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Random Thoughts


Today is the final day of the index expiration fray. Indices settle on tomorrow's opening and will pave the way to individual stock situations.

  • Citi was pretty to start the day--and Goldman quickly played ketchup--but the financials have faded to pretty in pink.

  • Cause for paws? Not yet, but as go the piggies, so goes the poke. As it stands, our financial duopoly remains firm, albeit below resistance at BKX 118 and XBD 260.

  • Have you seen all of Hoofy and Boo's News and Views? There's some seriously good vibe in there and a little levity goes a long way. The latest riff on financial media is not to be missed!

  • Prayers to our Mid East Minyans as tanks roll into Gaza anew.

  • Could this also be a reason that crude caught a bid?

  • How did the Suns go down on me? West coast games are a tough nut for East Coast fans!

  • "Tony Blair is the exception to many blowhards in the political arena." George W. Bush, May 17, 2007.

  • Goodnight, Irene? Farley just laid 3:1 that I couldn't slap a Sleeper Hold on him until he passed out. It's not like I need incentive--or odds, for that matter--as our young buck seems a little uppity of late. Hey Macke, wanna share the honors?

  • The homies and retailers were dry eyes out of the gate, as were the rails on the heels of the recent stakes by high profile players.

  • Our requisite Dentyne check finds breadth hanging 3:2 negative, which is a tweener in terms of a tell. Typically, 2:1 market internals (wire to wire) offers a strong sail wind into the close.

  • Today is the final day of the index expiration fray. Indices settle on tomorrow's opening and will pave the way to individual stock situations. Beware of pin risk in names where outstanding open interest is out-sized versus average daily volume.

  • "Remember when Sam Zell blew out EOP (Equity Office Properties, taken over by a Blackstone-led group) when IYR was at 95? Talk about top-ticking the market! See the IYR chart here. All I know is that for the better part of a year, I have been featuring REIT's as the poster child for over valuation. They are now down a cool 13% since Sam sold and that was at the time, IMHO, a 'watershed event.' Are they cheap now? Heck no! They are still absurd on a historical basis. Note how it breaks the 200 day. This could signal a) risk avoidance as REIT's are a 'spread product' or b) a signal of higher rates to come or c) both. In any case I still will avoid them..." Professor Bennet Sedacca , with an excellent Buzz this morning.

  • Time keeps on slippin', slippin', slippin' into the future. I've been reflective of late, which might be due to moving (cleaning out old notes, photos, files), the change of seasons, my recent trip to Maui (diggin' within) or simply a self-check. The net takeaway? Gratitude, with a sprinkle of release, as we enter this fresh phase.


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