By Todd Harrison Sep 22, 2004 11:49 am
My only hope would be to plant a seed in the financial complex.
- The Roach Redeux!
- Speed racer!
- "As you all know, we believe the equity market is overbought and due for a correction - like everyone else. While the indices have held up, our internal readings suggest the average stock is already well into process of correcting the overbought. Typically, the indices are the last place to decline and generally need a catalyst. Obviously, higher oil has not provided that the catalyst. We believe the catalyst for the anticipated corrective action (that sets stage for end of year surge) should come from higher long-term interest rates." -Snoop Tony Dwyer.
- Other (less laudable) TV news: Among the reality-TV series being considered in England, according to reports is "Make Me a Mum," in which a woman reduces a field of men to the two whom she believes will provide her the best offspring. At that point, producers will inseminate the woman with sperm from both men and, using intravaginal micro technology, will attempt to record a "race" to see which sperm gets to the egg first. (The Independent -- London)
- The VXO is up 10% but we're still seeing scaled sellers of volatility. That's "compression" in a nutshell and will ultimately compound the underlying price movement.
- The non-confirmation of the trannies (industrials failed to make a new high) doesn't bode well for the tape.
- The Elmer cross-over dribble rule remains in tact (for now).
- The greatest trick the devil ever pulled was convincing the world he doesn't exist.
- This has been a particularly frustrating year for both sides of the trading fence and it promises to stay that way for a while.
- I've been harping on this Fannie (FNM:NYSE) situation for a long time but happened to be flat the name when the shoe dropped. Yes, it's frustrating but I've learned that focusing on the past is the quickest way to miss opportunities in the future. It's poetic justice, I suppose, that I tried to initiate my position yesterday but we must allow the trading Gods to have their moments. For what it's worth--and this is simply my opinion--I think the food chain has only begun to shake.
- There's low level chatter of alligators in our midst--fyi.
- Please pay particular attention to Mother Morgan (MWD:NYSE) as we find today's way. We've seen steady call buying off the lows (the stock has lifted $1.50 since the opening) and if they can turn this beast, it'll give all kinds of bulls the green light to fight.
- Minyan Poll: As we set to get the wheels in motion for next Summer's Minyans in the Mountains, we seek ye input. Would your preference be to see the event A) Back in Crested Butte--it's a pain in the ass to get to but well worth the trip! B) At an easier to get to--but equally "mountainy" --venue C) On the high seas--let's put a cruise together! or D) Someplace on the east coast that's nice and accessible. We are, for the record, planning on extending the trip to allow for more recreational stuff (Tuttle beware!).
- S&P 1113-15, Russell 566 and BKX 98 are of particular importance. NDX 1412 (last week's low) is also worthy of a mention.
- If you work at a large firm and would like to offer your comrades a gratis month of Minyanville (on your behalf), please let us know!
- Thank you Jordi Visser!
- Front month crude futes up a deuce.
- Alright Intern Michael--let's try salads today. And if we can get them before tomorrow, that would be a real plus.
- Remember that scene in Dumb and Dumber when Harry tosses the salt over his shoulder and hits Sea Bass in the head? Remember how Lloyd was so quick to point the finger at his best friend? Treasury Secretary Snow just hit the tape to say that the Fannie Mae (FNM:NYSE) report underscores the need for a stronger GSE regulator.
No positions in stocks mentioned.
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