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Randoms: Stateside Players and Chinese Checkers


An overseas breeze ripples through the still, summer waters.

  • If China is indeed the dog that wags the stateside tail, I will again point to this chart highlighting the juxtaposition of Shanghai vs. the NASDAQ.

  • While Mr. Buffett offered that a "gusher" of Federal money helped avert a meltdown, I still prefer our imagery of the government dumping boulder after boulder in the pond to offset the ripples created by the pebble that was American Home Mortgage.

  • The initial Snapper this morning was intuitive and, with the opening gaps in the S&P and NDX "filled," we'll see a truer tenor of the tape.

  • Bank America (BAC) and Citigroup (C) are hugging the flat line like babies hug a woogie; watch these stocks as sentiment tells in the space. Also keep half an eye on BKX 45 as this is the third time it's testing that level.

  • Apple (AAPL) is the driest eye (underlying demand) in the master beta space today.

  • Minyan Dougie Kass did a fine job on television this morning, channeling his time at Woodstock (I was a month old!). He and I will be vibing all weekend at his East End digs as we Roar for a Cure for a most worthy cause. If ye faithful are out there, ye faithful are most certainly encouraged to join us!

  • Mea culpa early this morning for not communicating that the dollar index was only up 12 bips, which led me to believe the supply wouldn't cascade lower, at least immediately. Following up, please note that the greenback is now 35 bips lower, which is a necessary precursor to--but no guarantor of--higher asset classes.

  • Green seeds in the Red Sea this morning again included pharma and consumer non-durables. I'm not involved in either sector but I've been spying the relative strength and wanted to pass it along.

  • I've been eating ice cream a mighty long time but I stumbled upon Häagen Daz Caramel Cone last night and all I can say is it's an insta-favorite!

  • Wanna sneak peak at tomorrow's episode of Hoofy & Boo? Anyone interested in the Goodfellas at Goldman Sachs will most certainly enjoy it!

  • In terms of my current stance, it hasn't shifted from what I communicated out of this morning's gate. So you know.
And finally...

While I don't "do" message boards, worthy Minyans inform me that societal acrimony is good and thick on MarketWatch following syndication of this week's Memoirs. I expected as much--if someone views that content as a snapshot rather than a movie, they'll likely get the wrong idea.

As I said this morning, that juncture of my life was the apex in the arch of my hedge fund career but the nadir of the nature of who I am today. I won't apologize for my past; I'll learn from it, as we all do. The irony is that the reason I share my tale is to debunk the very issue folks seemingly have with today's installment, namely the false idolatry of money.

While the mainstream media (here and here) and popular blogs attempt to digest the message of the Memoirs, I'm ask you to reserve judgment until the script plays through. Take me at my word, by the time the dust settles on this edition of the expedition, it will be crystal clear I was my own harshest critic.

The greatest wisdom is bred as a function of pain indeed. As Minyans, I'm quite sure you know this. Lest you're new to our community, let it be said.

As always, I hope this finds you well.

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