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Random Thoughts: Market Shows Some Resilience


Keep an eye on financials amid all the ups and downs.


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 Aspire to Inspire and Trading Around the RIMM.

Sniff and Scratch! - 11:53 am

  • Buy dips, sell blips? Yes indeed, as I parceled out of the "in-the-hole" Research in Motion (RIMM) purchases (near $35) as it flipped the upside switch. The "rule of thumb" is that you're not supposed to trade "errors," although mine was purely poor judgment. Into and around $40-ish (new resistance), I'll prolly punt and move on, so you know.

  • Another "rule of thumb" is to never sell your winners to finance your sinners. Still, as I continue to operate with a "hit it, quit it, sit it" mentality, I've pared my Amazon (AMZN) position into the 10% pop. I was thinking of trailing stops and all but quite honestly, there's too much going on right now and I feel like a moth in a light bulb factory.

  • The tape? Feels decent to this old man, with the financials again setting the tone, breadth behaving and the reaction to recent news (General Electric (GE), RIMM) encouraging. With that said, as I'll be playing Mr. Roarke, your host, later today, tomorrow and Friday, I'm gonna be light and tight with regards to my exposure.

  • The deluge of emails from around the world is simply amazing. Minyan pride has always been robust but yesterday's big Critter win took it to an entirely new level--as it should! It's never been about "me"; it's always been about us, the community. Let yourself feel good as it's important to enjoy the journey yo.

  • A note, just so it's said and with purely benevolent intentions. We're completely over-booked for tomorrow's Festivus so there will be no walk-ups. So, if you haven't locked your spot, we sincerely apologize and hope to see you next year.

  • Back to the hamster wheel. As always...

Answers I Really Wanna Know... - 1:36 pm

  • Would now be a good time to communicate that, into the upside lift, I've pared my Research in Motion (RIMM) call position (yes, for a loss) and will "play" with the leaves?

  • And that I've nibbled on some Boots & Coots (WEL)--no edge, mind you--at a buck and change for schnitz and giggles?

  • If I weren't so A.D.D.--and I'm talking moth in a light bulb factory here--wouldn't I have gotten this Buzz out thirty minutes ago when I started it?

  • Are you watching S&P 818 as a potential "higher low" after a potential "false breakdown?"

  • Do you think Emmy will eventually play with Oscar, Tony and Grammy?

  • Can the tape rally with crude continuing it's downward descent?

  • Did you see market breadth flip the downside switch?

  • Are we there yet?

Of Tones and Tenors - 2:54 pm

After a wild 24-hour ride, we settle down and settle in for the final fray of our Hump Day stay. Jeff "As good as it gets" Saut once told me that it's impossible for the human mind to think about more than one thing at once and he's again proven right. It's all good Señor Saut, I would simply suggest brushin' up on your strummin' before you take the stage at tomorrow night's rage.

Some here, there and everywhere:

  • "Resilient" and "market" are two words that haven't often been muttered in the same sentence this year but today's action is encouraging. Watch the financials--they lead the bleed and they'll lead the speed--and watch S&P 818ish, which is the recent "higher low" after the (potentially) false break.

  • I alluded to Fortress (FIG) earlier and I certainly didn't mean to make light of the situation (I have good friends there, including some of my former trading team). Still, keep it on ye radar as there are alotta seemingly penetrable Fortresses out there.

  • Does art imitate life? Sure seems that way as Hoofy and Boo are holding a statue in this episode that aired many months ago.

  • Research in Motion (RIMM) didn't go down with the tape--in fact, I mused to Pep that it all of a sudden was the best acting stock on my screen--and that was a telling sea shift for this stock. Still, as discussed and as a function of trading around a not-so-great situation, I'll likely swallow hard and sell the leaves into $40. Lesson learned, Trading Gods, so thanks for that.

  • Again--and particularly for the newbie Minyans in our midst--many of our professors are traveling today as they head to Manhattan for tomorrow night's Festivus. As such, latitude is gratitude with regards to content that is lighter than normal this week.

  • Tick tock, baby. Tick tock.


Please be advised that the 2008 Holiday Festivus to benefit the Ruby Peck Foundation for Children's Education has officially SOLD OUT as we tagged our magical 300 Minyan mark. If you (or someone you know) would still like to attend, shoot us an e-mail and we'll see what we can do. We strive to take care of our own in these parts and as always, we'll do our best to circle ye faithful.

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