I guess I'll be hoofin' it to work from now on!
- The great part about being A.D.D is that I can eat the same meal three days in a row and never notice.
- If the opposite of love isn't hate (it's apathy), doesn't it make sense that the secular bottom will arrive when nobody really cares anymore.
- Minyanville welcomes Professor Greg Weldon to our fold today. Greg is a sharp macro cookie with unique insight and valuable observations. His article today provides a roadmap for a "higher dollar/weaker gold" thesis.
- I may be going to Hell in a bucket baby, but at least I'm enjoying the ride.
- Thailand's agriculture minister criticized health officials' proposal to embed microchips in the nation's 200,000 fighting roosters -- a plan designed to help deal with the avian flu scare. The official's main concern was that the implants would hamper the birds' aggressiveness. [Associated Press]
- Russian chatter: A production shutdown, even a temporary one, would likely take ~1.7 MMbpd off the market. This is ~20% of Russia's total oil production and is roughly the current extent of OPEC's excess production capacity. The Russian stock market is currently down 6% and has made a new '04 low.
- Bill O'Herron, who works with Professor Weldon and will be joining us in Crested Butte, will be offering a 60 minute "Yoga/Visualization for Hedge Funds" seminar for/to Minyanville attendees. He has been teaching and practicing yoga/mediation/visualization to youth and adults
for over 8 years.
- The brokers outperformed their piggy cousins yesterday and are dutifully underperforming them today. They made a stab at resistance, ticked at XBD 120.04, and fell right outa bed.
- Breadth begrudgingly ended 2:1 yesterday. It is currently 2:1 negative on the big board and 3.5:1 negative for the Nazz.
- The retail index has twisty stochastics as it migrates through a double bottom. Please be sure to see resistance above at RLX 387.
- A company in Buckinghamshire, England, announced that it would start selling a Russian-invented MP3 audio player made to the specifications of an ammunition magazine to fit into an AK-47 assault rifle [News Limited - Australia]
- Snaps to Rod Woodson on his Hall of Fame career. Let's hope he gets one more run at the black hole.
- Communications giant BellSouth called Florida state Rep. Julio Robaina three times by cell phone on the floor of the Florida legislature during a debate on a massive telephone rate increase, ordering him to abandon his Democratic Party cohorts and vote for it. BellSouth had influence with Robaina because for the nine months a year that the Florida legislature is not in session, Robaina is employed as an installer for BellSouth. Robaina was described as close to tears at the company's lobbying. [Miami Herald]
- Bathroom reading.
- The mailman to the Heat?
- If I had a random wish, I would wanna sit down and have a conversation with my cats.
- Multiple contraction. Get used to those words (particularly if you focus purely on fundamentals).
- Congrats to the newest mini-Minyan Stevie Rabkin on his entrance to this earth!
- The VXO (volatility index) is up a dime (10%) to VXO 17. The last time we visited the '04 lows, it was trading 'round 21.5.
- Mom, I'd like you to meet my nightmare...
- "Warning: Do not climb inside this bag and zip it up. Doing so will cause injury and death." -- A label inside a protective bag which measured 6 inches by 6 inches by 5 inches.
- Total odd lot short sales over the past five trading days has averaged over 1.5 million shares per day, the highest in history. Why this may be notable is that anytime this group has averaged more than 1 million short sales over a 5-day period, the S&P 500 was higher after 20 days every time (19 out of 19), with an average return of 5.2%. --Professor Goepfert in his most recent missive.
- "If life was fair, Elvis would be alive and all the impersonators would be dead." - Johnny Carson
- Succo and I took his nephew Joe and his fellow Army Ranger Justin to Smith & Wollensky's last night for a massive steak dinner (thank you Minyan Richard for picking up their protein bill). The conversation was spirited and brought new meaning to the phrase "war stories." Think what you will about the war--we discussed it all--but make no mistake that kids like this allow us to sleep soundly at night.
Todd Harrison is the founder and Chief Executive Officer of Minyanville. Prior to his current role, Mr. Harrison was President and head trader at a $400 million dollar New York-based hedge fund. Todd welcomes your comments and/or feedback at firstname.lastname@example.org.
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