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Random Thoughts: A Line-Up in Washington DC!

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What will be the aftermath of a government bailout?

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  • Did anyone else see the line outside the Treasury?

  • We offered out of the gate-in real-time on the Buzz & Banter-that the harsh, crimson tide was the most bullish possible opening. It didn't guarantee an upside reversal but a gap higher woulda been pounded like a chicken cutlet.

  • Setting stops removes emotion. In that light, S&P 1260, Merrill (MER) $23 and BKX 60 remain on ye radar.

  • Green beans in the Red Sea? Google (GOOG), Amazon (AMZN), Research in Motion (RIMM), Deere (DE), Nokia (NOK) and Baidu (BIDU).

  • The world's fastest man isn't exactly the first thing that pops into my mind when I think of Jamaica. What does? I don't remember...

  • The bulls would prolly applaud if the government put Fannie (FNM) and Freddie (FRE) equity out of their misery and backed their debt. At least for trade.

  • The real problem would arrive when the next leak springs in the dike and make no mistake, there are alotta leaky springs and just so many fingers.

  • $233 billion is a big nut in six weeks and they're the big, stinkin' elephants in the room. A tranquilizer dart might work wonders for the short-term but the big picture ramifications are, in a word, disgusting.

  • Hey, why the long face?

  • What doesn't act so well? Apple (AAPL) (it couldn't find a bid with the rest of big beta this morning and I sold my calls for a small loss), breadth (laggy all day), the brokers and Julia Stiles.

  • I wanna know who Jack Bauer is voting for.

  • While I was looking at crude $110 for a bounce, I'm watching crude $120 as first resistance and crude $130 as a more meaningful level.

  • Exxon-Mobil (XOM) $85 remains a level of lore for Boo's Crew.

  • Assuming the government bails out Fannie and Freddie, what's gonna happen to the MASSIVE amount of corporate credit that comes due in September?

  • It sorta makes one wanna do some soul searching, eh?

  • Are tighter spreads in the GSE's a bullish development or simply a sign that macro funds booking profits and rolling them into other bearish credit bets?

  • In other words, if Fannie and Freddie are saved, wouldn't that soak up some serious supply in the marketplace?

  • Given the tapping toes and bated breath, wouldn't some Tom Petty be appropriate?


R.P.

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