No, this is not a joke (ok maybe it is). We thought we all needed a break from the depressing debates and arguments about QE2, the 0%-interest-rate-tax-on-old-people-to-fund-banks-and-big-business, the elections, Afghanistan, the disconnect of our markets from value, HFT, Flash Crashes, Republicans, Democrats, Republicrats, Lobbying Scum, 99ers, 17% real unemployment, housing fraudclosures, and the Mets. Besides, if Warren Buffet can auction off a lunch with himself, and the Indian Version Of Warren Buffet, Rakesh Jhunjhunwala can do the same on India’s version of EBAY (http://www.bloomberg.com/news/2010-11-01/-india-s-buffett-jhunjhunwala-follows-role-model-with-ebay-charity-lunch.html), then so can we.

I give you the EBAY listing for the Lunch With Paul Zajac, Third Partner in Themis Trading:

http://cgi.ebay.com/ws/eBayISAPI.dll?ViewItem&item=290495265771#ht_720wt_950

By the way Paul gets in later than we do, so let’s keep this listing to ourselves shall we? He doth not need to know about this until later.

From the EBAY listing:

The third partner in Themis Trading, Paul Zajac, prefers to stay out of the limelight. We think this is because of his democratic and extreme liberal views, which are never popular on Wall Street. But we can’t rule out that he does not want anyone looking into his past experiences and experimentation in college. After all it was just a few tokes, and a few pills, and David Hasselhoff is not a guy you can turn down easily. But we digress.

The winner of this auction will lunch with Paul at Farley’s Luncheonette downtown Chatham, New Jersey. Conversations can be expected to be had  that include Sailing, Obama, Clinton, Sailing, Jibs, Spinnakers, the Raritan Bay Yacht Club, Sailing, Obama, Why More taxes are always mo bettah, NPR, Arianna Huffington, Joy Behar, Why Joy Behar is hot, Bill Maher, Bill Maher and Joy Behar, Sailing, Sperry shoes, What children of Joy Behar and Bill Maher might look like, Why doesn’t NPR make a primetime TV series, Obama, Clinton, and Sailing.

And like all good democrats, especially those in Chicago, please bid early and often on this once in a lifetime dream lunch that will leave your palate destroyed and your brain cells nuked.

Proceeds will go to the Children’s Tumor Foundation. Thanks and happy bidding!!!!!

Looking at the markets, a late surge yesterday turned two of the three major indices green in the closing 15 minutes. Many charts show the market to be tired after a wicked run, and coming into decision day, Election Day, where we all will learn tonight if the Republicans will take back a majority, or whether they will do so with immense authority. The “chatter” also backs up the indecisiveness of the markets at this level. Again, to quote the R-Man:

“It’s overwhelming. “The system works.” “No, the system is broken.” “The Fed will go heavy in QE2, printing a trillion dollars of fresh money.” “No, the Fed will surprise us by being conservative.” “Obama doesn’t give a damn about business.” “No, Obama is finally bringing in a few business people to his inner circle.” “The US is putting big pressure on China to boost the yuan.” “No, the US is pussyfooting around China, we’re not putting any real pressure on China.” “We’ve already survived the ominous months of September and October, the rest should be a piece of cake.” “We’re going into the best six months of the year, November to May.” “True, but everybody knows that.” Beware of operating on what “everybody knows”, operating on the obvious can cost you a lot of money.”

Where we left off 4:00pm EST:

DJIA                                             11,124.62                                      +6.13

S&P500                                          1,184.38                                       +1.12

NASDAQ Composite                     2,504.84                                      -2.57

Futures now at 7:30am EST:

DJIA:                                                     +30

S&P500:                                                +6.60

NASDAQ 100:                                     +10.00

Key Data out today:

None

Since the prior close, some key stories:

–       Australia and India Raise rates to slow inflation before Fed meeting.

–       Fed’s QE programs may cause inflation surge (says Volcker).

–       Wilmington Trust is taken under in 50% off sale; maybe that is why the KRE regional bank ETF has a short interest of 50 million shares despite only a 21 million share float.

–       Yesterday at UConn the Domestic Violence Awareness Club came to the Linda McMahon speech to protest how WWF promotes violence against women, and they got into a fist fight with reporters.

–       Lloyd’s Bank (no… not Goldman, the other one) off nearly 1% due to earnings and unchanged guidance.

–       Roubini says emerging markets will outperform developed markets.

–       Dot-Com bears, Grantham and Biggs, lead emerging markets bulls buying the bubble.

–       JPM scrutinized for the same stuff that got Goldman thrown in front of COngree six months ago.

–       Analysts looking for US October Auto sales to be extremely robust, due to new models.

–       QE2 consensus is $500 billion. To start.

Earnings:

Pre-market: AMSC, ABC, ARJ, ADM, BIOS, BP, CAB, CAM, CLX, CVLT, COCO, DGI, DIN, DTG, EME, EMS, EMR, ENR, SSP, EXPD, FSIN, GWR, GLY, K, MRO, MLM, MA, MD, NEM, NUS, ORBK, PRGO, PFE, PTEC, RIGL, RBA, RTI, STFC, SHOO, SYY, TLM, THC, TEVA, TREX, UNT, UAM, VSH, WTI, WST.

After the Close: ACTU, ACAS, ARP, AGII, ASIA, AACC, BGCP, BIO, BBOX, BRE, CBM, CECO, CB, CTRP, CQB, DENN, DISCA, DEI, DSCM, ERTS, EOG, EXAC, HTZ, HYC, IPHS, ISTA, LNCE, LEAP, MASI, MRH, MYGN, NANO, NOA, OKE, OKS, ORA, PCCC, PEET, PLT, RENT, STEC, SFSF, SVR, TIE, TRMP, UNM, VITA, WTS, WWWW, WYNN, ZIPR.

Significant Movers This Morning:

HEV +22%, BPI + 15%, RDN + 13%, CGNX +7%, RFMD +5%, HNSN +13.7% (IDE from FDA) IRWD +12.4% (Linaclotide phase II results) LF +10.9% (earnings) AKRX +7.2% (earnings) NTRI +6.4% (earnings) WINN +5.2% (earnings) CGNX +4.9% (earnings, increases dividend) TMRK +4.7% (earnings) IVAC +4.3% (earnings) FRX +3.9% (Linaclotide phase II results) RTEC +3.4% (earnings) CCUR -28.2% (earnings), AFG -12%, MVIS -10% (earnings) ESLR -9.3% (earnings).  WFR -8.9% (earnings) BEXP -7.5% (earnings) ROG -6.6% (earnings) MSPD -5.2% (earnings) OFC -4.2% (guidance) SANM -3.7% (earnings).