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Randoms: Crosscurrents Galore!


Profiting is a privilege, not a right.


It's another nutty strut in the City of Critters as worlds collide and fortunes ride. We do our best to offer our brightest vibes on a real-time basis-as we do all day on the Buzz & Banter-and we'll continue that effort as we wade our way through this period of price discovery.

For better or for worse, we're in this together.

As I'm at the NASDAQ filming Yahoo's Tech Ticker this morning, I share this fare for those that care. My mind is a raging torrent, flooded with rivulets of thought cascading into a waterfall of creative alternatives, so keep that in mind as we chew through this dew.

I'll be back in the saddle by thy opening try and will meet ye faithful on the Buzz.

  • Protectionism vs. Globalization has been a central theme in the 'Ville for some time as the former storm will slice the world into quadrants like so many pieces of pie. As such, we need to remain conscious of foreign perception of our "Buy America" plan.

  • Coops DeVille noted the importance of S&P 850-853 yesterday and the tape turned on a dime when we got there. Please respect the potential for Hoofy to find his legs above that level but remain respectful of the risk if he doesn't.

  • Profiting is a privilege rather than a right. Most folks learned that lesson the hard way (hopefully, Minyans were better prepared) but it remains a central tenet during this period of "Financial Staying Power."

  • Serious snaps to Professor Rob Roy on his promotion to President of Atlantic Advisors. Way to hum, baby.

  • Maybe I'm paranoid but the way the banks traded Tuesday (in an up tape), it felt like somebody knew something (with regard to the coming package).

  • I still type with a Chloe face when I'm focusing.

  • CONGRATS to Minyanland on celebrating her first birthday.

  • Opportunity cost is the other side of discipline.

  • My grandmother Dorothy, God bless her chuggin' along and practicing Tai Chi at 88, always told me you're not gonna catch a clean fish in dirty water. I think she was referring to my social life but the same applies to the market. Trades are made to be taken, at least until the dirty water debt is flushed from the system.

  • If you haven't read Minyan Peter's Blame-and-Shame Game, please do. It's dead on balls accurate. Wait, can I say that? Mona Lisa Vito did!

  • While we can game, trade and play rallies (many of which will be chock full of false hope and empty promises) it's important to remember that we're talking big cycles here-the twenty-year variety-when dissecting the big picture.

  • Societal Acrimony comes in many shapes and toilets.

  • Morgan (MS) and Goldman (GS) continue to outperform their peers. The question I'm wrestling with is, with the pending salary caps, how much human capital will migrate to the buy side and take their shot in the hedge fund world?

  • Chewing through The Blame Game, circa 2007, it's interesting to see the Larry Summers quote. Full circle indeed.

  • There are two businesses well positioned in this environment. The first are pawn shops, which we've (Professor Krueger) flagged long ago.

  • The second? Theme brand life stage financial intelligence.

  • Hey, dreams are only as powerful as those who believe in them, right?

  • When you're trading well and not making money, it's a telltale sign to reduce risk.

  • When you're trading poorly and making money, it's typically a sign to open your stance a bit.

  • When you're not trading and awaiting an edge, leave the wouldas, couldas and shouldas out of the equation. Looking back is no way to move forward.

  • Gratitude is latitude and with the right attitude, the world becomes entirely less daunting.

  • The purpose of the journey is the journey itself.

  • Remember that, for by the time you get to where you want to be, the trip will have already ended.

Answers I Really Wanna Know...

  • Remember when Cisco (CSCO) was all we had to worry about?

  • If setting stops remove emotion, do trailing stops keep risk in motion?

  • Is premature evacuation an unfortunate by-product of risk management?

  • With the realization that, over time, the mechanics of that swing will always trump the results of the at-bat?

  • Are angry message boards a leading indicator of social unrest?

  • Do Old School Minyans remember a few years ago when Succo and I were walking through midtown and saw seven banks on a two block stretch and opined, on the 'Ville, "This isn't gonna end pretty?"

  • How does your portfolio look 10% in either direction and will you be in a position to use price to your advantage?

  • Y'all see the stochastics in Goldman Sachs getting toppy again?

  • How will (the industry formerly known as) Wall Street define "executives" with regard to the $500,000 salary cap?

  • MD's? Principals? Veeps?

  • Is there anything wrong with a little Stevie Winwood on our time?

Good luck, Minyans, let's stick the triple lindy today!


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