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Random Thoughts: Financials' Change of Heart?


Today's biggest laggard may have turned it around.


Editor's Note: This content was posted this morning by Toddo in real time and is being republished here for the benefit of Minyans everywhere.

Gate Sniffage - 9:51 am

  • The standout action on the opening? The lethargy in the brokerage space. It's early, but they have that same "they're not trading right" feel to 'em.

  • So you know, with regard to my small snivlet of Bear (BSC) puts, I'm gonna slap a stop at my entry, which is in and around $81.

  • Market breadth is better than 2:1 positive. If that can hold after the first hour, it'll be a feather in the bovine cap.

  • There sure is alotta hype about the Sport's Illustrated Swimsuit edition. I'm reserving judgment until I've had a chance to do my due diligence.

  • Udder eyes? Baidu (BIDU) and Amazon (AMZN) dippin' in Red Dye. A general rule of thumb is don't shvitz where you eat. Another one is when banks and beta are pointing the same way, the markets will typically follow. See it, both ways.

  • I can't shake this song. Hey, is that Pepe Depew on the drums?

  • Gas was 2/3 of retail sales ex-autos?

  • Check a borrow on Valentine's Day please!

The Hat Says "Trader" - 10:10 am

The action in the brokers--particularly Bear (BSC), Goldman (GS) and Lehman (LEH)--is fugly and fuglier, particularly given the otherwise jiggy stew.

Still, for what it's worth, I cut my puts in have into this slippage as a function of the still snazzy breadth and the Winky Wright mindset.

Jab, jab, jab...

If you twist and turn away... - 11:23 am

As I ready for a high noon mindmeld--and listen to the Rocket as he seemingly gets fitted for a different sorta pinstripes--I wanna share some fare as it pops into my crowded keppe. As always, this is in no particular order or sequence. It's random. It's... me.

  • My 'deep breath dinner' last night found me sitting next to Bono. I'm not a star, er, gazer but I'm not sure there's a bigger rock star in the world. I wonder if he's writing the same thing right now?

  • I'm not piling on Roger Clemens. I actually find this whole thing sorta sad. What's interesting, at least to me, is the socioeconomic thread. The Britney-Paris-Lindsay bubble, followed by the steroid scandal, coinciding with the stock market top? There are no accidents in life.

  • In tape town, the piggies continue to be the smoke in the poke. NYSE breadth has moderated (flattish) while Nazz breadth is stubbornly sticky at 2:1 (N's over S's).

  • I'm keeping my risk leash tight consistent with the two-sided brew. The Bear Stearns (BSC) puts were a pure trade and while the goal is to let your winners run, I had an uber-tight trailing stop on and it was elected. Color me flat in the name and happy to watch, for now. I can always re-initiate the position should the mood arise.

  • I'm also eyeing the drillers, which are strong but tickling resistance. Driller? I don't even... never mind.

  • I'll tell ya, this shaving thing ain't so bad. Plus, I look younger, from what I'm told, which is good considering that time keeps on slippin' slippin' slippin' into the future.

  • Pay attention in here, Minyans--if Hoofy can get on his tech horse, he could quell the old school dwell.

  • As always, I hope this finds you well.

Answers I Really Wanna Know... - 12:05 pm


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