure (homies) will likely be gone by the bell either way.
- Speaking of metal heads, Newmont Mining (NEM) tested--and thus far held--her 200-day moving average this morning.
- Got Melk?
- On an entirely more important note, T-minus four hours until our weekly
staff meeting. This particular pie day will feature three (count 'em!) summer intern serenades and a "group mohawk" of young Farley. Why would we do that? Simple--he agreed to it and, well, I've always wanted to shave someone's head. I know I'm sophomoric at times but that's OK. In this rather prickly world, a little levity goes a long way.
- "Mr. Market was released from Rehab yesterday. So, stocks remain in a recovery process. Maybe some Summer slumber into the weekend. But Bear markets can attack at any time. Do not "Diss" the Downside" Woody "I'll see you at MIM3!" Dorsey on this morning's Buzz.
- Tell Check? Breadth is positive (2:1), the financials are firm (BKX 108 remains underfoot), the CRB is off a percent (important if we view asset classes interwoven), levels are underfoot (I expect them to be tested again, just unsure if it's today's business) and the electric razor is charging.
- The greenback? Giving some green back. If it flips the crimson switch, my (humble) sense is that Hoofy has a higher probability of sustained smiles today.
- What's my conviction on the upside? Enough to give it a very disciplined try (trailing stops) but not enough to average down if I'm wrong. As it stands, the Matador Crowd feels a bit labored to these old eyes.
- Oh dear!
- I've never been shy about offering assessments of FOMC and BLS jawboning. With regard to Bernanke's latest communique, however, I think the Fed Chairman was as honest as I've ever seen.
- So you know and so it's said, I'm looking to add to my Weatherford position if and when it nears $50ish.
- Mini-Melkage Mailbag: "Just think of all the endorsements Melky Cabrera is about to have: The Leap -- any product that has to do with initiative, confidence and courage. The Catch -- romantic websites. Milky -- calcium supplements. Cabrera -- cigars. OK, maybe there isn't a Cabrera cigar, but there will be one soon." Uber-Minyan (and MIM3 panelist) Steve Shobin of Americap Advisors
- The weekly Investor's Intelligence survey finds a drop in bullish sentiment to 40.2% from 42.6% and a rise in bearish sentiment to 31.5% from 29.8% last week.
- To Hell and back!
- "The dollar again faces very important resistance at 85.25. A move to 85.50 will break a quadruple top. With the ECB rate decision on tap tomorrow morning as a potential currency mover, should be interesting to see how the greenback handles that area." Pepe "white collar"
Depew on today's Buzz
- Wish you were a headlight on a northbound train? Well, then, why not shine your light through the cool
Colorado rain! MIM3 is two months away and rooms are starting to get tight. If you wanna kick back with the best set of human capital I've ever known, take the chance of critter romance. It's the very best event in finance, bar none!
Position in NEM, WFT, metals, homeies
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