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Randoms: Freaky Friday Midday Update


Sharing and caring on the way to the weekend.


What is it about Kevin Bacon's role in Footloose that I can't shake from my crowded keppe? Maybe it's the city boy in a small clique-ish town, challenging conventional wisdom and staying true to who he is, what he wants and why he wants it. What ever is, I'm channeling his vibe in a big (and very manly) way today.

I been working so hard, keep punching my card. Eight hours, for what? Oh tell me what I got. I get this feeling that times just holding me down. I'll hit the ceiling or else I'll tear up this town.

Alright--I hear you--and I'll get my game on with some random thoughts. In the interest of full disclosure, most of these were offered in real-time on the Buzz & Banter and I wanted to share them with those who choose not to Buzz (there's a free trial for those of you who have no idea what I'm talking about!)

  • Consistent with the vibes share this morning, there were two things I could have done into this morning's circle smirk. The first was wave a white towel and bow to Dean Wormer--but that's never been my style. The second was to push the chips I took off the table yesterday (and them some) into the 25-plus handle rally in the NASDAQ, which I did do.

  • In the Grrrs-R-Us department, I attempted to scoop an additional chunk lot of Powershares (QQQQ) puts (at the top tick, no less) by taking an offer, only to finish up my opening column and then discover that I never got a fill (after the tech tape reversed back down).

  • You know what I'm gonna do about that? Nothing, other than look to the sky and smile at the Trading Gods. They may have a warped sense of humor but I won't disrespect them. I know that if I don't stay humble, they'll do it for me.

  • What I did do, as a function of discipline, is take some partial profits (vs. those opening fades) as the S&P and NDX filled their opening gap. The easy trade was the first face although I've still got a slew of short side exposure in the four-letter freaks.

  • Intel (INTC) and Dell (DELL) are both holding gains, which is on the margin positive. In the old school, a handful of financials (JPMorgan (JPM), Wells Fargo (WFC), Goldman (GS), Morgan (MS)), a spate of cyclicals (General Electric (GE), 3M (MMM), United Technologies (UTX), Honeywell International (HON)), big pharma, consumer non-durables and energy are are exhibiting relative lethargy.

  • I'm watching big beta like MV Buzz Editor Matt Theal watched Mario Lopez workout videos, which is to say I'm focused on the action in Amazon (AMZN), Google (GOOG), Research in Motion (RIMM) and Apple (AAPL). If those worms turn, it'll pave the way for the afternoon fray.

  • I'm trying this Twitter thing but please know that any pertinent market thoughts will always post first and foremost on the Buzz & Banter. It's a loyalty thing-I'm strange like that.

  • Societal acrimony? What societal acrimony?

  • If Atlanta Fed chief Dennis Lockhart said true unemployment is 16%, is it still a conspiracy theory?

  • What was the clue that the rally could fade? NYSE breadth edged negative and NASDAQ internals were 3:2 negative when the tape was still higher (they're both 2:1 negative now). Sometimes you can learn a lot just by watching.

  • I've got a full docket today, which includes finishing up a slew of to-do's, getting my risk profile in shape, visiting my dear friend MJ who just gave birth to a beautiful baby boy and meeting my man Macke for tonight's Yankee game, weather permitting. And then there's packing, which for some reason has always been a source of stress. I know-I can hear the world's smallest violin too!

  • Fare ye well into the bell, over the weekend and throughout next week. I'll see you on the other side of Labor Day with a fresh head, clean lungs and a full tank of gas as we throttle up for a strong stretch into year-end.

  • May peace be with you and remember to Do Something Joel (a random act of kindness) for you never know how far a positive pebble will ripple in the proverbial pond of life.

And finally, before I go, some answers I really wanna know...

  • Am I asking for trouble wearing my silver and black #32--the same jersey Marcus wore when he was Superbowl MVP--through Denver on my way to the hills?

  • If bottoms are points and tops are processes--and news, while worst at the bottom, is typically best at a top--did Intel (INTC) effectively "ring a nar-term bell" this morning?

  • Why am I not surprised to hear that some pundits are pushing the most speculative financial plays (Freddie (FRE), Fannie (FNM), American International Group (AIG)) after they've massively rallied?

  • While I pride myself on looking ahead (that's where the profits are), why can't I shake the frustration of missing a sizable chunk of QQQQ puts at today's top tick despite scooping an offer before turning my attention back to content creation?

  • Because I'm human?

  • Can I communicate that I've begrudgingly peeled out of some tech shorts consistent with the discipline of 1) trading around exposure added 40 NASDAQ points higher this morning and 2) having a smaller pad (if that) while away from the fray?

  • But that I'm not opposed to keeping a manageable amount of November puts on my sheets?

  • I mean, with today's technology, can't I stop myself on the way to Aspen if need be?

  • So, you've read this right?

  • Four more days?

  • Are we there yet?


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