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Random Thoughts

By

The S&P was the last of the 200-day holders.

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  • What is your major malfunction Private Pyle?

  • Do we need a flush? Or is that simply too easy?

  • It was shocking to me that the volatility indices closed lower on Friday despite the seasonal tendencies.

  • I watched Mystic River last night. Another feel good flick.

  • 3M (MMM:NYSE), the third largest weighting in the Dow Jones, is getting sticky noted for a finski.

  • The last three days of trading perpetuated patterns of "early strength giving way to late weakness." If these patterns persist through the sweet spot of earnings season, it will be hard to envision other factors bailing out the bulls. This is especially true if oil prices surge in a fresh round of higher prices. Never fear though, inflation is tame -- that's what the government tells us, so it must be so!?! --Phil Erlanger

  • The difference between success and failure is often determination and fortitude.

  • Only one month left until the first annual Minyans in the Mountains Crested Butte Seminar and I, for one, am very much looking forward to soaking in the Minyan vibe.

  • Seven Stages of a project, by Minyan Jeffrey Saut. 1) Uncritical acceptance 2) Wild enthusiasm 3) Dejected disillusionment 4) Total confusion 5) Search for the guilty 6) Punishment of the innocent 7) Promotion of the non-participants.

  • Great British Open. Way to hum, Toddo!

  • The internets and biotechs (the master betas) continue to get pounded.

  • S&P 1080 and NDX 1375--the bottom of the '04 range--are starting to get very loud in trading circles. That generally means that we either blow through them or never get there (on this leg).

  • I had dinner with the family of a close friend on Friday and was asked how I've established such a broad network at such a relatively young age. My response? "I've always treated people the way I would want them to treat me."

  • The structural metric (liquidity) has buoyed this tape for a very long time and lotsa folks are now dependent on it.

  • I think I put my shrink in therapy.

  • The financials are trying to lead by example. If (big if) they can turn the tape higher in the sessions ahead, look for BKX 96 and XBD 120 to serve as resistance.

  • Official net purchases of U.S. securities were $14.5 billion in May, relative to $26.2 billion in April. Official net purchases of Treasury Bonds and Notes of $14.6 billion accounted for the bulk of official inflows in April, down from $22.1 billion the previous month.

  • A guy walks into a bar and says "all lawyers are shmucks!" A fellow at the other end of the bar says "Hey! I resent that!" The bartender looks at the second man and says "I didn't know that you're a lawyer?" "I'm not," he replied, "I'm a shmuck!"

  • I have a family wedding in Block Island this weekend. I was originally gonna meet everyone up there late Friday night but then got to thinking--how many times do I get to spend Q.T with my grandmother? As such, I'm gonna take a half day and drive her to the wedding myself. It's the whole "work to live" thing...

  • My stochastics remained 'twisty' through much of last year. I remind myself of that as they're gettin' similarly twisty the other way.

  • I never tire of watching Planes, Trains & Automobiles.

  • Fear is the greatest motivator. That fact isn't lost on the powers that be.

  • Hey Hoofy, have you ever tried to milk a mad cow?

  • Sometimes the light's all shining on me. Other times I can barely breathe.

  • Be a trader, not a hero.

    R.P.
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