- 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.
