What a day Friday turned out to be.
The ISM numbers came out at 10 AM and the market never looked back. The Michigan Consumer Sentiment numbers were basically chopped liver, but the ISM was prime cut.
But I ended up not being a very happy camper. My week at the Four Seasons was instead transformed into a downpour at KOA.
Before those numbers came out I was smugly tapping myself on the back, thanks to a collagen disorder that gives me ungodly elasticity, for a job well done.
Reminds me of that old joke, “Why does a dog lick its balls?”.
Like a young Zynga employee already counting his stock options profits, I was looking at successful sales of last minute call options and the prospects of still getting to keep my shares for another weekly cycle. Best of all, they would also be right at the strike prices of the week before.
Long story short. No more shares. No licking. No tap.
Not quite tapped out, because I still had a nice gain for the week in addition to my options premiums, but I definitely left more than I would have predicted on the table for someone else.
My personal trickle down. If the Federal Reserve wasn’t going to initiate QE 3, then who better to take it on as a personal project than me?
There really wasn’t any great news for the day. Granted the ISM numbers were surprising, but I was more surprised that it sustained a fifth day of rallies until the very close of trading. More significantly, it’s as if no one had ever heard of the concept of closing long positions ahead of a holiday weekend.
The presumption is that the rest of the world will stop its tightly wound spring out of respect for our 235th birthday.
With my Jeckyl and Hyde personna, now I’m hoping for a nice opening plunge on Tuesday so that I can get back in the game at some decent prices. I already have my eyes on Williams Sonoma, Deere, British Petroleum and more shares of Mosaic.
I’m also thinking of picking up shares in McCormick & Co. for the first time. I know that its just come off of its price high, but he stock goes ex-dividend on Thursday (2.25%) and has about another 1% options premium for barely a 2 week holding period.
We’ll see. Last week I was going to do the same with Riverbed Technology, but didn’t, as I watched it go from $32 to $39. I won’t complain, since I picked up shares of Halliburton instead.
But as Friday was winding down, the only real bits of news at first semed unrelated, but proved otherwise as the day progressed.
The villified, Dominique Strauss-Kahn and Michael VIck were front and center.
Exiting from the courthouse this morning, Strauss-Kahn was all smiles as some dirt came out questioning the credibility of his accuser. The details were pretty extensive and seemed to show a pattern of less than honest behavior on her part.
Such a person could therefore never be the victim of rape.
The fact that she lied about being the victim of a gang rape in her native Guinea was probably not a factor in the decision to release Strauss Kahn from his house arrest. The fact that she was looking to cash in on the allegations and had already put out a DVD, “Raping to the Oldies” was a more central factor in the Manhattan DA’s decision.
It was fascinating to watch the accuser’s attorney stand outside the courthouse and detail the specific events that he claims proves his client’s accusations. I’m sure the people at CNBC were grimacing as the attorney very graphically detailed the genital-centric evidence. The stick figure crayon drawings with the wildly exaggerated breasts were probably poorly conceived, however.
Meanwhile, Strauss-Kahn’s attorneys, on some other courthouse steps didn’t stop short of calling those details outright lies. They were, however, much more diplomatic that Raj Rajaratnam’s attorney, John Dowd, who gave a one finger salute to the CNBC interviewer. Granted, he was on the losing side of a court decision and was still upset about Dennis Kneale’s CNBC departure.
For now, though, ankle bracelet removed, Strauss-Kahn has been somewhat rehabilitated and if he ever gets his passport back may just go back to France and be a serious presidential contender.
After this victory, when asked by the camera crew what he had planned on doing, Strauss-Kahn said “I’m going to Euro-Disney and force myself on Minnie Mouse”.
Not far away, another kind of rehabilitation was taking place.
Nike, his one-time sponsor, re-signed Michael Vick to an endorsement deal. After removing his product from stores some 5 years ago, Nike decided that in light of the dog’s recanting their original stories of abuse, it was time to get Vick back into the fold.
That and the fact that Vick appears bankable, once again.
It also didn’t help their case when it was discovered that the dog’s had lied about previously being forced into dog fights in their native Pitbullonia, as part of their political amnesty application.
Look, I don’t blame Nike. I started a website Road to Vicktory as soon as the Eagles signed Vick to a contract. A bucks a buck. Even a fallen angel should be exploited if the opportunity is there.
To slightly soothe my guilt, I also put a picture of our beloved Golden Retriever, Murray, on the site. It’s amazing how money can soothe those sort of things.
Sometimes I wish that I had taken a wrong path, likes today’s featured BFF’s. Rehabilitation can be so sweet and rewarding. Maybe Nike will sign Strauss Kahn to an endorsement deal, as well. You know, what athletic shoe would you prefer to wear to get the best traction when standing and thrusting on the edge of a bed while on a freshly waxed hardwood floor?
Well Nike, of course. For those times that you need to maintain your hard wood.
Instead, as I pound away for this blog before we set out for the fireworks show, there’s nothing market rattling coming along the way. It seems that tomorrow will just be another July 5th. The Asian markets all closed up in a big way, although the European markets were a bit more subdued.
For now, I’ll probably put my hopes for a downturn tomorrow on hold and wonder how it was that people knew not to lighten up on their holdings over the long weekend.
Maybe the bull is being rehabilitated, too.
It’s probably time to become BFF’s with it, before I miss the party.