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Random Thoughts

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The more we see, the better equipped we'll be preserve capital and prosper.

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  • The Amazon rippage is giving the ursine uglies cause for pause. 20% dingers, either way, have a way of making you reassess your risk.

  • Keep an eye on those pesky brokers as GS, BSC, LEH and MER flip the crimson switch. The homies too, O-Dog, although they acted great yesterday in the face of fugly news.

  • I'm wearing my Yankees hat proud today despite the cellar dwelling status. Bad seasons define good fans.

  • The dollar is down another 20 bips this morning. I'll again say that when the greenback catches a sustainable bid, the bloom will quickly fade from the asset class rose.

  • While I recently pared the meat of my longs--as a function of my put funeral and the forthcoming respite--I added to my core position in SunMicro this morning. Nothing crazy (and not huge) but if you don't wanna buy a stock down 9%, it shouldn't be on your sheets.

  • Yes, I think the first test of DJIA 13K fails. I've been wrong before but that's my honest take. With NYSE internals 2:1, Hoofy has wind in his sails but the laggage in the brokers, homies and small caps --not to mention the group hug at 13,000--leaves him exposed to some flank steak.

  • I was in tears last night. Crying. Laughing so hard that I couldn't breathe. Why? You'll find out Tuesday when you tune in to Hoofy and Boo's News & Views.

  • How great was Marissa Tomei in My Cousin Vinny?

  • I wanna see a prolonged economic expansion as much as (or more than) the next guy. It's not about 'that,' it's about measuring risk versus potential reward and seeing the dynamics that shape the tape (the dollar, velocity of money, elasticity of debt). The more we see, the better equipped we'll be preserve capital and prosper.

  • Has the phrase Dow 13000 been used more than 13000 times today?

  • I offered earlier that we were seeing some aggressive buyers of volatility. I got that "heads up" late yesterday and wanted to pass it along. I would like to note, however, that we continue to see "massive" over-writing as well (selling calls against existing stock positions). So, I wanted to clarify. We've seen more buyers of volatility than we have (aggressive, relatively speaking) and continued (or, cumulative) premium selling from the big dogs.

  • Good luck Minyans--and just remember, you're a Melon!


R.P.

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