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Random Thoughts

By

They're down...but they're not out.

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  • What the shuck?!?

  • Breadth remains Snapper's nemesis as we edge through the Monday muck.

  • Most everyone I speak with is confused to all end regarding the election.

  • It was nice to see Timmy Brown score his 100th touchdown at the black hole. It was even nicer to see Chucky go home 0-3.

  • Dollar chatter into the G7.

  • "Where the secular call gets tricky is in its tactical application. We have been, and continue to be commodity and gold bulls on a secular basis, but within the context of that call, we also recognized the extremes in investor behavior and unsustainable parabolic moves experienced in those markets in February and March (See April's charting the course). We believe that Energy is being molded by a similar template, and even though our momentum oscillators are positive and the secular trend in place, we believe frustration is likely to mount for longs that do not have the nimble capabilities of trading the daily moves." --Jeff DeGraaf of Lehman Brothers

  • "Yes, but zis iz not my dog..."

  • In that vein, and as crude tickles $50/brl, my sense is that we'll soon see the high print until after the election.

  • Last year, while my friend Spitz held his annual memorial for those he lost on 9/11 (his office was high atop the first tower), I "couldn't miss" the trading day and instead missed his outing. I can't, in good conscious, make the same choice this year if I'm to call myself his friend. As such, I'll be leaving early tomorrow in an effort to practice what I preach and focus on the important stuff.

  • Dow 10K.

  • I'm on a small diet.

  • XBD 123.5 (late summer lows) is a level to watch if you're trading the brokers (and even if you're not).

  • I watched Dr. Strangelove this weekend. What a whacky flick.

  • Minyan Bernie Schaeffer notes that volatility indices are much lower now than they were at each previous test this year of 10000.

  • "Meet the Parents" has suddenly adopted a meaning much closer to home. And they said Jinxy doesn't have opposable thumbs!

  • Snapper is givin' the upside the ol' college try. It's manifesting in the homies and other "thin" mints (see the semicaps) but has yet to significantly improve the internals.

  • Citigroup (C:NYSE) $43 ('04 lows) should be on ye radar.

  • If the cream in the middle of an Oreo was interviewed, do you think it would say "I can't talk, I'm in the middle of a couple of things?"

  • And you thought Minyanville customer service was bad?

  • Minyan John Roque notes the importance of S&P 1094 (late August lows) as "the" level that must hold if the S&P is to avoid trading to the bottom end of the range (1050ish).

  • Smoking!

    R.P.
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