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Random Thoughts: Mandates and Agendas


The Treasury may shake things up this week.


Editor's Note: The following content was posted on the Buzz & Banter in real time and is being shered here for the benefit of the Minyanville community.

Gate Sniffage! - 10:14 am

No matter how many times I take breakfast meetings, I've never quite gotten used to strapping into my turret as the flickering ticks begin to bicker. It was a fantastic chat and chew--huge for the Minyanville mission--so it was well worth it in terms of the sand in the grains of my usual mechanism.

But enough about me--what do you think of the 'Ville?

Some initial thoughts to start the session:

  • We've spoken ad nauseum about the looming corporate bond issuance. I would venture to guess that if we see it, the powers that be do as well. In that regard, don't be surprised to see fresh announcements designed to spark a stock market rally.

  • Then again, following that logic, it would be reasonable to assume that they saw Fannie (FNM) and Freddie (FRE) coming (as we did through the years) or, for that matter, the profound implications of financial engineering (well covered in these parts).

  • Either way, it's important to remember that the underlying agenda is to induce an appetite for credit. Thus far, the litany of conduits, discount windows and other "inventions" haven't been able to do that. And if this script continues to play out, the consequences for equities will be profound.

  • Oh, today's tape? A recipe for doing less as skeletal staffs are manning the streets and liquidity will thin into the long weekend (are you listening Hank?). I'll be watching the financials, breadth and big beta as my tells although, as I'm outie tomorrow and Friday, any risk assumption will be of the hit it to quit it variety.

  • Lemme hop, take off my jacket and loosen my tie. Have a good day, Minyans, and let's be careful out there.

Answers I Really Wanna Know... - 11:54 am

  • If past support is future resistance, shouldn't we point to Baidu (BIDU) $317-$319 as a tight and defined technical ceiling?

  • As I ready for a much needed respite and a long awaited hug from the Margarita Maven (my grandmother), Hurricane Gustav decides to pick this weekend to approach Florida?

  • Is it a sign of the times---or a sign of coming times--that I just swapped out JDS Uniphase (JDSU) and Nortel Networks (NT) for Simon Property Group (SPG) and Kimco Reality (KIM-PG) on my third screen?

  • Jeezums--is eight screens no longer enough to keep track of everything going on in the world?

  • NYSE internals are quietly 2:1 positive?

  • Yet the Goldman (GS) and Google (GOOG) super-tell duopoly is again pointed lower?

  • Rizzo's got a bun in the oven?

  • Why am I not happy for Fannie (FNM) and Freddie (FRE) that they've (again) found a way to profit from other people's pain?

  • Is "shooting the messenger" endemic of the percolating societal acrimony we so often discuss?

  • Why can't I take my eyes off Washington Mutual (WM)?

  • How many times this season will I be able to say that the Raiders are tied for first place?

Chatter Box! - 12:39 pm

Heads up Minyans--we spoke this morning about the potential for mandates and agendas to be announced in an attempt to spark an equity rally.

The unconfirmed chatter making the rounds on the Street is that an important Treasury statement is imminent.

If true---and there's clearly no way to tell if it is until it's announced--it would fit nicely into both what we wrote about this morning and the shrewd timing involved (as ranks thin into the holiday weekend).

This indeed is getting interesting and interestinger.

For more vibes from Toddo, check out Random Thoughts: Resolution Around the Corner!


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