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Monday Brain Drain

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Late Saturday night in downtown Richmond, VA, standing with my girlfriend at the foot of the massive Richmond Federal Reserve building as Funkadelic's Garry Shider played "Maggot Brain", I wondered aloud if perhaps even at this late hour Richmond Fed President Calvin Broaddus was in his office working on something important. My girlfriend coughed and said, "I doubt it very seriously. But only because Calvin Broaddus is Snoop Dogg. The Richmond Fed President is Alfred Broaddus." Like I said, it was late.

Welcome back to another Monday morning as we shake the cobwebs off and prepare for the final week of August.

Today keep an eye on the banks, as usual. Friday was a red ink day for the Philadelphia Bank Index (BKX) and 850 confirms a sell signal on the 5 and 10-point point & figure charts.

The dollar is slightly lower this morning following a huge run last week. The counter-trend rally for the dollar is getting a bit long in the tooth technically, but what is, is. For now at least, the short and intermediate term trends are positive while the primary downtrend line remains intact.

Existing Home Sales are due out at 10 a.m. but otherwise a light day with Europe closed for a holiday.

Finally, I know this isn't supposed to be an advice site, but I'm going to humbly suggest that George Clinton and Parliament/Funkadelic consider not playing "Whole Lotta Shakin' Goin' On" again, particularly to close a show. Just one fan's opinion. Have a good day and rememberToddo is on the road so those of us left will try to fill the void as best we can.
No positions in stocks mentioned.

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