It was a great day here in God's Country. I really wanted to sleep in, but Max had other plans for me as he chummed a gut full of rocks next to my bed at 6:53am. That was ok as it was a brilliant beautiful day. Devin busted her bottom getting Jack's room already for the arrival of his new bed. She bought him a new bed as she had issues with him sleeping diagonally with his feet hanging off the end of the double bed. I explained to her it served Abraham Lincoln well, but she insisted on getting him a bed that would fit his man child body.

 

So after checking the market and taking care of a gob of e-mails, Dennis moseyed over and helped us move the entire bedroom set out of Jack's room just in time for the delivery guys to bring his new queen bed. I love it here in Utah, which, if you don't know is a fiscally conservative environment. When Devin tipped the two guys for bringing up Jack's bed, they were genuinely appreciative as their drove away in their new Lamborghini's. (Just kidding, it was lunch money.)

 

I had to get ready for an offsite meeting near the airport, so Dennis, Jack and Devin moved the bedroom set to Dennis and Jerene's house. They were appreciative for the furniture, but Jerene is holding out for a Jaguar.

 

On the way back from my meeting I stopped by my favorite grocery store, Harmon's. One of the highlights of this great store is their Harmon's Ranch Dry Aged Prime Beef. It is hung there in the store for 21 days at 36 degrees. I got us some Ribeyes that were to die for.

 

We enjoyed some sweet potatoes and Cesar salad with these morsels of meat. Then I did a repeat performance of the Peaches on the grille. Dennis and I enjoyed a couple of glasses of an 07 Beaulieu Vineyard George Latour Private Reserve Cabernet, a big bold cab. Rated 93 by several of the critics, I wished I had opened it earlier in the day as to really let it get legs and mellow. It was a great pour, dark, big essence of plums and cherries and cassis. There was a taste that kept lingering and it was not until just now I would have to say it was vanilla. You can find this for about $80-90 a bottle and it is one worth the money. But open it a few hours before serving. I have 5 left and I am glad to have them.

 

No, I did not post yesterday (Wednesday). Dennis and I had a play day. We made our way to the famous Joanna's for some hearth breakfast grub,

then we headed east to the middle Provo River. We hit the water at noon. No one was fishing my hole so I assumed the position and broke the water with a nymph pattern that Dennis had tied himself, a size 18 Rainbow Warrior.

 

Dennis fly closely resembled the fly on the bottom of the quarter and I am guessing that is an 18. you can see these are tiny little flies.   After about 7 casts I could feel they were not taking the warriors today so I just stood in the 42 degree water for about 5 minutes to see what real bugs were popping in and out of the water. There was a real small green emerger coming up which I believe was a Green Drake, but it was about the equivalent of a size 24 or 26, real small. Then I started watching a small white fly. I had a size 18 parachute Cahill in my arsenal so I switched flies.

 

On my second cast, Mr. Brown trout introduced himself to my fly. It was a nice little 7 inch Brown. On my three weight rig, it was a fun but brief fight. After releasing him, I duplicated the cast and a nice 9 inch Brown was on the line and I took the time to take a photo of that one before I let him go.

The fishing went like that for one exactly. By ten after one, the hatch had stopped and Dennis and I spent the next three hours flogging the water. My final count was 5 and Dennis and one and half. It was a good day on the middle Provo.

 

By the time we brought dinner up to the house and visited with Dennis, Jerene, Brian and Elizabeth (Many of you now who I am talking about, if not they are good friends and local here in Utah and avid readers of the blog, well at least Elizabeth is, Hey Elizabeth) I was too pooped to post.

 

It's getting late now, so let's take a look at the pin action in today's whacky market.

 

Where Does A Fool Go

 

Like I was saying, the market technical's were saying rally. I drank the cool-aide and put up the green flag and loaded up the accounts with great equities. The green flag was out for 3 days. I am confident that at the very least we are in an uptrend under pressure or maybe in a market correction. I don't have the time to crunch the actual technical's tonight, but I am hoisting the yellow flag.

 

What triggered the retreat and how bad was it. It was bad with a DOW haircut of 251 points or 2%. The S&P was down 2.2%. Ouch. The volume was not scary big, however which is why I would not jump right to market correction. Today was definitely a distribution day, not a good thing so close to a follow through up day and the beginning of a rally. I am sure the IBD will let us know bright and early tomorrow. That was the how bad, not for the why.

 

International economic news confirmed that this is a scary time to be long in equities. China announced poor manufacturing data as did Europe. The philly Fed report here at home was depressing, showing a significant step in the wrong direction. Jobless claims did not help the situation coming in higher than expected.

 

On top of all of that there was a concern about Moody's ratings of some of the big big banks and the concern was justified. Just about all the bad news anticipated happened except Morgan Stanley dodged a bullet and was up in after hour trading.   BBBY missed earnings and guided downward. (Apparently they do not know how much my wife is spending at Bed, Bath, and Beyond.)

 

All of this made for an ugly day and we can expect more tomorrow as the Moody's news hits the Journal. Look for another down day, perhaps .5% tomorrow.

 

With the yellow flag flying we are watching the stops closely. We are down 2-4% on almost everything we bought on Tuesday and Wednesday. Sorry if you were taking our lead and getting back in the market, but the charts were saying rally.  

 

BAGAKOAA;

FinVIZ

  

  

  

  

IBD 

                           Survey Of One

  

  

In Play