- This will probably be the thinnest market all year, so I'm doing very little other than watch a few long positions run.
- Jeff Matthews has written a great piece in which he explains exactly how the Fed comes up with those unbelievable "statements" every month:
Chairman: “Last month we said ‘economic growth was moderating.’ We have a motion before us to replace ‘moderating’ with ‘slowing.’ The motion has been seconded. The floor is open for discussion.”
1st Board Member: “Why ‘moderating’? Why not ‘slowing.’? I liked ‘slowing.’”
2nd Board Member: “I prefer‘moderating.’ We haven’t used it in a while.”
1st Board Member: “Well I don’t care for it. How about ‘restrained’?”
3rd Board Member: “Why ‘restrained’?”
2nd Board Member: “Because we’ve never used ‘restrained’ and I’ve always wanted to use ‘restrained.’ (He lapses into a reverie, as if quoting from a book.) ‘She restrained herself as his strong hands grasped her heaving shoulders—’”
- David Miller, whose work at Biotech Stock Research was mentioned here yesterday, flagged CombinatoRX (NasdaqGM:CRXX) several months ago. Now the New York Times has the story. Nice call.
-btc
