Crack of Light

• William O'Neil says yesterday was a follow-through day. Even though the strongest follow-through days are on days 4-7, this was day 12.  Big move up.  Volume higher than the day before and higher than the 50dma.  I think this sets up the trend traders for buying.  We'll see. 
• "Doctor, I have a light bulb stuck up my ass."  Yeah.  Incredible.  Fateh Mohammad, a prison inmate in Pakistan, says he woke up last weekend with a glass lightbulb in his anus.  For the sake of the environment, I hope it was an energy efficient compact fluorescent bulb.
• Cellphone drivers as bas as drunk drivers.  People who talk on cellphones while driving, even using "hands-free" devices, are as impaired as drunk drivers, researchers said on Thursday.  Well, some sober drivers are as bad as drunk drivers, too.  Driving too fast.  Driving too slow.  Driving erratically and being unpredictable.  Changing lanes frequently and weaving in and out.  You know the clowns I'm talking about. 

• Is it just me orare Yahoo's RSS feeds coming in a day late?  I'm on Google's news page now.  Which is good news for the hosts of The Learning Curve here at Blogger.  LOL.  Maybe I'll use Google news more, now. 
• If you missed the NBA Draft as I did, you may be looking for the Draft Report Card.  The Knicks are getting roundly booed for their pick of Renaldo Balkman, the NIT VIP.  But there is lots of hope and hype with the draft.  We won't really know for years. 
• The light bulb up the butt thing is still making me laugh. How does that happen without you knowing? Can you imagine that happening in real life instead of in the prison? "Well, doc. I was up on a ladder changing the light bulb. Naked. And then, the funniest thing happened..."

 

Staying Put

But how are we going to afford that house in the countryside, Muck?

• Wonderful Inc. called and offered me the job.  I said no.  Too much of a lifestyle change.  Yes, it would've been more money.  But they were asking me to put in a lot of time over an extended period.  It came to what do I value more, my time or money?  Well, both.  But time wins this one. 
• OK, back to money.  The market zoom a zoom zoomed after the Fed.  I've been repeating myself often, but I think we're still in a bull market and I increased my portfolio to 100% long with tons of beta a few weeks ago.  I believe this is a correction; something that we often see in the summer and mid-term election years.  Which is why I had previously sold tech and high-beta stuff in April.  So where do we go from here?  I'm still long.  If we rally more and see a summer rally combined with lots of enthusiasm, I might be inclined to take some off the table and/or lower my beta in case we do come back down for a retest in the late summer or early fall.  But lets see if this bounce has some staying power.  It's quarter end, month end, and a holiday is coming up.  New money will pump into 401(k) plans over the next week and volume could be light with the holiday and vacations, so I'd guess the buyers would outnumber the sellers.  Maybe.  We'll see.
• Bernanke indicated that the Fed would take a pause.  Good thing.   Hate to see them fighting an inflation demon in the closet that just isn't there.  More on Big Ben later...

The Power of One

• CNBC's Market Technician Wizard Bob Pisani is talking about end of month gaming combined with a Fed meeting. He said that if fund managers are seeing a bunch of losses that they may want to move into winners or get a rally going.  And with the Fed making their announcement today, it could be volatile in one direction or the other.  And it could be a really high volume day!  He didn't even mention the holiday weekend and how that may effect the market, unless I was out getting my bowl of cereal at the time. 
• I think Bob should go over Market Timing via Lunar Cycles.  Might as well.
• I'm boring everyone with my self-debate over Wonderful Inc., and they haven't even made me an offer yet.  Having lunch with a former boss from back in the day at the (need a new name here) Happiness and Joy Company.
• I'm taking some days off over the weekend and going boating and jetskiing.  Booyah.
• Oil up!  Inventories down!  I tried to play the Memorial Day oil ramp, and ended up only making a few percent. Should've picked up the black gold a few weeks ago ahead of this big holiday weekend, eh?
• More later!

 

More Power Naps!

• Hey fatso! Forget about diet and exercise, because it looks like Air conditioning and sleep deprivation may cause weight gain.  Just when I was beginning to think that a diet high in veggies and fruits, combined with a good exercise program was the key to health.  Looks like Oreos and french fries are just fine, thank you very much.  Just turn off the A/C and take long naps on the sofa!  It was so simple and right in front of our noses all this time, too.  Good Lord!  What were we thinking?

Another factor potentially weighing Americans down is air conditioning. The body burns calories when forced to regulate its own temperature and, Allison noted, people tend to eat less in hot, humid weather. 

AND

Lack of sleep is one, they say. Research in animals and humans suggests that chronic sleep deprivation boosts appetite and eating, and studies also show that U.S. adults and children are sleeping less than they used to. In recent decades, adults have gone from sleeping for an average of 9 hours to about 7 hours, the researchers point out.

• Markets are waiting for Ben.  We'll take a look this afternoon and see which way she breaks...
• Hoo, I'm just stressing in the days after my interview at Wonderful Inc.  I thought the interview went really well as far as my performance.  I had some concerns about what they told me.  Well, they're calling around and checking my references, so they must be considering me.  They're planning on making their decision by week end.   I have follow-up questions for them if they make an offer, and those could be the make or break.  Or maybe I'll just stay here at the Fun Factory and enjoy life.  Not stress out on the weekends.  Get some naps in.  It's healthy.

• Video game designers trying to help save the world.  The idea is to use video games to educate youth about real-world issues -- fighting poverty, surviving in war-torn Sudan and negotiating Middle East peace.  Aha, a liberal agenda!  Let me guess, you can help Al Gore save the planet from climate change by battling gross poluters and winning a simulated 2008 election against the evil Republicans!  Beat back Rove, Cheney and Bush, then take on Haliburton to win the game!
• Slim Pickings from Kahn over at In The Money as he goes over the Nasdaq stocks on the move list in IBD.
• Larry Kudlow on Henry Paulson.
• What's for lunch?  Twinkies burritos or Twinkie lasagna?

The Market on Decaf

Decaf, Muck?

Seems like folks are expecting the Fed to raise rates to 10% by the way the market acted today.  It was just a steady grind lower all day long.  I remain long and very interested in how folks react to Bernanke tomorrow.  Seems like it's setting up for a jolt higher.  Month-end strength coming right at the time the market is drifting lower and the Fed is speaking.  Just thinking outloud.

Drinking decaf coffee lowers diabetes risk.  Interesting.  I thought it'd be the caffeine, but it's something else.

Paulson for President!

• Henry Paulson is undergoing confirmation hearings to become the next US Treasury secretary. And CNBC was covering all the "action" as the Senate Finance Committee asked questions.  If Henry Paulson would only have went into some comedy and tomfoolery as comedian Pat Paulsen did running for President from 1968-1996!
• Henry Paulson said that low taxes and open markets are the key to keep the US economy growing strong.  Nowhere near as entertaining as Pat Paulsen's Presidential platform.
• Markets are swooning a bit ahead of the Bernanke Bash tomorrow.  I suppose if I thought about it, a little negativity heading into the Fed meeting is probably better than unguarded optimism.  Lots of talk about .25%.  Some wishing for .5% and "done!"  I'd prefer a pause.  But since most are expecting the .25%, the focus will be on the all-important Fedspeak that comes along with the rate hike.  Stay tuned!

What About Your $31B?

• I think it's great that Warren Buffett is going to leave $31 billion to charity. I haven't decided what I'm going to do with my $31 billion, yet.  How about you?
• Hey, the market was up today.  No, seriously.  It wasn't much.  It kind of went up there and hung out most of the day.  Finished at or near the highs.  Bubblevision is saying it's due to a great home sales report.  Yeah, whatever.  Anyways, I haven't run any scans today.  Probably won't because the Fed is coming up.   What does it even matter?
• Netflix flicks... Watched Firewall with Harrison Ford over the weekend.  You know the formula.  Rich guy gets his family held hostage, and then has to come up with a ton of money to save them.  It wasn't that bad, but it always leaves you wondering "why didn't he...?"  Fun enough, I suppose.
• No word yet after the big job interview friday at Wonderful Inc.  Maybe they're calling references.  This is why it's so important to slip your managers $20 here and there throughout your career. 
• I'm going to have to update some of my blog subscriptions.  I have way too many.  I think I'm going to whittle away at the ones that focus on individual stocks and charts.  Seems like everyone is trying to do the same thing.  That is, chase strong stocks breaking out.  Kind of boring to me.  I like the general market and news commentary, maybe some politics, and always some humor.

• I just checked weather.com for the current temperature. "96 feels like 95."  Oooh, better wear a sweater with that wind chill.  My outdoor temp says 102.  I think the bike ride will have to wait.  Or just make it short.  I don't know.  I guess if I eliminated cycling on days it was too hot, too windy, too cold, or too rainy, I'd never go cycling.  The heat is kind of taking it out of me, though.  Laziness is on high.
• Have you noticed that "everyone" seems to be talking up Microsoft? 
• I've got Kudlow and Company on, and where's the Cody Cam?  (Named after recent frequent guest, Cody Willard.)  Cody is The Man Show Boy of Kudlow and Company.  "How about some Girl Scout cookies?"

Spice it Up!

• Bob Pisani, CNBC's "market technician," was at it again this morning. He was channeling the folks at Lowry's. I can't recall what the heck he was talking about, but I know I like their seasoning salt on fries. It's a new topic everyday for our market technician on the floor.  I (try to) use technical analysis in my market studies as you know from the Black Box Thoughts.  But the more I hear the "mainstream media" talk about technical analysis, the more it worries me.  I may have to switch to lunar cycles.
• Speaking of the Black Box, it continues to like the market.  Especially tech stuff.  But no matter what it says, somebody whapped the Snooze button on the market and it won't go off until the Fed speaks on wednesday.  We also have end of month strength coming up. 
• Adam over at Daily Options Report got a sweet write-up in Barron's.  Congrats to Adam!  Today he notes that Rebecca Jarvis, a season 4 finalist in The Apprentice, was hired by CNBC.  Obviously, CNBC is trying to corner the market on babes before Fox News unleashes their unholy right-wing financial channel.   I think if Fox wants to out babe the CNBC babefest, all it has to do is conduct their recruitment process at Hooter's.  Weapons of Mass Distraction, indeed.
• Warren Buffett on TV now holding a press conference about donating $31B to the Bill and Melinda Gates Foundation.  The country has been having a big debate about the death tax or survivor tax, and this must frustrate the folks who think that the government is entitled to spend Buffett's money when he dies.  Good for Warren.  And good for Bill Gates.
• The Hubble Space Telescope has lost the use of its main camera.  The really bad news is that the camera broke a few days after the Best Buy extended warranty expired.  I hate it when that happens!

The Man Show Boy

Looking for videos of The Man Show boy? Here are a few found on YouTube...

• The Man Show boy sells girl scout cookies
• The Man Show boy picks up girls with a puppy.
• The Man Show boy at the beach.  "Can I rub a little lotion on ya?"
• The Man Show boy sells beer at the beer stand.  "Interest you dolls in a cocktail?"
• The Man Show boy tries to get laid.
• The Man Show boy with fake id. 

Some investing and news related links...

• Barry Ritholz on 15 favourite investor fallacies.  I'd add a 16th, and that's spelling favorite "favourite."  Maybe those fallacies just apply to investors England and Canada.  Or, is that "investours?"  Oh nevermind me. Go read the story!
• From MyMoneyBlog, Here's the video of the guy trying to cancel his AOL account.
• For all the arguing about the estate tax and soaking the rich, first Bill Gates says he's going to focus on charity and give away most of his wealth.  Now, Warren Buffett says the same.
• From Stockbee, is the ethanol rush like the dot com rush?

Escape from SF

• I'm not a big fan of San Francisco (the city). Chilly. Foggy.  Hilly.  Windy.  Tons of people crammed into a small area.  (I think the city is 7 sq miles).  Once I deal with the horrible traffic and get there, I'm already in a mood.  It's a lively place and pretty, but eeesh I'm glad to be out of there.
• A walk-off HR for the Giants today, as they beat the A's in game 2 of the Bay Bridge series. Not that I care, but traffic was totally messed up over there.
• Not much to say about the market.  I tried to write something yesterday, but what?  We're just waiting until the Fed speaks.  Might as well just close down the market until then. Still holding 100% and with the added beta. Nothing new. Black Box is still bullish.
• I had a job interview yesterday.  I like the Fun Factory, but this would be a nice pay bump.  Lets call this company "Wonderful Inc."  I think the interview went really well, but the job would keep me extremely busy for the next 2-3 years.  I'm pretty busy at the Fun Factory, but Wonderful Inc. is building a huge new app. that would require lots of afterhours and weekends.  I think the decision is whether or not I want to have a life for the next two years or not.  How would that compare to the extra $$$?  With my dad dying recently, I'm more into the living of life and stopping and smelling the roses compared to chasing the pot of gold at the end of the rainbow.  Maybe I'll pass on the cash and keep my weekends.  No offer as of yet from Wonderful Inc., but going through my thought processes.

• RIP Aaron Spelling.  Prolific television producer Aaron Spelling, whose shows such as "Beverly Hills 90210" and "Dynasty" helped shape U.S. prime-time television, died on Friday, days after suffering a stroke, his publicist said. He was 83. Among Spelling's other television shows were "Fantasy Island," "Starsky and Hutch," "Hart to Hart, "Charlie's Angels," and "Love Boat."  (I spent a ton of hours watching those shows...)
• And speaking of life choices, Americans living more solitary lives.  Americans are more socially isolated than they were 20 years ago, separated by work, commuting and the single life, researchers reported on Friday.  I'll add that when I stopped by the pizza parlor the other day to pick up a pizza, a group of kids were there after their soccer game (or whatever).  Instead of running around and being noisy, they were all sitting their playing their handheld PSPs (or whatever).  Not even talking to each other.  Interesting.
• Is GS4 the "Star Trek" channel or what?
• More from the Houston Chronicle on Ben Bernanke:  When Ben Bernanke talks, markets muddle.  The new Fed chair speaks more clearly than Greenspan did, and maybe that's the trouble.  Good column from Richard Yamarone.

Follow Through Follow Up

No follow through day?

• Well, after posting yesterday about the potential for the follow-through day?  Uh, not exactly but pretty close for the Nasdaq and the mid-caps.  The thing that was lacking was volume.  While it is good to see the Nasdaq participate and lead, the SP500 didn't and the whole market slumped into the close when the big boys are making their moves.  I still feel that the market is marking time ahead of the Fed Girls next week, but thinking that a "summer rally" is nigh.  Folks seem pretty depressed and frustrated with the market since May 11th, but we're due for some sort of bounce or rally and maybe yesterday's bounce was enough of a follow through to get us moving.
• Today? Nasdaq volume was lighter than yesterday.  So if we start to see higher volume up days and lower volume down days, that'd be good.  But, no reason to get ahead of ourselves.  The Fed is speaking next week, and right now that's all that matters.
• Just my guess and I could be totally wrong about the market.  I'm long with beta.  Sink or swim.
• Long wait until football season...  Time to focus on fantasy baseball, and I've edged back up to #4 in my league of 12.  Fell behind in games played through May, but trying to play catch up.
• After an unimpressive debut in the CFL during exhibition games, how is Ricky Williams doing now for those Toronto Argonauts when the games count?  Look!  Williams ran for 96 yards on 18 carries as the Toronto Argonauts beat the Hamilton Tiger-Cats 27-17 on Saturday in the CFL opener for both teams.
• (Can I pick up ex-NFL CFL players for my Fantasy Football team?)
• CNBC's Erin did a quick tease for "Adult Toys" on a segment this morning, and it was about motorcycles and stuff like that.  I think we were all hoping for something else.  Just thinking out loud.
• I'm not sure what my next smartphone/PDA will be after the Treo 650.  My contract expires in early 2007.  The Motorola Q didn't get great reviews.  The new Sidekick 3 is out, but as somebody said on a forum (somewhere), it "looks like something a teenage girl would have with Hello Kitty stickers all over it."  Hopefully, some more new stuff will come out.  Or, I'll just keep watching and waiting...

Rally Mode!

• The market? Could this be the follow-through day folks have been looking for? I haven't checked the market internals, and given the market's ability recently to stab the bulls in the heart during the final hour, we'll have to wait and see how she closes.  I think frustration has set in for bulls.  I remain long with beta from previous buys, and I think I'm now in the black on some of it.
• Heat win!  Heat win!  Good series.  Not great, but pretty good.
• Potassium-enriched salt may cut heart risks.  In a study of nearly 2,000 elderly Taiwanese men, researchers found that those given a potassium-enriched salt substitute were 40 percent less likely to die of heart disease or stroke over the next two to three years.  Okay.  But why are we looking for a supplement for potassium?  Later in the same article, A number of studies have suggested that diets high in potassium -- from foods like raisins, bananas, melon, beans and potatoes -- may help maintain a healthy blood pressure.  Instead of a salt substitute, how about cutting down the salt and adding more of these foods that are high in potassium?
• Cafe Hayek on Testing the Logic of Minimum Wage Legislation.  Makes sense to me.  Not sure how anyone who thinks raising the minimum wage will actually help folks.  Yet, the argument goes on.
• I think the Fed Girls are in self-imposed quiet period between now and next wednesday's FOMC meeting.  Silence is golden!

• I recently discovered The Man Show, and my coworkers are shocked that it's taken me so long.  They started forwarding me the vid caps of the clips with The Man Show boy, and they're hillarious.  I went out on YouTube and searched for them last night.  I'll put some links up over the weekend.
• The long-rumored yet denied business channel from Fox?  Well.  News Corp.'s Fox News plans to launch a business news channel by the middle of next year, according to an analyst report on Tuesday that cited recent comments by the network's chairman and chief executive, Roger Ailes.  Just out-babe CNBC!

Have a Break, Have a Kit Kat

• Is it me, or does Nestle buying Jenny Craig seem a bit strange? Does this encourage yo-yo dieting? You can go from Kit Kats to diet TV dinners.  I'm thinking they can have an advertising slogan:  "Now that you've lost all that weight, how about we help you pack it back on?"
• The markets?  I get the feeling we're just marking time ahead of the Fed meeting next wednesday. Of course, the Fed Girls have been out there chatting it up everyday so what will Bernanke say that shocks us?  Bernanke has been the only one hinting that inflation is contained.  The rest of them keep going on and on and scaring folks. 
• CBS Marketwatch has an interesting column on on The Pension Peril.  Basically, how folks counting on a pension may be in for s surprise when it comes time to retire.  I can only urge everyone to have a Plan B.  Self-fund the 401(k) and IRA, just in case the pension doesn't pay out the anticipated benefits.
• Nestle also offers Powerbars and Lean Cuisine TV dinners. 

• The latest Superman movie is out.  Now I know the plot is probably extremely difficult to predict, so I hate to ruin it for you but I'm going to do it anyways.  OK, he gets in a tight situation that looks like evil will prevail and Superman will lose.  But then in an amazing turnaround, Superman escapes the precarious situation and kicks evil's hiney.  There.  Saved you $10.
• So, if North Korea says that they're not bound by their pledges and plan on firing a test missle, is negotiating with them on anything worthwhile or a complete waste of time?  Think about that one.
• More health stuff.  Another shocker!  The American Heart Association is now recommending less fat and more exercise.  "...the new recommendations emphasize the importance of eating nutritious foods and balancing calories taken in with calories burned."  Is this a new recommendation?  Seems like the same one I've been aware of for at least 25 years.  Do people get paid to make these recommendations?  How do I get one of those jobs?  "Well, this just in:  Eat less fat and get some exercise."
• Nothing changed from the Black Box point of  view on this stock market.  It still thinks we're in a bull market and that this is just a correction, likes buying at these levels.  I already have increased my beta, so I'm just sitting tight.
• Netflix flicks... Watched Fun with Dick and Jane, and didn't think it was that much fun.  I think they could've done a better comedic job if they focused on going after the boss guy the whole movie instead of just right at the end.  The whole middle part just wasn't that great.  IMHO.

LennyD on TV Again

• Did somebody give Lenny Dykstra a few Red Bulls before this week's Bulls and Bears? LennyD was very vocal in his call that this is a bear market. Of course, pretty much everyone on the panel except for Bob agreed with him.  But Lenny was aggressive nonetheless.  Very strange.
• Oh, the market?  It was down today.  For those looking for a "follow through day" from last week's rally, it didn't happen today. 
• Great NBA game last night.  But I get the feeling that it'll be very hard for Miami to win in Dallas.  It was hard for Miami to win in Miami!  One thing that is really hurting the Heat is Shaq at the free throw line.  The series would probably be over if Shaq could shoot the freebies.  But that's part of his game and the weak spot for Miami.

• Health news?  Here's a shocker:  Vegetables may help arteries keep clear.  A healthy dose of vegetables every day may help keep the heart arteries clear, a study in mice suggests. Researchers found that lab mice given a diet full of broccoli, carrots, green beans, corn and peas developed far less artery narrowing than those reared on a veggie-free diet.   Kind of a downer for those anticipating better results from the "chocolate chip cookies" trials.
• Game 7 of the NHL tonight!  Edmonton looks to be playing the better puck, but it is in Carolina.  (TV must be bad if I'm watching the NHL).  And remember hockey fans, after tonight you'll probably have to wait a whole 3 weeks before hockey season starts up again!  (It seems to me like it's always hockey season...)

Saturday!

• It's a saturday, so that means fire up the George Foreman grill and get the burgers ready! Don't forget to make a burger for George Jr, George Jr, George Jr... I think he has 5 boys named George and 5 girls named Georgette. Not sure about that, but lets go with it.
• Barry Ritholz, famous blogger of The Big Picture and writer over at Cramer's realmoney, has started up a paysite called Ritholz Research and Analytics.  Today he has an entry up where he asks Big Picture readers:  What is it that you are most interested in?  Hey Barry, FREE CONTENT!  Maybe you can make it up on volume! Oh, just having some fun with you BR and wish you the best luck with your new site!
• Added a new link to the right to The Stock Chartist.  Check out his last few entries on Jim Cramer...
• Adam has your Weekend Links up on his Daily Options Report site.
• Jason has an interesting take up on yesterday's Consolidation Friday.

• Starbucks targeted for high fat products. The Center for Science in the Public Interest said it is planning to campaign against the global cafe chain because of the increased risk of obesity, heart disease and cancer associated with high-calorie, high-fat products it sells.  What?  Could those 610 calories of tastey goodness in a grande White Chocolate Frappuccino be fattening?   Nutrition guide.
• I watched The Man Show on G4 TV for the first time ever last night.  Pretty funny.  Jimmy Kimmel I guess.  Girls on trampolines!
• Who is at fault for poverty?  The WSJ takes a look at poverty.  Seems like the political parties give a lot of lip service to this topic.

The Fed Girls (and more)...

• As you know, the Fed is out there chatterin' more than teenage girls with unlimited cell minutes. I can't remember a time where they've been this vocal. Bernanke seemed to indicate yesterday that higher energy prices haven't been passed along to the retail level. But now today, St. Louis President William Poole warned Friday that rising gasoline and oil prices may be adding to inflation pressures in a way not detected by current data.  Flip-floppers!  So I wonder if this is a concerted effort at jawboning more than a real concern over inflation?
• Has Jim Cramer jumped the shark?  CNBC's Jim Cramer has finally crossed the line from harmless entertainer to public embarrassment.  This is a good column from Jon Friedman.
• Microsoft is ready to launch an iPod rival.  So, do we care?  I know everyone has an iPod.  But doesn't the technology change every 5 minutes in such a way that folks always  neeed a new one?  I think the challenge will be overcoming Apple's base.  I'm not sure how portable music is with the digital rights management. 

• I missed the Mad Money where Jim Cramer was talking about Ben Bernanke and waiving around a box of Uncle Ben's rice.  I searched Yahoo's image search for Uncle Ben's rice, and liked the "Uncle Ben's Express" the best.  That describes Bernanke pretty good.  I also got pics of "Uncle Dubya's Condoleza Rice," a box of "Uncle Bin Laden's Rice," and one with NBA Clippers player Glen Rice.
• Don't forget to set your DVR!  Tonight on the Disney Channel is Wendy Wu: Homecoming Warrior.  Sounds like a Disney version of Buffy the Vampire Slayer.  Starring Brenda Song in her latest Disney role, that of Wendy Wu, a sharp, down-to-earth California teenager whose pursuit of her school's homecoming crown is upended by a mysterious visit from a Chinese monk. The monk implores Wendy to assume an identity from a long-past life, that of a warrior who was expert in the martial arts and whose services are needed again, to save the world. 

• The market is selling off a bit today.  I was going to poke some fun at Bob Pisani the last few days, as he seems to have delved into the market technician role on CNBC.  But I like Bob, and think he makes it interesting.  Not as interesting as Melissa Lee, but she could be up there reading a meatloaf recipe and I'd watch.  "Hmm, coarsely crushed soda crackers eh?"
• Speaking of heat, the Miami Heat crushed the Dallas Mavericks last night.  I'm glad we're back to even.  Nobody has lost a home game, yet.  But you have to wonder how Dallas is feeling after letting Game 3 slip through their fingers.  Instead of 3-0 and cruising, now we're knotted up.  Good!
• Heck, more Fed chatter: Globalization has had a "gradual and limited" effect on U.S. inflation in recent years, Federal Reserve Governor Donald Kohn said Friday, cautioning that any disinflationary effect could reverse over time.  Somebody put some rules on their cell phone usage...

The Bulls Roar!

• The market roared higher today. More than a one-day wonder or will this one have some legs?  Well if you listened to Bob Pisani this morning, he was saying that the last thing we want is a big move up.  He said we wanted the market to base and then rally.  Maybe he's right, but I've noticed that when the mood of the market changes it seems to start with a few days of furious rallies that really blast the bears and doesn't give folks a chance to get in.
• If you want to know what the crowd is thinking, just read Jim Cramer.  The guy can go from super gloomy to super cheery on every zig or zag of the stock market.  On the same day.
• I guess Bernanke sounded less hawkish today.  
• No time to write more...

They Have a Pepper Bar

• Went and saw my pals down at Quiznos for lunch. (I miss the singing rats!)
• OK, the markets? With the markets holding ground today, I thought by the time I got back from lunch that the Nasdaq would be down 40 again.  I suppose I'm getting used to the late day selling.  Exactly the opposite happened.  I'd like to be encouraged by today's finish, especially long some volatile positions.  But we're oversold and folks seem to have a sell the bounce mentality.  The Beige book came out, and stated that even with oil high, the costs haven't been passed along to retail.  
• Just when it looked like the Heat were done, eh?   I'm hoping it goes 7.  It's a long span between the NBA and NFL.

• I'm not sure if the Dallas Fed (Richard Fisher) understands inflation.  His comments today:  "Against the background of sustained high prices for oil and gasoline and the inevitable propensity of sellers of goods and services to try to pass on price increases, the brow begins to furrow in contemplating the inflation picture."  Which of course is exactly the opposite of what we've seen; those increases haven't been passed on.  The Beige book today:  the report said there were few reports that "these increases were reaching the retail level."  Maybe Richard Fisher needs to retire and do something else.  Maybe manage a Quiznos.

Need to Read?

• Yo ho, yo ho, a pirates life for me.
• Housing market stuff over at Calculated Risk.
• Secular Stock Markets Explained over at Barry Ritholz's site.
• Why Investors Worry about Ben Bernanke over at Bill Cara's site.
• I try not to wax too political on this blog, but did you notice that Karl Rove was not indicted?
• Catch Adam's Stop Trading! entry over at his Daily Options Report blog.  Inflation or deflation?  Hmm.

Think Pink!

• The market is... down again! (As I type). It looks as if the market will never have another up day again.  I hope the private and public pension systems have factored that in to their projections.  OK, it seems gloomy.  But look, the semis and nasdaq 100 are actually up today.  I checked the performance of my beta stocks, and cumulatively I'm down a little over 4% since my buys.  Not the end of the world.  The majority is down around 3%, some around 6%, and one baddie at 10% that is a very small position.  I'm letting them all ride! 
• Gee, the Pink Panther (with Steve Martin) is out on DVD.  Seems like that one was just in the theaters.  I'm adding it to my Netflix list!  After watching Domino (violent) and The Weather Man (melancholy) this last weekend, I need some comedy!  And it'll be a No Jack Black Zone in the doghouse this weekend.  Although, sometimes Steve Martin is a reach as well.
• And another new comedy film out today, National Lampoon's George Bush's Iraqi Vacation!  Chevy Chase declined to reprise his roll as Clark Griswold.   President George W. Bush made a surprise visit to Baghdad to try to bolster the new government of Prime Minister Nuri al-Maliki on Tuesday, days after U.S. forces killed al Qaeda's chief in Iraq.

• The Decline of the Democrats is Almost Complete, according to The Oregon Magazine  A once-great American political party has become a pesthole for socialist radicalism.  The Democrat Party, no longer the party of Truman and JFK, has been taken over by radical leftists, and may be viewed as nothing more than a pack of liars who are enemies of America.  This fall, I think, all their rhetoric, all their lies, contrary to the pronouncements of their propaganda arm, the mainstream media, will come home to haunt them.  All the claims of impending victory for them, including a retaking of the House, the Senate or both, may turn out to be so much whistling in the wind.  Hoo, those are strong words.  Sounds a bit like capitulation.

Mucho Nacho Man

• Jack Black as "Nacho Libre?" My expectations are pretty low for this one. There is no way I'm going to a theater to see this.  Not a chance.  Not even if they paid me $9.00, offered me free popcorn, and sent a limo to pick me up. 
• Today's market?  Gross.  Ugly.  I was thinking the pre-options week selling would be met with options week buying.  Not yet.  I"m still long and in the red on my recent buys of beta.  The big news this week will the inflation numbers.  The Federal reserve chatterboxes have been talking up inflation recently, so I'm hoping this will temper fears.  Other fears out there are about the slowing economy.  (So why would they be raising rates anyways?)
• Netflix flicks... Watched "The Weather Man" staring Nicolas Cage.  Didn't like it.  Too gloomy for me.  I had no idea what it was about going in, so I was hoping for some humor or a love story.  Neither.

• I'm not a soccer fan.  Kicking a ball around without much scoring.  Not for me. But folks around the world seem to be very passionate about it, and there are lots of youth soccer leagues around so maybe it's catching on. On to the World Cup, which has this strange seeding method where teams aren't seeded. Kind of a random grouping of teams it seems. Anyways, I don't follow it enough to know why. Czech beat the US 3-0 today.  That's a blowout in soccer.  If it were the NFL, that'd be like a 69-0 score.  I wonder if the score gets to 1-0, if folks just start getting up and leaving?  "Well heck, the score is 1-0 and looking like a blowout."
• Ben Roethlisberger hurt in a motorcycle crash.  He broke his nose and jaw.  At first the report was a bit mysterious about how hurt he was.  Stay tuned.
• I thought the Heat would beat the Mavs, but so far it's men against boys and the Mavs are just spankin' the Heat.  It hasn't looked like the Heat can even run on the same floor with these guys.  We'll see if going home to Miami changes the outcome.

Day on the Green

• If it's a Saturday in June, that means there is yardwork to be done! Early in the morning, I went down to Home Depot to buy a sack of fertilizer. For some reason the grass seems to look a little dull compared to some of the newer lawns in the neighborhood. So, I'm trying to perk it up a little. I do risk the chance of over or under-fertilizing. I have a little hand spreader instead of one of the push-cart kind where you can set the dispersion rate as recommended on the sack of fertilizer. So that means I could miss some spots, or over-fertilize some others. As long as I don't kill it...


• I saw Bulls and Bears on the Fox Business block. You think there is a little animousity between Mike Norman and Gary Smith? Hoo, seems like it got a little tense in there. Seems like most of them are bearish, which is probably a good thing for those of us who are looking for a rally.


• We get used to NBA everyday, and then when the NBA Finals come it seems like eons between games.


• Mowed. Edged. Pulled weeds. Cleaned-up.


• Stopped by the pet store for some goodies. Does your local pet store try to unload kittens on the weekend? Man, they had the cages out and tons of little kittens. The good news was that they were selling some. I like it when pets find homes and can live happy lives.


• Of course, one thing about fertilizing is that the grass will now grow like crazy and I'll have to mow it more often.


• Netflick flix... Watched Domino last night, starring Keira Knightly. Hoo, violent. But I kind of liked it once it got going. Keira the Bounty Hunter!


• On with the weekend... I'm working some this weekend, so not all fun, games, yardwork, or kittens...

TGIF!

• Yesterday, the market tanked up until about noon Eastern, and then staged a big moster comeback. Mark Haines was on CNBC this morning talking aboutyesterday's "v-shaped bottom."  Now, I understaind Haines' focus on bottoms, as he works alongside the sultry Erin Burnett.  (Yes, just trying to work that line in there).  My thoughts are that we're due for a rally and options week may be the catalyst, as are the oversold levels and some good news in semi-land last night from TXN.  I still think we're in the mid-term election year correction and that it'll probably last for the summer.  While I've increased my beta near the bottom of what I think is a trading range, it'll be tempting to trade around those positions as we move to resistance.  I'm not sure how good I am at that, so I might be hesitant because I do think we're still in a bull market and that the high-beta holdings that I've picked up will be at much higher levels down the road.  We shall see.
• (Bottoms!)
• CNBC does seem to have the babefest going on.  Blondes, Brunettes, and Redheads.  They cater to all needs. Would you be opposed if CNBC went to a Naked News format?  As they babes give the stock numbers, they could disrobe.

• Since I started this early in the morning, the market rallied and then fizzled into the close.  What a day. We have options week in the on-deck circle, a Fed meeting and then end of month. June will continue to be interesting with catalysts ready to leap out at and spook or excite folks! At least it's friday.  Round 'em up and send the bus home.
• "Prairie Home Companion" getting mixed reviews.  Sounds kind of boring to me, but I've never listened to a complete radio show.  Sure, I've heard a few bits here and there and I know some of the one-liners that are in pop culture.  But that's about it. 
• June is Dads and Grads month.  First time for me without dad.  But, on a more upbeat note, this is the time of year where we get the lists of what are the hottest jobs for grads.  ...a preliminary survey of this year's graduating seniors shows them following the opportunities created by the new economy, with 25 percent headed for jobs in financial services; 25 percent management consulting; 23 percent investment banking or corporate finance; 19 percent other types of consulting and 8 percent in government or the nonprofit sector.

He's Dead, Jim

• Zarqawi is dead, Jim! Of course, there probably a million more waiting in the wings ready to take over.  But hey at least one of the lead bad guys is pushing up daisies now.
• Gee, what's up with Blogger lately?  Can't post.  The blogger page isn't even coming up right now.  Blogger is owned by Google.  So how would that make one feel if this were the new spreadsheet program that was unavailable?  Not a reliable alternative for Excel, eh?
• 24 coming to the big screen! Yup.  No, it's not  going to be a 24-hour long movie, and it will deviate from the formula.  I don't know how they'll squeeze in all those plot twists in a 2-hr movie.  14 million viewers every week for the TV show. 
• Market close... Not so bad.  Nice ramp up from the lows.  Texas Instrument helping the afterhours, too.  *Holding and hoping.*

A Fool and His Money?

• A really quick note to say that I'm rotating more into high beta holdings, aka the Nasdaq 100. I know that's not working out for me so far the past week, but my losses have been light (a few percent).  As I've stated, I think this is a normal correction within the bull market.  We're near the lows of the correction, heck we're making new lows as I type.  This is my third buy of beta.  My first buy was early last thursday, and again near the close on monday.  You know what they say about a fool and his money, eh?
• I believe we're having the mid-term election year pullback within the normally weak summer season.  We're in the week before options expiration, which is often times negative for the market.  However, the market sometimes makes a stand on wed-thurs of pre-options week and rallies into the options week.  We shall see.
• More later.