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Doin' It Bloggystyle: To the Extreme!


Minyanville brings together the best of what they are saying "out there" about the topics we're talking about right here.

Blogs themselves need no introduction, as they get as much publicity as pretty much anything these days, save maybe the latest Britney news. There's an expanding world of excellent financial blogs, covering just about everything, from global economics to swing trading. Minyanville's goal is to bring together the best of what they are saying "out there" about the topics we're talking about right here.

Are We There Yet?
  • 70% of volume in the past 10 sessions has occurred in declining stocks. How rare is that? According to Dr. Brett, it has only happened 75 times since 1960.
  • How did the market react off that? Kind of mixed in short time frames. And many were relatively late in bear moves.
  • Oversold in the 10 Day A/D line on the S&P, via Bespoke.

More Perspective

  • The dk Report goes on a bottom quest with an in-depth look into five market-based observations.
  • Howard also has some Deep Market Thoughts.
  • Remember that big Aug 30 Call buyer in the VIX? Worked out pretty well, as Jim Kingsland notes.

But hey, how about a timely new ETF?
  • Introducing the Claymore/Robb Report Global Luxury ETF, via ETF Trends.
  • What is it? According to Index Universe it "will track the Robb Report Index, a 20-50 stock index composed of companies that provide luxury goods to the rich and famous. Think yachts, diamonds, caviar and fancy clothes."
  • Some stocks you might want to buy in advance include Consolidated Marble Back Scratchers Inc. and Diamond-Studs-R-Us, the 24 hour glasses customizing giant.

It was the best of (the Sunday) Times...
  • I loved this Ben Stein piece, I would have written it myself if I could write that well (and get carried by the Times)!
  • The subject? The tax situation wherein Private Equity/Hedgies get this carried interest treatment and the 15% rate. Or the 0% rate when they go public.
  • I know the CNBC official position is that changing something that is clearly a loophole is tantamount to declaring War on the Rich. Ben's thought on that?
  • "The fact that the law is such and such as of July 2007 does not mean that it has to be that way in July 2008 or even in September 2007. The laws of taxation, like all laws, are political. They are not based on commandments from the Lord God Jehovah carried down on tablets from the mountaintop. They are not ordained by Solomon. They are political, hewn from the give-and-take of lobbyists, expert witnesses, law professors, economists and donors."
  • Apparently Ben left the Big Tent for a smoke when they sipped the Supply Side Kool-Aid.
  • He brings his point home with this: "Maybe the law does allow for favorable tax treatment for hedge funds if you have good enough lawyers. Maybe the law does allow for private-equity managers to receive capital-gains treatment for what is clearly money management, not risking their own capital... But the mark of a great society is that its laws approximate morality and fairness. Is this really what we have in the tax code now? If so, fine. If not, why are we not changing it?"

It was the worst of (the Sunday) Times...

  • I think if I could use a computer algorithm to pen an article incorporating all that drives me nuts about the Elite Pundit take on steroids in sports, it would be this Jere Longman piece.
  • The gist is the fans collectively shrug about steroids, which is a very valid and incredibly unoriginal observation. I shrug too and just watch.
  • So what gets my goat? All sorts of often-repeated and patently absurd analogies.
  • "There is a small but seemingly growing movement to legalize banned performance-enhancing drugs. Given the widespread drug use in society, some say it is unfair to single out athletes for punishment. Why allow Viagra as a performance enhancer, but not steroids, the thinking goes. ... The minute you become an adult, you should have a choice of whatever you want to put into your body," said Andrei Markovits, who teaches a course in comparative sports at the University of Michigan. "Athletes doctor themselves with Lasik eye surgery and the so-called Tommy John elbow reconstruction surgery. Why not drugs?"
  • OK, let's see, Viagra is a legal performance enhancer, not used in televised competition (to the best of my knowledge).
  • Once you are an adult you can take anything you want? Well, I have some sympathy with the libertarian argument of that. Just not so sure they are going to start selling dime bags at Walgreens any time soon, not to mention reinstating Ricky Williams. And even if they do, I still would suggest there would be resistance to having sporting events openly decided by which athlete/team has the best chemist.
  • And athletes "doctoring" themselves with Lasik? Again, it's legal and hard to make the case that it gives you some massive competitive edge over contact lenses. Which, incidentally, some athletes do augment for competitive edges (Brian Roberts of the Orioles I know did this).
  • And Tommy John surgery is to repair elbow ligament damage: few guys go have major surgery that shelves you for over a year on the hope they'll get some sort of bionic strength. Pitchers don't get better having the surgery; the goal is to get back where you were with an injury that ended careers before... Tommy John had it.
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