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Random Thoughts


Can you guess the date that energy recaptures the top weighting in the S&P.

  • It's hard to adequately explain how proud I am of my mother. Not due to our genetic bond, but simply because she's so darn talented. I encourage all Minyans to take a gander at her wares and, if you dig it, splurge for that special someone. Her work has a slew of soul and it's already making a splash in Hollywood. Noice.

  • I concentrated my recent buy-side try in the metal arena and, as the XAU was up 10% from Monday's low (I didn't catch it all), I punted the trading portion of my precious exposure. I've kept my longer-term holdings (including some Golden Star (GSS)) but, as we're apt to say, trades are made to be taken.

  • I also added to my spate of piggy puts (autumn downsides in the financials) as the BKX stochastics stretch into overbought territory.

  • Man, I remember when a receding hairline was my biggest concern. Now I know I'm getting old!

  • Dink, Dink, Dink, Dink...the following instant message exchange took place between 9:00 AM and 10:00 AM...

    Reamer: Nice article this morning. You know how I feel about correlations between asset classes, but...!!!
    Toddo: Wait, you don't agree? I thought we were on same page on this.
    Reamer: No no...I like the macro call - deflation of assets or hyperinflation of the dollar (which, parenthetically increases interest rates and then deflates assets). I just have never liked the gold goes up BECAUSE dollar goes down idea. There is simply no empirical data nor theoretical reason for it.
    Toddo: My thought isn't that simplistic--I actually think it's Fed publishing to reflate which dilutes the value of the dollar. M3 anyone?
    Scotto: Indeed. Looking forward to the macro panel!

  • I'm watching breadth like a hawk (dove?) on this pullback. Thus far, the old school internals are sticky green at 9:5.

  • We eyeballed the stealth all-time high in the XOI yesterday on its way to top dog status in the S&P. Exxon Mobil, which is 7.5% of the index, delivered eye-popping results this morning ($10,300,000,000 net revs on $99,000,000,000 total revs!) and that's helping to extend the energy patch gains. I'll offer one dollar (our regular bet, Mortimer) to the first Minyan that can guess the date that energy recaptures the top weighting in the S&P.

  • What's the record for Cold-Eze consumption in an hour?

  • "Boston Scientific (BSX) reported pretty good numbers, but the charge-off for the acquisition of Guidant was larger than expected. If you recall, our stance was they paid way too much for this company. Back then the stock was $26 and almost every analyst loved it. Now at $17 no one likes it anymore. Those analysts were downgrading the stock when it hit $15.50. Typical. At these stock levels there is now quite a bit of bad news baked into the stock. We are fine with it here but think it will take time to see how things play out. It looks to be basing. Several market observers are pointing to the sub-par volume of late (during this recent rally). True dat, although I don't know whether its simply a function of vacation season." John Succo on today's Buzz (position in bsx)

  • I continue to dribble between hoops and dodgeball but I gotta be honest, I'm not sure I wanna be anywhere near the dodgeball court! Maybe I'll just leave that in White's hands?

  • Hey, you know what? It could be worse.

  • R.P.
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Position in metals, gss, financials
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