I write the songs the whole world sings.

It seems some of you are not in tune with my song titles these days. I guess any Barbara, Barry, Neil or Englebert are not cool (hip, phat, jive) enough. Its always that damn rock and roll. Ahh to be young again.

How about those Texas Rangers. They scored more runs in one game than they have since the All Star Break.

Memories, like the corners of my mind...

Investors have a long memory. Most people can talk about the details of the exact trade that made them a lot or crapped them out. Those that lived through 2000-2002 saw 30-80% declines depending on sectors. A mere 10% dip off of 4 years of gains is pretty tame compared to the last down market. That is why I expected the market to have a nice bounce, the small fry did not sell. This move, for the umteenth time, was all about liquidity not valuation. If earnings are short, then I will change my tune.

Who took the kishka?

My buddy Rob and I attended a party held by Kinky Friedman hawking his new line of cigars. Smoked a "Texas Jewboy" (of course). Very smooth, a little tough draw but and overall good time. Not my preferred corona, but one of the better torpedos I've had. Very interesting character Mr. Friedman is. Although his politics may be far off the norm, his causes such as animal rescue and human rights are pretty much right on. Just found out a cigar bar is opening in my neighborhood. I guess my life insurance premiums are going through the roof.

If you looked at the market technically on Thursday's close, and added expiration, what happened was pretty in line. It was a coiled spring, just needed a push (thank you Sr. Bernake). As the yen begins it decent back to 120, we should see some upward push on stocks for a couple of weeks. Still need to close above 1500 SPX to reverse all of the techincal damage of the past month. I would use this time to take some quick trades and/or reduce risk.

Two weeks to college football season gets going. My Wolverines are #5 in the coaches poll. Big games include Notre Dame on 9/15 and Ohio State on 11/17 (my 40th, so a couple of tickets including flights to Ann Arbor would be a nice gift).

Its Raining Men....

Actually, its raining stocks. They are all on sale.

Getting into the pennant races. Yankees making it interesting in the AL, Mets with a small lead over the Braves.

I really do not like Starbucks. Too much money for a mediocre product.

You really need to check out Cousin Keith, his writing is fantastic.

I want to Rock and Roll all night, and party everyday.

Looking at a number of charts. Had a lot of hammers and dojis (for those who candlestick), MACD crossovers and over sold stochastics (for the technofiles). With a retest of 1425 on the SPX, we will rally from these levels. My guess is a break of 1500 on the upside.

It is no longer flooding here in Texas, finally summer has arrived. 100 degrees and climbing. In the pool with the kiddos, on the golf course scrubbing up some clients.

For those who smoke cigars, I highly recommend the Cusano 18's. After being a Montecristo 3 for most of this decade, I find the Cusano a refreshing smoke at a reasonable price. Had one the other evening with a little Ruby Port. Ahhhhhh.

P.S. New line of cigars out from my man Kinky Friedman. Need to check out the Texas Jewboy.

Good Day Sunshine.

Borrowing from Bull Durham:

"Its a simple game. You hit the ball, you catch the ball, you throw the ball. Some days you win, some days you lose, some days it rains."

Any other explanation of why things happen on a day to day basis in the market is pretty lame. There is no PPT, no black ops options team. It is fear and greed that causes individuals, traders, and fund managers to do what they do.

This is the end, my only friend the end.

So this is what happens on Fridays. Market down all day and a massive dump into the close. My guess is next week the shorts get rammed on Friday. Remember, the market will trade to cause the most pain. Right now it is the bulls. Speaking of bulls and bears, it seems our friends at BSC are getting a lesson in risk management. The stock is now priced with a 20% decrease in earnings based on this CMO mess. They will be acquired before any talk of bankruptcy becomes real. I heard Cramer blew a gasket on TV the other day. Quoting the most important philosopher of the last century, What a maroon.

Blood on the streets in the town of New Haven...

Well, the SPX closed below my target of 1465 yesterday. What does that mean? I would use this doom and gloom to snap up the best quality financials, housing, and natural resource stocks. Oil seems to be getting frothy. For a short, it would be in oil stocks since they would have to correct soon. Remember, sell when you can, not when you have to, and buy em when they are on sale. It looks like Nordstrom's anniversary out there.