Portugal entre os 10 destinos dos executivos do Reino Unido que fogem à subida de impostos

[Ulisses Pereira]

"Random Thoughts: Sticky Tape Still Possible"
Todd Harrison
Mar 11, 2008 11:12 am


" Will it be smooth sailing or bumps ahead?



Morning Dew - 9:09 AM



Man oh war, it's better to be lucky than smart.


It seems that the Federal Reserve will continue to invent mechanisms of intervention until something finally sticks. With this new “Term Securities Lending Facility” accepting agency and private mortgage debt as collateral, they seem intent on pushing risk further out on the curve.


"My brother" just called to ask "Is this very bullish?" I told him that I felt the easy trade is to the January lows--S&P 1310, DJIA 12000 and BKX 77.80--which is coming up quick (with the S&P futures up 30).


I also told him that the most interesting action in the face of this news was the higher dollar.


Given how the drillers traded yesterday in the face of stronger oil, coupled with the $110 price target that Professor Adam Michael recently shared--the stealth play, rather than chasing stocks, might be to short the OSX names into the opening pop.


Hey, here's an idea. I'll pay you handsomely, I'll get up at 5:30 AM and I'll have you beat a medicine ball against my belly as I do crunches. Deal?


Hit 'em hard Yo.

Gate Sniffage! - 10:08 AM

My Gawd, the Dukes are trying to corner the orange juice market!


For all ye who believe that technicals don't matter, take a peek at this morning's highs--DJIA 12,021 and S&P 1303. The latter matter still has some room but the easy trade, if you can call it that, was overnight exposure.


What have I done this morning? Let's see. Awoke at 5:30, washed my face, fed the cats, got dressed, walked to the gym, drank some apple juice, ate a banana, got my arse kicked by Dimi, took a quick steam, showered, jumped in a cab, got a coffee from Jamal the kiosk guy, walked into MVHQ, finished up my opener, gave President Fish a hug and strapped into my turret.


What else? I sold half my Mother Morgan (MS) calls and half my Google (GOOG) calls (pure discipline) and bought some Schlumberger (SLB) and Halliburton (HAL) puts against the leaves. That, some untouched Schering-Plough (SGP) calls and a few "situations" is how I'm currently situated.


I'm gonna slap stops on my trading risk--it's the whole mechanics of the swing thing--and I expect a probe lower to test the will of the bulls. From there, if our tea leaves stay as I suspect they will, another push higher certainly wouldn't shock me.


Remember, an assimilation of our four primary metrics yesterday offered absolutely no reason to be long. As such, I can't imagine many people were and that, in and of itself, is perhaps a reason why the tape can stay sticky for a bit. My sense is that we need to see some more "hope" before Boo again takes the reigns but hey, I've been wrong before.


Eliot Spitzer doesn't have many friends on Wall Street but the fact that he's got a wife and three young daughters is reason enough to leave him alone. Anything we would say pales in comparison what he's currently doing to himself. Negative energy is wasted energy and it typically comes full circle.

R.P."

(in www.minyanville.com)