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.
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
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. ;-)
Intraday update on ATH... you can see how it has coiled tighter still... lovely example of range contraction.
ATH, 15-min. Chart
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!
From an interview with Professor Michael Wood:
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.
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
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.)
Ford Credit to offer car loans in China:
One more reason to be an HSBC shareholder:
Caroline Baum thinks that Robert Rubin doesn't know squat about economics:
How wrong she is! He thoroughly understands supply and demand... everything else is "buzzwords and mantras."
So Many Hedge Funds, So Few Strategies
Gleaned from Bloomberg:
Glad to see the Indexers are getting the lion's share.
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Chairman MaoXian