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Mornin' Randoms!

By

Stay focused--only seven hours till our requisite two-day respite!

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  • The scale must be broken!

  • Show of hands: How many Minyans overtraded this week?

  • Human capital may be the only asset class that doesn't devalue in the years ahead.

  • Charley horse?

  • If any Mountain Minyans wanna see some mountain pictures, give us a ping!

  • From the School of Gula: Some thoughts on the AMG data. I think the fees on the bond funds are quite a bit less than on the stock funds, all things held equal, for the mutual funds. Most funds are down to slightly up for the year, equity-wise. If the pattern continues, the 10 year bond will return more than the average equity fund, at a lower risk level. Wonder what this does to mutual fund bottom-line earnings? And manager bonuses? Stay tuned!!!"

  • Why do I get the sense that this won't make Oprah's reading list?

  • I think Steve Roach is gonna go down in history as one of the most prescient economists ever. And, make no mistake, his contrary view is all the more "robust" given his role at a top tier firm (far from normalcy).

  • Am I gonna be in NYC for the RNC? Think Zack Mayo...

  • The financials have been the "money" tell for a mighty long time. We noted the "positive divergence" when they failed to make a new low with the S&P and that was the precursor to the broader market rally. While the stochastics have more twist than Chubby Checker, the price action remains firm and firmer.

  • Fleck. Bloomberg TV. 9:40. A'right?

  • Rationalization is alright on a diet, it's NOT alright when trading.

  • GDP came in a tad better than current consensus (2.8% vs. 2.7%) but a bit worse than hoped for.

  • It's 106 miles to Chicago, we've got a full tank of gas, half a pack of cigarettes, it's dark and we're wearing sunglasses.

  • And if Julia Roberts married Rich Gula....

  • Watch Novellus (NVLS:NASD)--and the semis in general--for "digestion" of last night's news. And remember, good news (that's not great) is bearish in an extended tape while bad news (that's not horrid) is bullish in an oversold tape. That's the nature of field position and it must be factored into our trading mix.

  • The last two weeks of August are always thin Lizzies and I, for one, am looking forward to a robust and action packed September.

  • We'll have to toss some Sunday Minyan footballfests on the calendar for this season.

  • Global asset classes are staring into the GDP headlights. The dollar, metals, Europe and stateside futures are doin' a whole lotta nuttin.

  • The S&P is ticklin' it's 50-day moving average and peering up at the 200-day (S&P 1111).

  • Eric Knight, Minyan guide extraordinaire, emailed me yesterday to say that he was clippin' in and hittin' the trails after the bell. Thanks for the salt, bro--

  • Good luck today.

    R.P.
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