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ByLo: Good to see you, my friend! As soon as I posted that, intraday market weakness set in.

Interesting (somewhat troubling) that smallcaps and techs are lagging while the Dow leads the way -- it's not an issue until it's an issue, if you know what I mean. Mo Mo is up overall but there are some "cracks" out there so just use your setups, stops and follow your rules!

TODAY? It's one thing to be bullish, it's another to be euphoric!

Bulls, bears, whatever -- Like you said, just trade your set-ups. It's all good.

Well, I thought 1468 on the S&P might be a critical level too so at least some type of pullback was in order for today, even if it's only an intraday thing. Still, I believe we're in the process of setting up a short-term top or a consolidation based on the signals.

Whatever works for you. I'm not saying we have to go down tomorrow --- I'm just saying that the risk on the long side has increased.

Just to get this back on topic, I've attached a chart of the Russell showing some of the prior oscillator signals. We should be close to at least a short-term top or a consolidation of some point so probably best not to get too aggressive on the long side right now.

Careful, now. Comments like that could get you fired! Just ask Imus!

Well, I guess the simple answer is that if you can time the market, you can make more money with less risk! I know that's difficult for Browns' fans to understand, though. WHO DEY!!!

When people are scared to short, maybe this is a reason to finally be short! Regarding my prior chart, it just shows some customized oscillator signals that I use that are "pre-programmed" on the chart. It doesn't mean the market will definitely go down -- but the signal today at least...

I got my first potential "sell" signal on this rally today.

I don't think you read this correctly. It appears the investor is "promising" to give the manager even more money if performance is good. Nevertheless, you are correct in that you should never promise or guarantee performance of any kind.

What has been proposed here is possible. My only concern is that this individual is relying on his ability to generate spectacular performance just to pay the bills. Spectacular performance is a heckuva lot easier when you don't need it to eat!

Well, at least you're humble enough to admit this mistake and warn the rest. Have you checked your account yet?

I think your comment is misleading. If you're managing money and taking a fee, you still need to consider the registration requirements -- whether it's currencies, futures, stocks, bonds, etc. Even if you're using currencies, you would still need to consider the Registered Investment Adviser laws.

The amount is not the issue. Here are the main issues: 1) Are you getting compensation for the management? 2) Are you holding yourself out to the public as an investment adviser? 3) Number of clients. 4) What state you are located in. 5) The states your clients are located in.

If I recall correctly, I actually had a put or two on Expedia just prior to 9/11. Those puts quadrupled within a couple of days after the markets opened again. The third quarter of 2001 was my best quarter in terms of performance ever, but it probably was a curse too because I think I felt...

Trust me, the securities attorneys are some of the brightest of the bright. Granted, they may not be the most exciting people in the world as they all sit around and discuss the implications of the latest SEC ruling regarding disclosure of management compensation. :D :D :D

I should have mentioned that all of the foregoing players participate in "drafting sessions" which essentially are long meetings where everyone goes through the latest version of the prospectus, often line by line, and makes comments, changes, etc.

I have worked on a few IPOs. In the deals I have worked on, the law firm for the company is primarily responsible for drafting the prospectus (which is part of a an SEC registration statement) with input from the company's management, the underwriters and underwriters' legal counsel. The law...