An hour to go

The SPUZ traded down 4 bucks and the plunge protection team quickly booted up their PCs and bought the required amount of SPUZ to get the shorts to cover and to bring in more "underinvested bulls". Reports have it that Art Cashin an old timer from UBS securities was saying that this markets action reminds him very much of the summer of 1987, we all know what happened that fall. Art Cashin's comments can be summarily discredited b/c he doesnt know how to program an algorithm or enter high frequency orders, he might even be arrested for polluting the airwaves with negative thoughts - he made his comments and the bald commentator on CNBC (think rolled up sleeves) shouted "you lie" (I kid, I kid).
REITS are still a bit weak, Tech slightly heavy, but FDX carries the day for the SPUZ. I actually was at a fedex store today to send my nephews baseball hat back to him and the clerk who helped me seemed uneffected by the fact that the 66 shares of stock in his ESOP plan were up $4. Party pooper. Oh well nothing of real value to offer ya, Im doing a convertible arb in MMR - one nice thing about a runaway bull market is that it makes getting shorts off pretty easy - now you can never say I dont have anything good to say about strong tapes. One last thing today I bought a Jan strangle (calls and puts) in AAPL - vol seems cheap.


JB