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Freaky Friday Potpourri: Breakfast With Beeks

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GDP beat expectations, but take it with a grain of salt.

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Clarence Beeks arrived on the train this morning with the orange crop report in hand.

Everyone and their sister knew GDP was gonna suck wind, the question, through a trading lens, is how much malaise was priced into current pie. With GDP printing better than estimates (-3.8% vs. –5.5%), one's left to wonder whether Mortimer will "buy, buy, buy!"

I'll be clear-I think we have a very long road ahead-but as a trader, I'm less concerned with the ultimate destination than I am the path we take to get there. With that in mind, I humbly submit some random off-the-cuff, cut-me-some-slack-it's-Freaky-Friday vibes:

  • Last week, after pondering whether The Banking Industry Could Survive, we took the other side of conventional wisdom and waxed poetic for a trade. On Monday, we pressed that upside bet by asking if The Banks Lead the Tape Higher for a Trade?

  • Throughout the week, in real-time on the Buzz & Banter and steadily on News & Views, we bought dips and sold blips in that complex, jabbing like Winky Wright, scoring quick points and covering up before Boo fought back.

  • I carried home some exposure home last night, which is a slight departure from my hit it to quit it approach, particularly given the 26% six-session sprint and my broader, oft-discussed big picture concerns. Vehicles include Wells Fargo (WFC), Morgan Stanley (MS) and the call options formerly known as Bank of America (BAC) and Citigroup (C). All pure trades and none of it, as you know, advice.

  • The reasoning-maybe right, perhaps wrong, always honest-includes my perceived window of opportunity although I don't necessarily disagree with the thought process offered by Television's JeffMacke™.

  • One of the sharper Minyans our midst pinged me yesterday to offer that there was way too much negativity in Amazon (AMZN) and a decent number would spring the stock to $60. I nodded my head in agreement as I pulled up the chart and saw some textbook (negative) dandruff. The lesson? Technical analysis is but one of four primary metrics and they need an asterisk on them in front of a binary news item.

  • Say Goodbye to Hollywood, Say Goodbye my Baby. Also say goodbye to the current version of Minyanville.com, which will morph into an entirely more excellent experience this weekend. This is one small step in a series of snazzy situations that will exponentially increase the information, education and entertainment in the City of Critters. Trust me on this.

  • The buyers are higher and the sellers are lower.

  • While I've been lacing 'em up for some old school runs, this isn't a clip of me on the hardwood.
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