Wednesday, December 12, 2007

High School Fed

I'm not going to waste a lot of time complaining of this Fed. Apparently they didn't really want a 300-point reaction to yesterday's action/announcement, so they text-messaged us last night that something unusual was in the works and gave us the meat pudding this morning.

Either they are deliberate or they are idiots - neither of which is very impressive. Even more fantastic, right now they are on the wire saying this latest breadstick has nothing to do with the market's unkind reaction to yesterday's (in)action.

Wow.

Whatever, I'm sticking with my new plan of (in)action while the market sorts everything out. I'm in one position only at the moment, a reduced portion of MR. I'm interested in which leaders will get right back on track, which new names will break-out, which sectors will out-perform, etc. etc. I'm not interested in jumping into a popcorn machine and hoping to come out on top.

Full-scale seasonal strength shows a bit of midriff next week. I expect to be firing long soon enough.

And speaking of, my own midriff is fooly exposed at the moment. I've momentarily peeled out of my 3-piece pup-lined synthetic hemp sweat-suit to enjoy a third and fourth batch of praline pineapple poi waffles. This, before going back out to sea and harpooning another couple dozen Blue Hippo Dandelion Crow-tang. My guide is a 90-something year old swami named Hemlock. He's a fifth-generation Tang hunter who has never left the Triangle in his life. He's taught me how to harvest my own sweat and he's a guy who can stay under water without the use of portable devices for more than four Joker's Wild reruns.

Senior Fed officials and wide ranges of collateral means as much to this guy as does the writer's strike. I'm just happy to get a day off and use this fancy spearmint gun.

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