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Random Thoughts

By

S's over N's!

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  • Are you trying to pick up dimes in front of a bulldozer?

  • "Tech price and breadth rolled over with yesterday's action, but volume indicators are still positive. Our SOX call has been stopped out, essentially flat on the trade, as the index fails under 380. The sentiment environment still supports the potential of a squeeze, but in a tight return year, tax losses selling is likely to persist." --Jeff DeGraaf of Lehman Brothers.

  • Folks are uber-focused on the Thursday debate and the November elections--and for good reason! It's important to remind ourselves, however, that the road will be long and twisty regardless of who gets the nod.

  • Was Goldman's bullish gold call predicated on the chatter we flagged yesterday?

  • The Minx held today's first test (S's over N's). And during the bounce, the NYSE breadth snapped better. Pure fyi...

  • If you would like to offer your firm a gratis month of Minyanville on your behalf, let us know and the critters will get on it!

  • The dollar has grabbed its green back in mid-day trade.

  • Through Yesterday, the S&P energy sector was up 22% vs. a flat S&P and a ten percent loss in the S&P tech sector.

  • I was somewhat surprised that retail held up in the face of last week's consumer blows. Please keep an eye on the retail holders (RTH:NYSE) as they flutter around the 200-day (90.75).

  • What are the chances that we go an entire day without mentioning Fannie Mae (FNM:NYSE)?

  • Minyanville is looking for hard-nosed interns to step on up. If you're a New York based student and would like to earn credits while you learn a ton, give us a ping and we'll give you a look.

  • Follow the bouncing bean!

  • On this date in 1850 - The U.S. Navy abolished flogging as a form of punishment. Meehan should be counting his blessings!

  • If you haven't checked out SNL's 100 funniest moments on the E-Channel, you're starving yourself from smiles.

  • Toss Microsoft (MSFT:NASD) $26.93 (200-day) on the radar. The Redmond ratdog is 2% of the Dow, 2.9% of the S&P, 9% of the NDX and 5% of the OEX.

  • Cup 'o Pizza!

  • One of the benefits of being to hell and back is the ability to maintain perspective.

  • S&P 1100 is 'a' level (50-day). S&P 1094 is equally important.

  • Energy (XOI/OSX) and the metals (XAU) are the two leadership sectors today. While I believe that's a secular trend (albeit ripe for a pullback in the near-term), these aren't the groups that typically lead to monster jig.

  • It's truly unfortunate that Rich Gannon and Charlie Garner got laid up.

  • The cyclicals held double secret support at CYC 680.

  • I sometimes wonder if the apathy towards the market will become commonplace as the muck drags on. I believe it will--but while folks may not want to deal with the Minx, they'll need the insight and information to make better and more informed decisions for themselves. That's why we started Minyanville and why I continue to further our mission daily.

    R.P.
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