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Random Thoughts

By

Be careful Toddo!

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  • What do they do with the cheese that would have been in the Swiss holes?

  • Do traders watch technical levels because they work or do they work because traders follow them?

  • When everyone I speak to thinks that the market breaks out (to the upside), it raises an eyebrow (and a flag!).

  • With that said, the herd mentality can/will work in a momentum driven market.

  • The bloodletting in bond land is vicious.

  • I've had some spirited conversations with Snoop Tone and Brian Reynolds regarding the "melt potential" in the market. While they make a strong case against it, I maintain that the conditional elements are in place. The wildcards? Catalyst and time.

  • I saw Seabuscuit last night. Personally, I liked it. A bit long...but a good flick.

  • Sometimes there isn't a sufficient edge with which to trade. If that's the case, you can't look back and beat yourself up for missing a move.

  • Why do mosquito bites itch?

  • I was driving on 57th Street yesterday and saw a doorman waxing the stanchion that held up his awning. How does a guy wax his pole in public like that?

  • The gold train continues to chug along.

  • Individual issues I'm watching closely today? eBay (EBAY:NASD), Fannie Mae (FNM:NYSE), International Business Machines (IBM:NYSE), Bank of America (BAC:NYSE), KLA Tencor (KLAC:NASD), Wal-Mart (WMT:NYSE).

  • On Friday, we had a Minyanville survey asking if the administration was doing a good job. I meant the Bush administration, not the Minyanville administration. Sorry for any confusion.

  • I'm looking forward to dinner tonight with Steve Galbraith and the Morgan Stanley summer Minyans, er, interns.

  • The Minx/Jinx continues it's uncanny correlation.

  • Are you gripping the handlebars too tight? Define your risk via stops and/or options and remove emotion from the equation.

  • Condolences to the family of Bob Hope.

  • Thus far, the basing vs. churning discussion is unresolved.

  • Franks and beans!

  • It's thin out there...even for a summer Monday.

  • The tone in the semis is (thus far) better than the tone in the BKX. Hence, N's over S's.

  • The macro flow is quiet today.

  • There are likely some "buy stops" above S&P 1000.

  • A single Tylenol pill can kill a cat.
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position in ebay, fnm, ibm
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