1. There are some days that it is good to play at net with a short backswing and some days to play a full court game with big backswings and tremendous top.

2. The feeling of elation from recovering from a loss is much greater than any other gain of similar magnitude, i.e. it feels much better to go from 1 million down to 0.5 million down, then to go from 1 million up to zero.

3. Many of the markets are close to unchanged at the open, i.e. stocks, bonds and gold after tremendous moves yesterday.

4. The yen is at 99.70 yen per dollar and will have to top 100.00 for a cycle to be requited.

5. The sports betters and the market betters do not update their statistics enough to take account of ever changing cycles.

6. Woodson is a great coach who could teach all heads of firms a lot. It is such a contrast to see him trying to proactively assist and support his players on the sideline than the horrible image of Antoni with his smug smile of defeat as he holds his breath and keeps a stiff upper lip pacing on the sidelines as his team is murdered because of some bias he developed from 20 years ago playing in Sicily not taking account of the changing nature of the game.

7. Since the corn sold at a premium of 15 cents to wheat versus its normal 50% level to wheat, wheat has recovered by about 100 cents relative to corn.

8. The Nikkei is now 1000 points below the Dow, and a year or two ago it was 4000 below and 15 years ago it was 20,000 or so above. Does that spread move in trends?

9. It was kind of the f(lex)eds at the central banks to relieve all bearish news about bonds before the auction so that their clients would not even be temporarily discommed this time by the auction. Presumably this is necessary to maintain the 2 trillion or so foreign holdings of us bonds?

10. The VIX hovers about 12 and all who sold premium over the last 5 years have made a fortune, and it will be interesting and terrible to see how they give back all their profits as Sandor mentioned everyone in the pits has done so since the beginning of time. When will The Sage's holdings suffer the same fate as almost every other conglomerate in history.

11. The ratio of DAX to S&P, now at 4.96 having fallen from 5.5 is close to achieving it's 5.0 homeostatic level, thereby showing the forces of consilience between European agrarian policies and our own.

12. It is interesting to contemplate the swings of gold between 1600 and 1550 as it moves inversely with stock markets showing its abhorrence at the 1550 level of egalitarian policies or fear of them at the other. The increase in stock market wealth should cascade into other markets like the metals and oil and wheat.

13. The Knicks have won 14 in a row but they rely on the 3 rs and Melo, and such one dimensional reliance generally and statistically loses in the playoffs as one dimensional activities tend to lose in all other sports and life.





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