Tuesday, August 3
When the tone is this poor it's a breeze to make money on the short side: LGND, PCLN, NTES, NTMD... I mean, throw a dart at today's list of Unusual Suspects. The only way you could screw up is to get stubborn, ignore what the tape is telling you, and play the long side.
Posted at 19:54, GMT
Everybody and his grandma projected these levels after Crude Oil formed the perfect A-B-C retracement in June. Targets one and two were fairly obvious, but now we're holding our breath and looking forward to $48 a barrel crude.
Light, Sweet Crude, Daily Chart
Posted at 18:38, GMT
Google is currently serving ads on this page having to do with McDonald's franchising. I'm not sure if this is because I mentioned Happy Meals the other day or because I linked to an article by Ian McDonald. Content-sensitive or -insensitive ads? Maybe I won't pay 15 times sales for GOOG after all. ;-)
Posted at 18:25, GMT
Intraday update on ATH... you can see how it has coiled tighter still... lovely example of range contraction.
ATH, 15-min. Chart
Posted at 18:18, GMT
My trading buddy Bob wrote to chastise me for saying there are no White Castles near Princeton... there's one in New Brunswick, one in Edison, one in Rahway, and one in Linden. My bad!
Posted at 18:10, GMT
From an interview with Professor Michael Wood:
Q: "You mentioned your interest in crime fiction. What's your pantheon?"
A: "There aren't many English writers that I like. My sense is almost exactly the opposite of W.H. Auden's, in his "Guilty Vicarage" piece. He loves all the English crime stuff, and I don't really like it. I love all the American hard-boiled writing. Although I'm not as keen on Chandler as I used to be. I find him just a little too ripe for me. Hammett holds up better, and also Ross MacDonald. And I'm a great fan of a writer called Ross Thomas, whom not a lot of people read for some reason."
If someone asked me, "What's your pantheon?" I'd probably smack the silly ponce.
Posted at 16:07, GMT
The coil scanner picked up ATH. Anthem recently broke below $85 then bounced off of $80. Now it's pausing (coiling) so it's worth keeping an eye on.
ATH, 15-min. Chart
Posted at 9:34, GMT
Ian McDonald writes about survivorship bias and "grotesquely overstated" mutual fund performance figures. (The fund industry must detest Jack Bogle -- he's a lonely honest man surrounded by a pack of scoundrels.)
Posted at 8:33, GMT
"Ford will begin providing car loans in mid-2005 ... General Motors won government approval to provide car loans last year. Volkswagen and Toyota Motor are also readying auto finance products there."
Posted at 8:20, GMT
One more reason to be an HSBC shareholder:
"HSBC will sign a deal on Friday to buy a 19.9-percent stake in China's fifth-largest bank, the Shanghai-based Bank of Communications."
Posted at 8:17, GMT
Caroline Baum thinks that Robert Rubin doesn't know squat about economics:
"... it's not idle speculation to consider how Rubin would be as Fed chairman. For starters, he's a lawyer, not an economist. Second, his grasp of economics appears slim, confined to buzzwords and mantras rather than a command of how the various parts of the economy interact."
How wrong she is! He thoroughly understands supply and demand... everything else is "buzzwords and mantras."
Posted at 8:14, GMT
"More than three-fourths of hedge funds have less than $50 million in assets...."
Posted at 7:40, GMT
Gleaned from Bloomberg:
"Four mutual fund families attracted more than three-quarters of the money that was invested in U.S. stock and bond funds during the first half of 2004 ... Capital Group, the parent of American Funds, received $49.9 billion of net inflows, and Vanguard was second with $35.8 billion. Barclays Global got $20.6 billion, and Fidelity took in $17.8 billion."
Glad to see the Indexers are getting the lion's share.
Posted at 07:27, GMT
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