By Todd Harrison Aug 26, 2005 12:34 pm
Where's the love?
- Baby got gas!
- Our fabled Fed chairman hit the tape this morning with commentary that was a bit more guarded than most folks expected. "Highlights" include:
- The Fed is paying closer attention to asset prices.
- Investors are accepting ever-lower risk premiums.
- Investors shouldn't assume long-term stability.
- Policy is increasingly driven by asset changes
- Fed policy making is based on 'risk management'.
- Higher market values 'can readily disappear'.
- Protectionism and the deficit threaten the US economy.
- I dig the honesty-finally-but agree with Succ and Scotto that this is akin to the referee calling a foul on himself.
- Where's Farley?
- Keep NDX 1550 (uptrend from the May low) and 1535 (200-day) on your radar as we trudge ahead. Alotta bulls are bettin' that the trendline support will hold in the context of the oversold condition.
- Homies don't pay!
- Be careful with the SPY!
- Macro Chatta
- I walked into a spa once and told them that I wanted to try yoga. They asked me if I would be interested in Ashtanga and I responded "no, just some plain vanilla yoga."
- Citigroup (C)--which led the broader tape lower--is trying to put on a brave face today. Even so, BKX 98-support since May-is now in the rear-view mirror.
- Just remember, the NDX (trough to peak) bubble was twice as large as the Nikkei and they're still diggin' their way out of the hole.
- Have you seen today's breadth? Fugly is what fugly does.
- That's some textbook dandruff in Toll Brothers (TOL).
- Between Iraq and a hard place.
- Wax on?
- Many thanks to our friends at Thomson Financial for their support of the Minyan mission.
- I shared some geese with a former senior executive at General Motors (GM) last night who now serves as a consultant to some of the largest manufacturers in the world. He believes that the US has some serious disadvantages when it comes to competing in this new era of globalization. Indeed, General Motors has become a bank that happens to sell cars and has substantial risk in a finance based economy.
- You tell me. Glove. Ball. Hand. Safe.
- The best part about summer ending? Easy...football season is here! Go Raidas!
- The nets trade particularly dry. If Snapper shows up--which I highly doubt given the internals--this sector will likely lead the speed.
- Will Hoofy be so lucky?
- "For those timing the Greenspan comments ... don't forget he gave his Irrational Exuberance speech in Dec, 1996. The equity market then doubled over the next 3 years." -- Snoop Tony Dwyer of FTN Midwest Securities.
- On second thought, I take back that jab at Farley.
position in tol
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