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Random Thoughts: A Matter of Perspective


Make it a mindful journey.


Editor's Note: The following was posted in real time on our premium Buzz & Banter. It's being shared here for the benefit of the Minyanville community. See also The Road Less Traveled, Save and Rate Cut, Engine Room, More Scream! and The Single Best Idea.

Answers I Really Wanna Know... - 12:11 pm

  • Meg Whitman for Treasury Secretary? Really?

  • 5:1 negative breadth. Again?

  • Are you watching Bank of America (BAC) $22 like a hawk?

  • Will we look back at the organic two-for-one split in Schlumberger (SLB) as an opportunity?

  • Once the forced selling subsides?

  • And that would be when?

  • Y'all think that newbie Minyans view me as Pollyanna?

  • Seriously, was any media outlet as "macro bearish" as Minyanville the last few years?

  • And we've been clear on the risk, yes?

  • With an eye towards reward?

  • Why can't I get the image of Superman surrounding by Zod and his freaky friends in doing the eye laser thing into his hand as he attempts to push back the energy and fight the good fight?

  • Did I actually just write that?

  • Will they pull a Russia and close the market?

  • Are you watching the green seeds for clues in this fuse?

  • The S&P futes are jumping around in 4 handle clips?

  • Do you think Lester Burnham and Angela Hayes coulda been happy (if she was legal, of course)?

  • Oh come on, doesn't a little levity go a long way?

  • Imagine how cool Francis woulda been if he had a sense of humor?

Of Juggles and Struggles - 3:22 pm

Seventeen years and I still haven't gotten used to the notion of stepping away from the screens in the midst of a trading day. These are no ordinary days, mind you, but the vacation adage comes to mind. You know that one--it's when you feel you can't take a vacation when you need it most. Yes, our crosstown (kick arse) meld validated what I suspected. The sun was shining. People are breathing. Life goes on.

Some top-line vibes as we punch some doggies on the heels of the Hump:

  • There is no denying there is massive risk to the market. That's why you only trade with what you can afford to lose. For my part, the long-term bucket of my book remains 100% cash and my bull costume effort is with my trading chips.

  • The real test will come at 3:30 when redemption notices hit and forced selling percolates. That, by definition, is unnameable so the onus is on us to see all sides as we find our way.

  • There's an old adage on (the industry formerly known as) Wall Street that the only thing worse than losing money is underperformance. Keep in mind that IF (huge, monster if) Hoofy can find some footing, performance anxiety could percolate. Just putting it out there through that "see all sides" lens.

  • Walking to this meeting with Charlie and Kevin, I turned to them and said "There really is no legitimate reason for the market to rally. In some backwards way, that could be precisely why it rallies. The market is forward looking and validation tends to post rationalize."

  • As if, Cher! That posture is ripe for second guessing if social mood, risk appetites, structural inefficiencies and shifting psychology overwhelm demand. Still, I've kept dry powder in a keg long enough that I can let out my risk leash as others tighten theirs. Doesn't make it right, but it will always be honest.

  • False media, we don't need it do we?

  • It's "Sell Rosh Hashanah and Buy Yom Kippur," right?

  • Either way, I'm outie like Cher Horowitz tomorrow to look within and focus on the important stuff with the fam. In that vein, lemme take a moment to wish those observing an easy fast.

  • I just said to Pres. Fish, "You're so fat, you don't fast, you slow."

  • Fare ye well into the bell and have a safe, mindful journey. I'll see YOU on Friday.


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