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Randoms: Cuts Like a Knife


Tension builds on the Street.


Editor's Note: The following was posted in real time on our premium Buzz & Banter (click for a free trial). It's being shared here for the benefit of the Minyanville community. See also What Does the Dollar Mean for Stocks? and General Malaise.

As the markets churned and burned around our near-term inflection (S&P 900), my instant message lit up with all sorts of "Whataya think here?" Based on what I'm seeing--and truth be told, what I'm feeling--I think folks are holding on too tight in a race to chase return.

That sword swings both ways, of course, and it's important that we see both sides. Always see both sides.

With that in mind:

  • I spy Mother Morgan (MS) and Grandma Goldman (GS) flipping the upside switch. I still think Bank America (BAC) is the tell of the tape but the puzzle is comprised of many pieces.

  • It is contra-hour, so keep that in mind, particularly if breadth stays 2:1 negative into the final frontier.

  • Kool & The Gang. July 24th. BB Kings. Awesome. (And yes, I'm old.)

  • In the recent Buzz & Banter survey, a few folks asked that I write less cryptically. To this, I will simply say Você um pouco mim escreveria a mesma maneira aborrecida que o descanso de meios financeiros faz? Seriously!

  • Speaking of seeing both sides, if I showed you this random chart with a nice, rounding bottom, would you wanna buy it or sell it?

  • Ya know what chart that is? The upside trading crack, or FAS. Homie don't play this name (or the FAZ) for anything more than a pure one or two day trade but I thought it was an interesting perspective nonetheless.

  • SO, in order for us to get the backside of the "W" started, doesn't perception need to shift back to "the cancer is bigger than the economic patient" again?

  • Yes, that was Portuguese.

  • I cannot tell a lie, I almost put them back out (read: re-initiated short side exposure) when they looked like S&P 900 gave way but hand sat and watched, as I said I would. I still wanna "short to buy," it's just a matter of time and price (as most things are).

  • That could be 3 pm (if breadth stays bunk and BAC stays punk) or it might mean biding time until S&P 950 gets closer through the lens of risk definition.

  • It's not how many trades you make--or even, for that matter how many trades you win--it's all about the process. The mechanics of the swing will always trump the results of the at-bat.

  • I used to tell my squad, "this is the big leagues, you play in pain." Now? "Sneeze and go home!"

  • Jeez, look at the time (and the prices). Lemme get this to you in a relatively timely fashion. As always, I hope this finds you well.


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