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The Butter Knife


I hate gorillas!


Why do you build me up (build me up)
Buttercup, baby
Just to let me down (let me down)
And mess me around

(The Foundations)

The morning fray is underway and WOW--what knockers! The initial supply pounded the street like a chicken cutlet but the strength of the financials soaked it up. Now, as the semis grasp for traction (SOX 448 is a two month uptrend), the brokers are swinging more than a Hedonism vacation. Quick--somebody call the Hair Club for Traders!

Despite the somewhat soggy semis, the tone of the tape hangs tough. Breadth has improved to 3:2 positive, the dollar is crawling back, crude is spilling hard and the master beta stocks (internets/biotechs) are trying to party like Prince (1999). Toss in tomorrow's expiration, the looming quarter-end, the upper end of the recent range (we're close) and, well, let's be careful out there, Sgt. Esterhaus!

A few quick thoughts before I grab the all-star guitar and head to Mr. Soros. There's a lot of commotion these days regarding culpability in the financial arena. To be sure, a lot of bad people did a lot of bad things and deserve everything they get. The court of public opinion is quite powerful, however, and we should be very careful when we cast our vote.

Do I think Dick Grasso should have been paid $140 million dollars? That number seems high--but in a world where LeBron James makes $90 million to wear Nikes, where do you draw the line? He might have been overpaid but he didn't set his salary or act in a manner inconsistent with the best efforts of his job. To be sure, the $5 million bonus for opening the exchange after 9/11 is ridiculous-- so many sacrificed so much more--but, at the same time, I don't believe the man should be vilified.

Anyway, that's just my two cents on the matter and I'm sure many Minyans will weigh in on this topic. In the meantime, as I write, the Minx is trying to poke through resistance and turn the machines back on. I'm hearing that there's one (or a few) large macro gorillas buying everything in sight in an attempt to break 'em out. That agenda wouldn't shock me (in front of expiration) but I obviously can't confirm that it's true.

That's about it, cookie, as I toss Fokker a cold-eze and head towards the door. There's only 25 hours left in the animated auction so size up that bid and let's get rockin'! I know that the ante is above many Minyan's means but no worries--we'll be hosting an array of sweepstakes and contests before the big day arrives!

As always, I hope this finds you well.

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