Into The Sunset: Thoughts on the FOMC, Financials...
If you missed this afternoon's Buzzes, catch up here!
Missed what all the Buzz was about this afternoon? We're here to help.
Mini-Minyan Mailbag: The FOMC Understands - 2:24 PM
If the Fed is targeting asset prices, maybe not because it wants to but because it has to, why would it use another bullet if it is still above the price levels from where it last cut?
Would it be because of yen-induced margin calls against the U.S.' supposedly well capitalized market players?
Have a great weekend, bro, may the Raiders win early and often because from the looks of their schedule the last eight games could all be losses. You could be 3-1 going into the Bye week, which would then have a double meaning.
Leaving alone the fact that they've stealthy shifted their role (along with Hank stealthily admitting to the PPT), I will offer that the FOMC has no choice but to trade reactive.
That said, and while they've dug themselves into a pretty deep hole, they're no dummies--they're watching levels, they understand sentiment and they know how to play the game (remember the discount cut on expiration Friday? Not an accident).
So, yes, they understand they only have so many bullets in the gun and they'll use them wisely. For they also know that the last one will be pointed at themselves.
As for the Raiders, all I can say is that---for the first and perhaps last time this year---they're tied for first place. Noice! Let the pigskin begin!
Toothpick Buzz! - 2:35 PM
I take the thin sticks from my eyes---not because I'm tired, simply because I'm fried!--to offer the following vibes from the city of scribes:
- With everyone and their sister whispering about a 2:00 PM EST "surprise" rate cut, we gotta wonder what's gonna happen if it doesn't arrive.
- After all, tapes that are heavy all session tend to end that way.
- I was about to write "As I sold my October puts at this level, I could leg into out-month paper and call it a wash."
- Then I thought to myself, "Self, trading is a constant and relative evolution and it doesn't matter what you booked, won, lost, bought or sold in the past. Each time you open a ticket, time is reset."
- Holy cow--am I actually quoting conversations I'm having with myself? Someone please ring the bell.
- In the meantime, I'm looking at December S&P paper and reminding myself that while the VXO is 25% higher than it was earlier this week, it's still 30% below the August peak.
- Hoofy is watching the "higher lows" in the S&P while Boo will note that the piggies just poked through the most recent low. And you know what they say about the piggies and the poke.
- I don't know about you but I think the Hoofy & Boo episodes are hilarious. I'll also offer that the pipeline has the best content yet.
- Someone is standing at CFC $18 and furiously fighting off the supply. Hmm--wonder who that could be?
- Is it me or does anyone else feel like they've gotten hit by a linebacker every week about this time?
- OK--enough rambles. I gotsta focus on the final fray. As always, I hope this finds ye faithful well.
Housekeeping on Aisle 5! - 3:29 PM
- Many kind thanks to the Minyans who so generously support the Ruby Peck Foundation for Children's Education. My grandfather (Ruby) was my best friend and old school Minyans remember how difficult it was when he passed in 2001. This collective effort allows us to keep his energy alive and the important stuff front and center.
- I gotta give a shout out to the Minyan Editorial Squad and the tremendous professors in our hood. They've busted hump to deliver top notch content for ye faithful--from the Buzz to News & Views to Hoofy & Boo to the Educational efforts--and my (admittedly biased but always humble) opinion is that it's getting better and better.
- Engine room, more steam! If you think we're busy now, just wait till the fourth quarter! We've got MV Kids (which I saw last night and all I can say is WOW!), The Exchange and (I'm not really allowed to talk about this but I'll say it anyway) the Minyans in Manhattan Circle of Trust Soiree to celebrate our community in the name of the RP Foundation.
- Mr. Hypocrisy (that would be me)--the same guy who talks about "working to live not living to work"--rarely takes the time to step "outside" the 'Ville to look at how far we've collectively come. As I said at Ojai, there's no personal pride involved. It's not about me. It's been about us. A vision is only as powerful as those who believe in it and I'm humbled to besurrounded by such a strong cast of human capital. Thanks for believing and take me at my word--we've only just begun.
Todd Harrison is the founder and Chief Executive Officer of Minyanville. Prior to his current role, Mr. Harrison was President and head trader at a $400 million dollar New York-based hedge fund. Todd welcomes your comments and/or feedback at firstname.lastname@example.org.
The information on this website solely reflects the analysis of or opinion about the performance of securities and financial markets by the writers whose articles appear on the site. The views expressed by the writers are not necessarily the views of Minyanville Media, Inc. or members of its management. Nothing contained on the website is intended to constitute a recommendation or advice addressed to an individual investor or category of investors to purchase, sell or hold any security, or to take any action with respect to the prospective movement of the securities markets or to solicit the purchase or sale of any security. Any investment decisions must be made by the reader either individually or in consultation with his or her investment professional. Minyanville writers and staff may trade or hold positions in securities that are discussed in articles appearing on the website. Writers of articles are required to disclose whether they have a position in any stock or fund discussed in an article, but are not permitted to disclose the size or direction of the position. Nothing on this website is intended to solicit business of any kind for a writer's business or fund. Minyanville management and staff as well as contributing writers will not respond to emails or other communications requesting investment advice.
Copyright 2011 Minyanville Media, Inc. All Rights Reserved.
Daily Recap Newsletter