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Random Thoughts: Irony in the Financials

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If the broader tape adheres to the "as goes the piggies" mantra, the downside poke has a ways to go...

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  • Eyes Alive! See the drillers as Schlumberger (SLB), Smith Int'l (SII) and Halliburton (HAL) are all 5%-7% lower on the heels of yesterday's curious action.

  • As there is no mercy in the energy space. Keep close tabs on your metals positions as they tend to trade together. XAU 172 is the level of lore for gold bugs galore!

  • Where were YOU twenty years ago today?

  • Aside from the traction in select financials such as JP Morgan (JPM), Wells (WFC) and Bear Stearns (BSC), keep an eye on the homies as they're starting to grin higher. They, as you know, led us lower.

  • Earlier this week, we vibed the S&P 1523 level, noodling that it was "near-term business."

  • Hey, even a broken clock is right twice a day, right? The next level of vibage? S&P 1495ish. So it's said and so you know!

  • Oh Alanis, isn't it ironic that the financials were serving as the Cliff Branch earlier? The question, of course, is which way the ketchup will squirt. If the broader tape adheres to the "as goes the piggies" mantra, the downside poke has a ways to go.

  • The only difference between genius and madness is acceptance.

  • Is negative gamma still in play? Only on the individual plays---the index players are dressed in black, saying a put prayer.

  • A few folks have asked me (earlier this week) whether today, as the anniversary, increased the odds of a swoon. I said--and still say--no. The tape is digesting a lot of influences and while psychology is uber-important, anniversaries are not. At least, that's my take.

  • See the upcoming support in Schlumberger. This puppy may get pulled to par ($100) on expiration but between the 50-day and previous acne, Hoofy will have a technical backstop to lean against.

  • My brother was in town for the Boss concert last night and said he rocked the Garden. Hey Adam, what happened to my ticket? They name streets after you... they're called "One Way!"

  • It's looking like it's gonna be a humdinga at The Bull & Bear tonight for the worldwide television debut of Hoofy & Boo. If you're around, swing by (49th and Lexington ) starting at 4:30 to share a smile!

  • Deep breath Minyans, we're almost there.


R.P.

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