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That's My Thump!

By

There's only ONE Jeff Macke!

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I'm rolling like Television's JeffMacke © today-brown suit, shaved head and a faux Cape Cod stiff upper lip delivery. I'll have to fake the Ivy League education, as I went to a similarly expensive but not as fancy secondary school. And fear not if you don't have time to read this right now, we can always TIVO it and read it again at a later date (not in an advice sort of way)

Minyanville Mailbag

In honor of tonight's SuccoShobinBernieScottoPepeVitaliyfest, I wanted to share some feedback on John's Snow shoes from yesterday.

Toddo,

I read Succo's pieces daily and never provide any feedback but this is just too spot on. Kudos to John and the 'Ville for providing what America should be reading.

Take Care

Minyan Mike

Moving along, Minyan JB shares...

Did you see the pre-FOMC chat b/w Ron Insana and former Fed Vice Chair Blinder?

RON INSANA: "Should [the Fed] be looking at the price of gold as an inflation indicator?"

ALAN BLINDER: "No. I think it's time we outgrew gold. (laughing) The numbers that you just cited show that gold has been a lousy investment. But, that's kind of beside the point. It's also not a good indicator of the stance of monetary policy, the state of bank credit, a predictor of inflation or anything like that."


I've outgrown alotta things in my life-cradles, tricycles, night braces, Izods, trick or treating, girls with freckles, snow cones, spit balls and, more recently, size 34 jeans. But Ari Gold? My sense is that he and his friends, after digesting this latest growth spurt, will have alotta legs in the years ahead.

That was then, this is now, and whataya gonna do for me?

We mused into the FOMC meeting that Elmer, wanting to maintain a vigilant legacy, would likely hike 25 bips while keeping his terse tongue in tact. We also offered that the knees would jerk lower on the heels of that spat and, after a blink-and-ya-missed it Matador City muse, that's exactly what happened. So what now? There's two camps-the "Slingshot Sally's" and the "Hammerin' Hanks." A brief bio for those who wanna follow along at home:

Slingshot Sally: One who believes that the initial (negative) reaction to the rate hike coupled with hangover concerns from Marga-Rita will trigger a false breakdown in the averages that shake the weak quarter-end hands from the tree. Once the storm passes (in more ways than one), Hoofy and Snapper will tag team the tape and take the mainstay averages to fresh '05 (multiyear) highs.

Hammerin' Hank: One who believes that the true conundrum (inflation in input prices, lack of pricing power, stagnant wage growth, bludgeoning deficits, burdened consumer...stagflation) is being brought to bear by these latest natural disasters. That, coupled with our friend Fibonacci (S&P 1250ish), compressed volatility and great expectations (into quarter-end) is setting up for a five finger smackarooni.

And some Tub Thump Quickies (no, Macke, not those type of quickies-this is a family oriented community. And no, you can't extrapolate quickies into families...)

  • Swingers! Merrill swapped Advanced Micro for Intel this morning, floggin' the former and pumpin' the latter. There was a time when a Merrill upgrade of Intel would drive the futures higher pre-opening but not now, not anymore. The sell-side research landscape is dramatically shifting under our feet and mark my words, it's only just begun.

  • Eyes of the World? Watch Lennar (homies), Fedex (trannies), Mother Morgan (brokers), Qualcomm (boosted guidance) and Meehan (saliva check, aisle five) as we edge towards today's Hump. I also wanna spy the breadth, the action in the financials (BKX 100 and XBD 173 remain frameworks), the semis (the mother chip), beta (Google, CME, Apple) and you, Fokker.

  • The Important Stuff. Nine days remain in our Ruby Peck Katrina Drive to help those in need. Professor Laurie McGuirk has graciously donated an 1865 Italian "T" 20 Lire gold coin to the cause and we're gonna auction it off on eBay to put the final ! on the Minyan effort. Mucho snaps to everyone for helping us make a difference during this time of need.

    Good luck today.


    R.P.
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