All My Rowdy Friends are Coming Over Tonight.

Isn't it funny how Hank Williams Jr. is more popular because of Monday Night Football than his entire career? I guess its a family tradition.

As posted previously, index break outs are usually short lived. Too many other factors are at work. Earnings season is upon us so crank up the volatility and keep to your discipline. Right now I like some tech names that have not really participated in this quarter's run up.

Back in baseball, the Yankees are toast. Yes, stick a fork in them, they are done. Its time to get Metsmorized.

Spirits in the Material World.

So did you catch Live Aid? Yes, the one 22 years ago, not the terrible music played last week. Does anyone really care about the Police getting back together? Sting is by far the most overrated musician of the past 20 years. I liked there stuff when it first came out, but it really doesn't have any staying power if you know what I mean.

Massive short covering today. Especially the retailers. Sears misses and guides lower, all the hedgies get short any other retailer, and the first rally they scramble to cover. Index breakouts rarely work as a trade, I am guessing we get some overbought signals over the next week.

Green River

Hedge funds blowing up, credit spreads widening, SPX below 50-day MA. Just what the doctor ordered to put some volatility back in the market. Like I prevously stated, all the sideline cash is in, so there should be less support and more time in this correction than the last 3 or 4 we have seen over the past 2 years. My guess is a nice downdraft occurs after the Fed meeting. Hey, they need someone to blame it on.

Hearing a huge 4-way trade in NBA. Does it really matter?

"Sweet Ginger Brown"

So I bluffed the first pot of the night. I had a Jack and like an off 6, raised once, took the pot. The rest of the night went quickly. Had Jack Ten suited on the big blind, rest of the table folded except for me and the short stack, he goes all in, I call, he beats me with pocket Queens. Next hand I fold Ace of spades, deuce of clubs, flop comes all spades, guess what floats on the river?

Watched some of the celebs in action, Kevin "Hercules" Sorbo was the most popular player, not so much the best. Also, the Major League Bubble gum champ of 1977, Kurt Bevaqua, at the table.

Many thanks to Rob at KASE 101, I think the turban would have worked great.

P.S. the market rallied off that fib line at 1500. First resistance 1515.

Put me in coach, I'm ready to play....today....

Odds that A-Rod hits in 57 straight games and bangs 75 dingers this year? Turned on ESPN just as the Yanks were about to lose another one to the Devil Rays, when Mr. April steps up and whacks a frozen rope to the cheap seats. I think he even may get a curtain call in the Bronx this weekend. Forget rotisserie, this guy is vindaloo.

Speaking of baseball games, I received a call from the Round Rock Express yesterday. They are having a game televised in June and want to fill the house. The offer includes a Nolan Ryan Bobblehead. It seems if I get this one, then I just need a Jerry Kooseman to complete the '69 Mets pitching staff.

So we are in the midst of earnings season and no blowups yet. I guess the analysts have lowered expectations or the CFO's have come up with more creative accounting. This rally feels like short covering and performance chasers than anything else. I see a lot of good charts but like to pull the trigger on pullbacks to support (see 1st week of March). In the immortal words of Sgt Joe Esterhause: Be careful out there.