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Randoms: Turnaround Tuesday Strikes Again


The bears put a scare in the bountiful bovine.

  • Turnaround Tuesday. Uncanny, right?

  • LIBOR is falling the fastest since January? Awesome, but does anyone remember what happened to equities in the months following January?

  • Several Minyans have asked that I don't comment on the travails of Jack Bauer as they DVR the show. Fair 'nuff-we aim to please in these parts-I'll simply say that I'm deeply disappointed in a certain someone.

  • The first thing I do when spying action is to pull up a chart for technical context. As I watched the energy patch flip the upside switch, I took a gander at the OSX and discovered a rather pronounced sideways channel.

    Click to enlarge

    After a large decline, this action is typically considered churning (working off the oversold condition as a function of time) rather than basing but either way, keep your eyes peeled on either side of OSX 100-OSX 145 (Mr. Valentine has set the price). A breach, either way, will speak volumes.

  • Given the upside action in Citigroup (C), AIG (AIG) and both Fannie (FNM) and Freddie (FRE), I can't help but wonder if the "de-hypothecation" chatter (government not making its shares available to borrow (short)) is again making the rounds.

  • I carried some Apple (AAPL) puts overnight with an eye towards Turnaround Tuesday. I re-initiated yesterday after getting squeezed out of my previous risk on Thursday, and I've been peeling out of the exposure throughout the session. It's a pure trade and as I abhor blind risk, I plan to keep my exposure tight as I'm traveling to Orlando Thursday.

  • Does the S&P need to retrace to 800 for perfect symmetry on that (bullish) reverse dandruff?

  • Have you checked out Smita's Bull Market Timer? She's one smart cookie and I truly believe this presentation/video of hers can help all types of investors.

  • Have you noticed how easy it is to "Do Something Joel" (a random act of kindness) and put a smile on someone's face?

  • Wouldn't it be fabu if I was still lugging that outsized FAS position that I publicly built in and around $3?

  • Pure impatience or purely a function of opportunity costs being the other side of discipline?

  • WWBD?

  • If papa was a rolling stone, what the heck is Mick Jagger?

  • Given I didn't get the rotation I was looking for in the consumer non-durables, does discipline dictate taking the ten cent loss on the XLP that I added on the opening? (Yep.)

  • When is the last time you smiled so hard that your face hurt?

  • Watching this perhaps?


In memory of our fallen friend and trusted colleague, Bennet Sedacca, 100% of the donations made to the RP Foundation through April will be channeled to philanthropic endeavors consistent with the RP mission, working closely with the Sedacca clan in the distribution of those funds. We thank you kindly for your support as we strive to effect positive change in the lives of children.

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