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Judgement on my inaugural Mea Culpa might have been a bit premature. Stocks were kosher even with a 5% spike in oil prices, as the indexes tacked on a few tenths of a percent to the upside. Volume was low as the big boys did some hand-sitting in front of the Fed decision […]

My market call yesterday certainly didn’t play out as I’d expected. We were down .3%, which isn’t much fun but far outperformed the indexes.
The rationale for today’s brutal giveback was even reported accurately by many in the mainstream financial media for once. Interest rates ticked up pretty big — from 4.81 to 4.87 on […]

It doesn’t feel right — especially after bracing for a sizeable breakdown during the past few weeks.. but unless we tank in the last hour, I now believe this market has both the short sellers and under-invested logn players trapped in a state of paralysis known the “boiling frog” syndrome.
Teewinot could certainly handle several […]

It looks like we’ll get more selling in the morning.. potentially heavy, after IBM reported their results this afternoon to a suddenly glass-half-empty Wall Street atmosphere. It’s always interesting how quickly the market attitude can change.
Although we had lightened up our long positions early this week, we also took some hits on Thursday […]

One can never be sure, but the pin action in the equity marketplace is simply not healthy. We shorted a bunch of the Russell 2000 index (IWM) today.. about 25% of client portfolios. We also hold 10% of assets in the MZZ, a levered exchange traded fund that performs at 2x the inverse […]

Somehow we got another record close in the Dow ahead of the 3-day MLK holiday weekend . The environment certainly didn’t seem that strong to me, probably because the leading stocks were oils & steels — and most of these looked like dead-cat bounces from an extemely harsh start to 2007.
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I just learned something new. Apparently some crafty entrepreneurs in Iowa have discovered a way to profit from an oversight in federal telecom law — the result being that anyone can call these automated phone numbers in Iowa and from there make international calls for free.
So you’d be able to call Europe for the […]

Let’s admit it.  Most financial news networks routinely broadcast shows worthy of the mute botton.
But in contrast to Jim Cramer’s populist-style booyah fest, CNBC is now producing an ongoing show that’s worthy of your time.
Fast Money has become by far the best financial show on the tube.  And far above the others, Eric Bolling — […]

I covered our wayward Goldman (GS) short around $203. Chalk another one up for the baddest asses on Wall Street.
Apple is getting all the news hype, but as a group the brokers are absolutely leading this market. Here’s the index for the brokerage sector. (We also covered our IWM short today — low […]

While not enthusiastic about the index charts, I’m eying and acting on several individual stock setups. Atlantic Tele-Network (ATNI) is one exsiting position that we added to today because of the range & volume contraction that followed last Wednesday’s big volume breakout.

Other buys & adds today include RPRX, SYX, LAYN, GRC, PWR.
The Goldman […]