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We step over the daily hump to find Hoofy following the financials higher. This is some tape, eh? Massive, cumulative imbalances in place, the most important FOMC meeting in years approaching, looming multiple technical toggles (DJIA 12800, NDX 1920 and TRAN 5000 are underfoot, S&P 1405 is coming up quick), earnings coming down the pipe like Andy Dufresne escaping from Shawshank and reactive traders chasing both sides of the tale.

In addition to some day trading in Goldman (GS) (trailing stops and feeding ducks), I've tossed on a starter position in McClatchy (MNI) which, despite today's 9% move, is off 90% from 2005 levels (again, for a very good reason). The thinking is very much along the lines of the Gannett discussion with one small difference. While I'm playing Gannett (GCI) through January 30 calls, MNI is a common stock play. Nothing crazy size wise but I wanted to share the fare as it's a different "bucket" than my recent "hit it to quit it" approach.

As for the tape, my mind keeps meandering back to yesterday's action in the face of Ambac (ABK). We often muse you can learn a lot just by watching and I was genuinely impressed by the ability of the bulls to toe the line and hold it together. Perhaps this is a head-fake to end all head-fakes--particularly with a redheaded teenage VXO, a stronger dollar and upcoming uncertainly (FOMC)--but I'm content to wade in and out of the waters rather than trying to fight the tide.

Discipline over conviction, every day and twice on Sundays. As always, I hope this finds you well.

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Positions in GS, GCI, MNI
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