Answers: Is a Down Day in the Cards?

• Did you know the DJIA closed in a different direction from the prior session eleven straight days?
  
  
• Wouldn’t that fit with a lower close given today is Turnaround Tuesday?
  
  
• Did you read on yesterday’s late day Buzz that I tethered out some short-side exposure into the bell in front of today’s traditionally contra-trend session?
  
  
• With an eye towards flattening out before I selfishly scoot to vacation on Thursday?
  
  
• Should S&P 950 edge closer—particularly after a sharp pop—wouldn't that offer the most defined risk profile of the year for our bear Boo?
  
  
• Could we get there next week when everyone and their sister will be away from the fray?
  
  
• Was anyone else extremely underwhelmed by the final hour of 24?
  
  
• If you were in the OECD, wouldn’t you have OCD too?
  
  
• While Morgan Stanley (MS), Goldman Sachs (GS) and JP Morgan (JPM) race to repay TARP funds, what are the ramifications of the 600 small and midsized banks that are flunking the stress test?
  
  
• If commercial real estate is the next shoe to fall, will Minyans really be that surprised?
  
  
• Especially if that read this, this, this, this and this?
  
  
• While the U.S. recession, which started in December 2007, will “probably end” in the third quarter (according to the median estimate of 61 economists surveyed by Bloomberg), did you see hedge fund titans Daniel Och, David Einhorn, John Horseman and Dmitry Balyasny told clients that the stock market rally won’t last?
  
  
• Doesn’t that fit with the “W” scenario we posited a few weeks ago?
  
  
• Who had more unresolved upside? Cobain, Biggie, Tupac, Belushi, Candy or Farley?
  
  
• Do you believe we should know what the Federal Reserve is doing with our tax dollars?
  
  
• If you're staring at every tick, isn't that a telltale sign that you're positioned too big?
  
  
• Remember when FASB first flickered on our radar?
  
  
• Is it time to begin focusing on it again?
  
  
• Other than giving Memoirs a final read over my upcoming respite, should I turn off the keppe and leave the laptop at home?
  
  
• Did you know that today is BTIG's 7th Annual "Commissions for Charity Day" where they'll funnel all trading commissions to several worthy charities?
  
  
• Are you keeping Pakistan on ye radar?
  
  
• If excess breeds excess, will aggregate S&P earnings trade at a single digit multiple before we put in a true bottom?
  
  
• With the VXO about to trade with a 2-handle, is it again time to begin building positive gamma positions?
  
  
• Have you checked out the ten worst meals in America?
  
  
• Have you turned your Mini-Minyans on to Minyanland so they can learn to earn, spend, save and give?
  
  
• Regulated containment indeed, eh?
  
  
• But what about the unintended consequences?
  
  
• Such as a seismic currency readjustment?
  
  
• Does it really make sense that a debt bubble representing a decade of cumulative societal excess will stop on a borrowed dime?
  
  
• Or would we be wise to channel the wise words of Jimmy Cliff?

R.P.