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Random Thoughts: Will the Wheels Hold on the Wagon?


Markets continue on unstable ground.

Editor's Note: The following was posted in real time on our premium Buzz & Banter. It's being shared here for the benefit of the Minyanville community. See also Back in the U.S.S.A.!, Which Way Will We Go? and Scary Mary, Why Ya Buggin'?

The Mess Around! - 1:00 pm

No, I'm not talking about this--although it's awesome--I'm talking about the mess that continues to migrate around the Street. I'll tell ya Minyans, these are strange days indeed. We offered at the beginning of the year that 2008 would be the most interesting juncture in the history of financial markets and it's safe to say that's come to pass.

What to do? Road Trip? Get over it and go out with someone else? Grab an Orange Mocha Frappacino? Pick out a new thermos? Drive to Chicago? Get in our mouse and drive away?

Nah, we'll gonna roll with the 'Ville, which is to say that we'll surround ourselves with people we trust that have skill-sets that complement our own. There is one way we'll get through this, Minyans, and that's together.

Some top-line vibes:

  • Here's an answer I really wanna know--how would Goldman Sachs (GS) have felt if the government banned short-selling of mortgage paper before it famously profited from the fall? I have a LOT of friends on the Street after seventeen years at this and the pain is palpable. The sad but unfortunate truth is that this is a monster that they themselves created.

  • Remember that "troubling sense" I shared in my last Buzz about we, the people, being vulnerable into the election? This snippet has stoked my internal fires of fear (and please understand that I pray that these intuitions prove completely false).

  • For what it's worth and so it's shared, I punted those SPY calls for a slight loss as I keep my cards close to my vest. While anything is possible in this market (a profoundly true statement), I'm long risk definition and short reward chasing in size. I've still got that snivlet of General Electric (GE) with a stop loss order set at my entry price.

  • Welcome to the Raider Nation. They lost a heartbreaker in Buffalo and sources say that Coach Kiffin is toast. Prediction: He will rise from this career challenge and eventually become coach of the Denver Donkeys (a la Mike Shanahan) and torment us for years.

  • Deep breath, Minyans, this too shall pass.

Answers I Really Wanna Know... - 1:53 pm

  • Do you see the action in the financials (Wells Fargo (WFC) -13%, JP Morgan (JPM) -13%, Washington Mutual (WM) -20%) despite the Martial Law in Red Dye Junction?

  • Does that effectively dispel the myth that short sellers were the root cause of the decline?

  • Or does it simply speak to foreign holders--and mutual funds--selling their financial holdings?

  • Would now be a good time to communicate that my General Electric (GE) position was stopped out for a dime loss?

  • Are you still watching the retail complex as short-side attention spans shift?

  • Will SPY $120.60 "matter" if and when Friday's opening gap fills?

  • Or is the technical approach officially flawed as an unintended consequence of the artificial structural shift?

  • Does anyone else wish the weekends were a wee bit longer?

  • Why can't I shake the persistent sense that we should move MVHQ outside the city until after the election?

  • Is the action in crude (+$12), gold (+$44) and the dollar (-2%) effectively telling us that we've jumped the shark in Our Wishbone World?

  • And what does it "say" that the DJIA is down 230 points despite that?

  • Don't you know that if I knew the way, I would take you home?

  • Has anyone else noticed that the "little things in life" such as football games, a purring cat or a smile from a friend has considerably upticked in value?


Position in GE
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