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Random Thoughts

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The haves and have-nots both pine to keep up with the Dow Joneses, with the have-nots aspiring to be haves and the haves always wanting to have more.

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  • Some odd-lotter bought 12,000 S&P December 1525 calls this morning. That's a sizable order, Minyans, and it put some pep in Hoofy's step out of the morning gate. I don't know if he (or she) reloads but if they don't, keep an eye out for a trap door back to Red Dye.

  • The dollar is at session lows (-45 bips) as the CRB (which I view as a proxy for all asset classes) re-probes triple lindy resistance.

  • Note Nazz breadth is only marginally positive. Not necessarily actionable but somewhat interesting as expiration influences continue to pull on the tape (S's over N's).

  • Why can't I shake the notion that the NDX is gonna close heavy today?

  • Why do certain things taste better extra crispy?

  • Television's JeffMacke® left his phone at my pad after some post-BLT aperitifs with a few friends on Friday. I still have it, which is sorta fun as I answer it in a different language each time it rings.

  • It's been a while since geopolitical concerns weighed on the tape, eh? One minute, we're seemingly at the brink of Mid East conflict and the next, it's nowhere in the news. The media is indeed the most powerful industry in existence.

  • Home Depot is flat? Buy it, sigh it or refuse to try it, you've gotta respect it. They just don't seem to care...yet.

  • With that said, Judge Dredd, the semis can't catch a bid for the life of 'em. IF (big if) the worm turns, expect the SOX statue to crumble and fall.

  • S&P 1515 into expiration? Uh, yeah--we're there. Is 1525 in the cards? The closer we get, the stronger the pull. That's just how it works (and it works in reverse, too--the further we get from high open interest strikes, the less it "matters.")

  • Junk yard Crash? In a world woven together with derivatives, it's worthy of a read.

  • We've only been in "these" offices for two years but as we prepare for the weekend move to bigger digs, I'm finding all sorts of nostalgic memorabilia. From Minyans, and from stuff closer to home...makes you think how quickly time passes.

  • "Apple (AAPL) has made nine consecutive higher lows and higher closes - a rare event of course - but minimal upside from prior occurrences (Feb. '05, May '03, Sep. '00 and Aug. '97 in the last ten years). I'm not shorting it - but certainly not a name I want to be long." Professor Jason Roney on today's Buzz.

  • Minyan Mailbag

    "Toddo,

    Oversized Whoopie Pies (chocolate cakes with cream filling) were reduced to $1.19 from $1.39 this week, OBVIOUSLY reducing my expenses (but not my waistline). Regrettably, (twins)
    Dartmouth tuition, room, and board went up 4.9% so I'll have to buy a LOT of those fellers to make up the difference. Thank goodness that inflation is dead!" Regards, Minyan RPS

    MRPS,

    We talk about this a lot in the 'Ville--inflation in things we need to feed, educate and power the world and deflation in things we want, be them plasmas, cell phones or laptops. That's one of the primary reasons I feel the government figures are askew. The other, naturally, is the chasm between the haves and have-nots. Those with haves more than ever. Those without are growing in numbers.

    Perhaps this has been going on since the beginning of time---class wars---and maybe I'm late to the game in noting them now. But as someone who has seen both sides of the ride, I can relate to the indifference of the deep pockets and empathize with those forced to make choices. Ironically, both ends of the spectrum seemingly share a common characteristic.

    They both pine to keep up with the Dow Joneses, with the have-nots aspiring to be haves and the haves always wanting to have more.


R.P.

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