Short Notes: An Introduction.

I'm introducing a new section which I'll call short notes.  I'm going to use it when I have a few thoughts that I'd like to share but which don't really need a longer explanation.  I'll also this section when I want to put something out quickly on the blog.  Sometimes I might even use it when I'm pressed for time {like today!}.

Here goes:

-Huge tech deal last night.  Texas Instruments {TXN} paying a very large premium for National Semiconductor {NSM}.  Underscores the thought that market assets are still cheap.

-Nasdaq 100 {QQQ} will be rebalanced on May 2nd. Apple {AAPL} will see its share of the index lowered.  Right now it's somewhere near 20% of the QQQ's and it looks like its new weighting will be somewhere around 12% of the index.  Probably is a good thing longer term.

-Earnings yield {the inverse of the P/E Ratio} of the S&P 500 currently stands at just around 7%.  That is a number that is still compelling for stocks.

-Butler couldn't get it done last night.  All us Hoosier natives a bit down today.  12-64 shooting from the field doesn't get it done!  Butler could have used Gordon Hayward in Houston yesterday!!  Irish ladies play for their title tonight so there's still hope for us!

*Long AAPL  in certain client accounts.  Long ETFs related to the Nasdaq 100 & the S&P 500 in client and personal accounts.  TXN & NSM are components of several indices owned by client of our firm and in my personal accounts.