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Random Thoughts: Are We There Yet?

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Clean up your sheets into the weekend.

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Television's JeffMacke® joined me at Chez Harrison last night for some fresh sashimi and a long-overdue vibe session. Seeing old friends is good for the soul, as Bob Seger liked to say, and we took nothing for granted as we watched the Yankee Classic replay of game six of the 1978 World Series against the Dodgers.

First, that's old school.

That was the Yankee squad I fell in love with as a kid.

Reggie, Dent, Catfish, Munson, Guidry, Goose, Pinella, Martin.

That was Yankee baseball.

We were struck by how small the players were in the pre-steroid era and amazed by the energy, quality of play and teamwork. It was just what the doctor ordered before we jettisoned back to the concerns and quibbles of modern day society.

Some other, random musings:

  • They say that there's an "easy" trade each session and the first Snapper higher from the opening lows was likely it.

  • As discussed in real-time on the Buzz & Banter, I faded and traded (bought and sold) that move before pounding my glove like Craig Nettles awaiting the next, best trade.

  • There is all kinds of chatter floating around that they'll soon extend the short-tick squeeze, er, rule to all equities. Don't hate the player, hate the game, Yo, and see all sides of every possible trade. We indeed live in interesting times.

  • What did I learn from Google (GOOG)? That it's a good thing I'm not greedy. I covered my short (slapped on into earnings) as the stock dribbled in the $460's, rather than waiting for the gap to fill at $450. Too many eyes on any one level tends to cloud the technical process.

  • Which doomsday scenario do you believe?

  • Market breadth acts well. That's the good news. The not-so-hot news is that the financials continue to shoulder supply. When you don't have a high quack count, it's usually a good idea to duck risk.

  • It's not only important to watch market internals, it's important to watch 'em juxtaposed against the futures. That, Mon Frere, is where we find incremental clues.

  • Rest in peace Professor Randy Pausch.

  • National Australia Bank is writing down $800 million of its investments in U.S residential mortgages and burped 14% lower as a result.

  • Why does that matter? They've marked many positions at a dime per dollar. If that mark-to-market finds its way across the pond, it could reverberate throughout U.S. financial institutions.

  • The Ruby Peck Foundation for Children's Education would like to thank Minyan Gerry Vos and the CRT Capital LLC for their most generous pledge to help our kids better prepare for the road ahead. A dream is only as powerful as those who believe in it.

  • There's nothing wrong with a little Stevie Ray on our time.

  • I'm not involved in MasterCard (MA) or Visa (V) but I have a high degree of confidence that both will get dinged before the credit crisis works through the rest of the phases. It's not a default play-it's a processing play. Women be shopping, and they always will, they'll just be shopping less.

  • "It's kind of fun to do the impossible." Walt Disney.

  • Enjoy the weekend, Minyans-you've most certainly earned it!


R.P.

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