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The Pushback Society


At a time like this, societal acrimony is palpable.

While he argued against isolationism-he must see what we see-he urged against "excessive intervention in economic activity and blind faith in the state's omnipotence, urging the creation of "several strong reserve currencies in the future."

Geez, sounds familiar.

Lest you think I'm data mining, looking for sound bites to support my concerns, let me offer other anecdotal evidence from last night alone. In Paris , hundreds of thousands of French workers staged a nationwide strike in an attempt to force President Nicolas Sarkozy to "do more" to protect jobs and wages from the economic crisis.

Perhaps more disconcerting, Chinese Premier Wen Jiabao squarely blamed the U.S.-led financial system for the world's deepening economic slump, the most public indication yet that discord is mounting between the U.S. government and its largest creditor.

Toss in some tension in the Middle East, shifting stateside social mood and increasing foreign financial protectionism and, well, I suppose the venom on the message boards shouldn't be such a surprise. Indeed, perhaps we should be thankful that it's not entirely worse.

Remember this, my friends. Society is simply a sum of the parts. If you're not part of the solution, you're part of the problem.

Be strong, be wise, be forgiving.

Be a Minyan.

Some Random Thoughts:

  • As ye faithful know, I've been trading around the financials on the long side for a pure schnitzel. While my "hit it to quit it" approach kept my returns well below the 26% six-session gains registered in the BKX, opportunity cost is the other side of discipline.

  • As discussed real-time on the Buzz & Banter into yesterday's close, I made partial sales into the close to respect "the first move, after an FOMC announcement, is typically the false move" mantra.

  • Recent vehicles include Mother Morgan (MS) (note the acne above $20) and the call options otherwise known as Citigroup (C) and Bank America (BAC). Wells Fargo (WFC) and Research in Motion (RIMM) (on a pullback) are also in my sights.

  • And yes, I faded (read: bought) this morning's crimson tide for a pure trade as the market typically retests the direction of the previous day's outsized gains. I immediately set trailing stops to define my risk should I suddenly morph into a big hair 70's rock band.

  • For the record and so it's said-and perhaps, I should have been more clear in my column-I don't support, endorse or otherwise wish to see a North American currency. I was simply "putting it out there" as it's within the realm of possibilities.

  • Is the German Gold Debate the definition of "selling your winners to finance your sinners?"

  • The buyers are higher and the sellers are lower.

  • I don't know about you but I read every single word that Mr. Practical writes.

  • The friction between opinion is where true education resides. The key-and what has always been the hallmark of Minyanville-is to allow for a healthy debate, sans acrimony.

  • Was Jam Master Jay involved in this good bank-bad bank thang? Not bad meaning bad but bad meaning good...


Positions in WFC, C, BAC, MS
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