- Intel is a stock that is not liked and has not gone up with the rest of the market. I don't believe one can read into the reaction to Intel. JPMorgan might be a better bellwether.
- I absolutely hate conspiracy theories because they are unprovable and for the most part used as excuses for being wrong. That said, the food component of the CPI has come out at .1% for the month. There are food riots going on in the World because food prices are up so much. This simply does not compute for me and flies in the face of what is being said on every conference call in the food industry.
- That said, the "benign" CPI allows the Fed to keep printing, which in the short term is an incremental positive for stocks and commodities.
- The Rydex bull/bear ratio reached another new high yesterday.
- If we get another leg higher in the market I plan on aggressively shorting. I don't know when a correction will arrive but I am fairly certain one will. When it does the frothy part of the rally is typically erased. We are well into the froth.
I am having a hard time putting together a cohesive opener this morning so here are some random thoughts running through my head: