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Sockgate Rocks Minyanville!

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News on Goldman Sachs and S&P 1100 take a backseat to the main story of the day; Sockgate 2010

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You might think my opener today would be the lower-than-expected GDP; or perhaps, digging a bit deeper, the particularly weak personal consumption component. The consumer is 70% of GDP and that's a thick slice of bread on the bottom half of the debt sandwich.

But it's not...

Maybe it's the lead story in the Wall Street Journal, focusing on how corporate borrowers are feasting on cheap debt. From McDonald's (MCD) to Kimberly Clark (KMB) to Indonesian telecoms, the "meat" of the credit meal is still being served up good and thick. We're seeing that manifest though M&A and stock buybacks; fair 'nuff, corporate America (literally) bought itself time.

But it's not that either…

How about the sovereign debt layer sitting atop the sandwich? Spain's credit rating is in jeopardy and that's gotta be food for thought, right? Swing and a miss; it's quiet on that front, possibly a function of the collective mindshare migrating to oil spills and earnings.

That's a good thing, at least for the time being. Tick tock...

Perhaps I would dip into last night's Bobby and Phil show and pull a "Dancing in the Streets" or "Unbroken Chain" or "Tennessee Jed" or "Going Down the Road Feeling Bad". Nah, although I'll admit my knee hurts from shaking my bones almost as much as my face hurts from smiling (that's a trade I'm willing to make).

The relative strength of Goldman Sachs (GS), now that it's through $150 (new support)?

The up-tick in the Chicago Purchasing Manager Index?

Tim Tebow signing with the dreaded Donkeys?

The importance of S&P 1100?

No, no, no, no and no (think Madeline Kahn).

I'm gonna vent, if only for a moment. You see, I do some things well and other things not so well. Menial tasks like taking the time to go to the store to buy dress socks isn't high on my priority list. As sad as it sounds, I was actually proud of myself for scooting down the street last week to check that box. It was…progress.

Here's the rub; I was doing an interview last Friday at an upscale neighborhood bar when I left the Rothman's bag behind. That "hit me" this past Tuesday when I realized I didn't have dress socks (again) so I called the bar and they had the bag. It's all good.

I picked it up on my way home yesterday and left it on my dresser. I had a slim window to shower and change and little things like putting socks away could wait.

This morning, when I went to grab a fresh set of socks, I opened the bag to find the new socks gone...and one pair of old socks in its place. There were other items in the bag, but no socks...just one pair of used socks.

Who are these people? If you're gonna steal a bag, steal the bag.

If you wanna take some of the items, that's fine too I suppose, if you're a thief.

But did they have to leave their dirty laundry in lieu of the new socks? That's just poor form. Sock swapping thievery needs to end and it needs to end now. It's worse than societal acrimony...and it stinks.

Someone needs to put their foot down and that foot is me.

Anyway, I feel better now. And it's Friday, so that's good.

Some Random Thoughts
:

  • It could have been worse; I could have bought underwear.

  • As strange as it sounds, a lower opening was precisely what Hoofy wanted to see but the reaction to filling the opening gap will speak volumes...less volume, no less.

  • We don't do acrimony in the 'Ville but I gotta ask how the heck Franklin Raines sidestepped the entire mortgage mess? Wasn't he the chief cook and bottle washer?

  • It's been a strong few days of tunage in the big city. Buddy Guy, Tom Petty, Bob Weir, Phil Lesh. Surely, I'm spoiled but that's alright once in a while. Who was it that said "Be good to others and better to yourself?" It's the little things...and socks. Little things and socks. Yeah, that's it.

  • Phil is 70. That's nuts.

  • Minyan "Dude, I don't look like a young Mickey Rourke" Alex, who stepped up on behalf of the kids is spending the afternoon in the 'Ville followed by dinner with Pep and I. That reminds me; Festivus 2010 is on Friday, December 3rd and we've officially opened the doors for registration. Consider this a forward-looking head's up. It's our signature soiree and seeing old friends is good for the soul.

  • Have a great weekend; you've surely earned it.
R.P.

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Todd Harrison is the founder and Chief Executive Officer of Minyanville. Prior to his current role, Mr. Harrison was President and head trader at a $400 million dollar New York-based hedge fund. Todd welcomes your comments and/or feedback at todd@minyanville.com.

The information on this website solely reflects the analysis of or opinion about the performance of securities and financial markets by the writers whose articles appear on the site. The views expressed by the writers are not necessarily the views of Minyanville Media, Inc. or members of its management. Nothing contained on the website is intended to constitute a recommendation or advice addressed to an individual investor or category of investors to purchase, sell or hold any security, or to take any action with respect to the prospective movement of the securities markets or to solicit the purchase or sale of any security. Any investment decisions must be made by the reader either individually or in consultation with his or her investment professional. Minyanville writers and staff may trade or hold positions in securities that are discussed in articles appearing on the website. Writers of articles are required to disclose whether they have a position in any stock or fund discussed in an article, but are not permitted to disclose the size or direction of the position. Nothing on this website is intended to solicit business of any kind for a writer's business or fund. Minyanville management and staff as well as contributing writers will not respond to emails or other communications requesting investment advice.

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