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Random Thoughts

By

Hit 'em hard Minyans!

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  • Farley!

  • We'll need a bigger pool for our welcome reception at MiM3!

  • "We believe Financials, as a sector, have been a case-study in mediocrity over the last few quarters. Their relative performance score in our work is dead neutral. The BKX, however, is beginning to trace out a more distributive pattern, and remains vulnerable in our view. C and JPM are poster children for poor chart formations in our opinion, and though they are not over the edge, that edge is perilously close for those agitated by heights. Materials have also been suffering, and frankly look like they too are under distribution. New lows in the sector are expanding, and most of the charts have failed to eclipse or hold previous resistance levels." -- Lehman's aptly named technician Jeff DeGraaf

  • The middle class is steadily eroding as we balance the lifestyles of the rich with a struggle to exist.

  • I've put Silver Standard Resources (SSRI) on my wish list but remain patient as white lightning dabbles with dandruff. I will, at a point, scale into this puppy and put it away. Not advice, of course, just sharing the process.

  • There's a witty snippet with regard to the venue but I'm too fried to fish it out!

  • "Regarding the event of a yield curve inversion, I would just point out that the last time in the U.S. that the 3 month / 10 year inversion happened with the lowest absolute 10-year yield was on September 8, 1966 when the 10-year yield was 5.18%. The return in the S&P 500 six months after that inversion was +17.3%. One year later it was +26.2%. So the most positive market going forward after an inversion was the time with the lowest absolute level of rates." -- Jason Goepfert on today's Buzz.

  • Elmer's Zoo?

  • Happy Birthday Jackie Millstein! Rumor has it that Allan is taking you for pommegranite margaritas in honor of the big day?

  • Termites?

  • Note the homies as they reversed hard from the opening jig. It'll be interesting to see how big Robert Toll's (TOL) red ticket is this time around.

  • I see a bad moon rising...

  • We found Lisa!

  • One of my personal takeaways from MiM2--something that I "know" but was happy to be reminded of--was that of time preference. Mapping a horizon--either for trading or to effectively write--is so very important to the process. We used to talk a lot about nuances, trends, phases and cycles and we should remember that each warrants its own discussion.

  • Toddo chills after a long week in the mountains!

  • "A pre-lunchtime check under the hood shows yet again more net new sell signals than buy signals in stocks overall, though the Nasdaq continues to show a tiny number of net new buy signals. No, this is not an indication that tech is showing positive relative strength. The stocks responsible for the net new buy signals on the Nasdaq are in the Healthcare and Oil sectors." -- Pepe Depew on today's Buzz.

  • Patience, Boo, patience...

  • "Last night I was thinking about the conversations we've had about the importance of human capital in the biz--Being at MIM reaffirmed my faith that this biz is filled with many caring, smart and compassionate people and of course the best jazz trumpet player I've ever heard in my lifetime (Toddo)" -- Minyan Sal Morreale of LA Cantor fame (and thanks brother).

  • Does anyone else find it odd that the money center banks are struggling as they are and the brokers still hold a bid? In a financed based economy, General Motors= Citigroup=Ford=General Electric=Bank of America= Goldman Sachs.

  • Blissful insanity.


    R.P.
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