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Monday Morning Quarterback: Social Studies


Some operating with "Ready, Fire, Aim!" mindset.


On The Daily Show, Jim Cramer, when asked about the responsibility of financial media, replied, "We all should have seen it more." I would humbly ask that he speak for himself. Indeed, if we've transgressed in the 'Ville, it's likely through the lens of not seeking enough publicity to draw attention to our views.

We've been warning of the cumulative structural imbalances building behind the scenes for many years. It was of no benefit to us to opine that we were entering "a prolonged period of socioeconomic malaise entirely more depressing than a recession" in 2006, but we did because it was true and because it needed to be said.

It's ironic the platform with cartoons got it right while those who were supposed to get it right acted like cartoons. The populous opinion is rarely a profitable one, particularly when the message isn't what people want to hear.

If something good come from all things bad, quite hopefully it's the realization that there is benevolence on Wall Street and there are organizations that take great pride and exert tremendous energy in being part of the solution.

We've long believed that if you do the right thing long enough, someone will eventually take notice. Somewhere, Howard Roark can most certainly relate.

Random Thoughts:

· Early last week, I offered that the upside trade was into Thursday's mark-to-market meeting. While they hinted at a shift, we got more posturing than clarity although I do expect to hear something on this front in the coming weeks.

· While I didn't participate in the rally as much as I would have liked, I've learned never to lament when making money or attempt to make up for lost opportunities. I enter today's session light and tight and in search of good set-ups, which we'll chew through in real-time on the Buzz & Banter.

· S&P 800 seems like the next level of intuitive resistance.

· Some serious snaps to a gutty and gritty Syracuse squad for leaving it all on the Garden floor. The 'Ville ( Louisville ) is a tough team and fitting champs in what I believe is the strongest conference in the history of college hoops. We will be hosting Minyan March Madness brackets again this year, so stay tuned for that.

· There were some good nuggets on Toddo TV last week lest you missed it.

· Ben Bernanke made a cameo on 60 Minutes yesterday, offering that the recession will end this year. While they're certainly tossing a lot at this monster, Minyans are encouraged to keep it in perspective.

· You can learn a lot just by watching, and the inability of Research in Motion (RIMM), Amazon (AMZN) and Baidu (BIDU) to meaningfully participate in the lift by the pre-market futures may portend supply. I'm not in either, but that's subject to change when the flickering ticks spring to life.

· If you're a mainstream American following the AIG (AIG) saga from afar, how can you not be rubbed the wrong way?

· Note the greenback, which is off a full percent in pre-market action. We've been talking about the Wishbone World for years -- also known as "asset class deflation vs. dollar devaluation" -- offering that a lower buck is a necessary precursor -- but no guarantor -- of higher asset classes. This picture speaks those 1000 words.

· As it stands, I'm slated to head west tomorrow night, but that trip is very much on the fence.

Have a great week, Minyans and remember that profitability begins within.


No positions in stocks mentioned.
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