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Random Thoughts


There go the bonds!


  • Watch the fixed income markets. The knee jerk psychology is that lower bonds is a simple function of a rotation into stocks. If yields begin to back up too far, however, it will crimp equities.

  • The Wall Street Journal reports this morning that "thanks mainly to fears that a heavy-handed response to the improper accounting (at FRE) would upset the housing market--the still fragile economy's biggest bright spot--friends and foes alike say the companies will maintain the government privileges that have fueled their phenomenal growth and the ire of their critics." Count me among the latter. In my most humble opinion, preferential treatment due to potential ripple effects is asking for big trouble.

  • No, I wasn't hanging with Kobe in Colorado.

  • The 1997 Jack Nicholson film "As Good as it Gets" is known in China as "Mr. Cat Poop."

  • The OSX breached the point & figure support at 92 and is quickly approaching the trendline from the January lows.

  • The biggest risk to Boo's big picture thesis is a continued liquidity injection--but I agree with him that Elmer is simply borrowing time before the inevitable decline.

  • Some macro selling has shown up above S&P 1000. The longer it stays above there, however, the more of a chance it picks up some mojo.

  • I continue to feel that 250,000 American troops sitting in the heart of the Middle East is a very bad idea.

  • There's chatter that a European asset allocation (out of bonds into U.S equities) has been "cleaned up." I obviously can't confirm or deny if this is true.

  • Congrats to mega-Minyan Dan Meehan and his babe Thanda on their recent engagement.

  • Insider selling is outpacing insider buying 4:1. Draw your own conclusions on that one.

  • Second quarter earnings and, more importantly, their respective outlooks are a huge wildcard. There has been no economic validation (yet) but hope springs eternal that a second half recovery is underway.

  • Gold looks like it rallied back to resistance (around $350) and is waffling a bit.

  • Donald Duck comics were banned from Finland because he doesn't wear pants. Imagine what they'd think if they were driving Miss Daisy!

  • The NDX has made (marginal) new highs but the SOX hasn't come close.

  • I love the great outdoors. Makes me wonder why I keep coming back to the big city.

  • Have I been less "aggressive" in my market calls? Yeah, partly because I've been chilly but MORE because Minyanville is an educational community and not an advice site. That's also the reason I've left the costumes in the closet.

  • 60 Minutes is the only show on CBS that doesn't have a theme song.

  • I came into the session relatively flat and have been watchin' for the most part. I always like to "edge back in" after a being away from the fray.

  • This is an important "retest" of the S&P high.

  • Despite some nasty scrapes and bruised ribs, I've developed a real affinity for mountain biking.
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