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Answers I Really Wanna Know: Big Financials Reporting With Mixed Results

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Now that all the big boys have reported, will you please remember that the financials, as forward-looking discounting proxies, will trade on the perception of the future?

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  • Following my dollar column earlier this week, are you hearing the chatter that Saudi Arabia is posturing to drop the greenback peg?

  • Isn't this an intuitive evolution given the "Uncle, Cut!" by Uncle Sam?

  • And isn't it consistent with our 2007 theme of Nationalization?

  • Can we finally agree that the judge and jury of stateside policy are now domiciled overseas?

  • While it's conceivable that asset classes can continue to rally with a weaker dollar, when will foreign holders of dollar-denominated assets say enough is enough is enough (this can't go on)?

  • Doesn't it feel like Mr. Greenspan's legacy is in serious rewrite mode?

  • Given the intricate machination of (on and) off-balance sheet positions at Wall Street brokers, can't they print any number they want?

  • I mean, didn't Lehman make its revenue number by "bumping up" interest and dividends while Goldman's beat was in part due to a sale of a power company?

  • And what does it say about Mother Morgan (MS) and Bear Stearns (BSC) that they couldn't find similar seams in their financial fabric?

  • Do you see the technical context (defined risk) I was looking at when I got short Morgan Stanley on the back of yesterday's earnings (and in the face of flattish price action in an "up" tape)?

  • Now that all the big boys have reported, will you please remember that the financials, as forward-looking discounting proxies, will trade on the perception of the future?

  • And are you allowing for unforeseen expiration influences to manifest in the days leading up to the actual expiry?

  • Do you see the dollar at fresh lows and gold at new highs?

  • Will Gold $1000 seem obvious with the benefit of hindsight?

  • Y'all see the big open interest at S&P 1525 (which will act as a magnet into today's close)?

  • How about other "pin candidates" such as GOOG $550, AAPL $140 and XLF $35?

  • How will Big Ben chime during his 10:00 AM testimony on mortgages?

  • Is Northern Rock the overseas equivalent of Countrywide Financial?

  • Does anyone else think that Ken Lewis (BankAmerica) intercepted that slug of Countrywide while playing defense rather than offense?

  • Is anyone else excited by the prospect of Minyan Peter joining the 'Ville as a full-fledged professor?

  • How much of the post-FOMC rally was the unwinding of the massive hedges we saw slapped on last week?

  • Now that the VXO is a teenager, is this the very best opportunity to buy volatility into year-end?

  • Are you watching BKX 111.50 as a near-term technical toggle?

  • Have you circled Friday, December 7th in NYC for the Minyan Festivus to help the kids?

  • Have you noticed that I'm not jawing about big city baseball?

  • Over in four-letter land, did you see that KLA-Tencor (KLAC) is guiding fiscal first quarter orders to the "bottom" of it's forecast range?


R.P.

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