What a Difference a Day Makes

Unless I'm missing the obvious, any consecutive two days in the markets these days would qualify for being the impetus for today's blog title.

It's becoming a truism that no two days are alike, unless you consider diametric opposition to be the sincerest form of flattery. A truism that's repeated almost as consistently as hearing parents tell you just how incredibly different their children are in all aspects of their lives.

Wednesday was an absolute yawner. The fact that I was napping during the last hour of the trading session and missed that 60 point drop just means that it never really existed for me. When I woke up, nothing was really any different.

Today? Where do you start with decribing today?

Well, you probably need to start with some sort of baseline. What represents the world's greatest change from one day to the next?

Some would argue that the dropping of the bomb on Hiroshima was such an event that so markedly distinguished between before and after.

Others might point to the assasination of John F. Kennedy, the day that an entire nation lost its innocence and left Camelot, never to return.

I think that Ted Williams, the man with the golden voice, best describes the transition that can be seen from one day to the next.

The photo that you're looking at is not the cryogenically gone bad head of the baseball Ted Williams. If your memory fails you, that's the picture on the day he was spotted at the intersection off ramp.

Here's what he looked like after you blinked your eyes just a few times:

Quite a difference, no?

Well how does yesterday's market action stack up next to Ted Williams?

It certainly was no flash crash and we've certainly seen volatility in the markets before. But today was at the very least not like the day that preceded it.

Obviously, I'm not prone to hyperbole.In fact, no one is less prone to hyperbole than me.

Today's action reminded me of speed dating, that is, if I did that sort of thing. We got to see a little of everything and exaggerated reactions to just about everything. There was also plenty of opportunity to make bad situational decisions.

Bad employment numbers, more Greek worries, less Greek worries, release of strategic oil reserves, resolution of Greek crisis, capture of Whitey Bulger and visions of Barney Frank and Ron Paul toking on a big one in a congressional hot tub.

These are a few of my favorite things.

I know that I'm not very smart when it comes to micro and macro-economic issues, but I'm still having a really hard time understanding the plunge in crude oil futures based on the graduated release of 60 million barrels of oil.

Oh, I see. A few days of reserves, over a few months.

Sure, that should tip the markets upside down. The fact that the Saudis had no great opposition to the symbolic move and the little bit of a squeeze it may theoretically place on Iran and Venezuela makes it all worthwhile.

Besides, now that I've had to modify my diet in response to the sludge like cholesterol induced blood that I have, I've cut out at least that much oil from my deep fryers in less time.

Maybe I'm just not following the right people on Twitter.

The only one that made the case that the reaction to the strategic oil reserve release was ridiculously overblown was Dennis Kneale from FOX News and FOX Business.

I'd say "Bravo", but that's an NBC property and they might take litigation against me for using that word in a direction laudatory of Dennis Kneale.

At least I can still say "WINNING" without hesitancy.

But maybe it was something Bernanke said in the after press conference party that got people worried. Do you think that maybe after a few kirs, he started spouting that not even QE 12 was going to get the economy out of the "Loo"?

Somehow, I have a hard time seeing that possibility. I know with great certitude, that the Federal Reserve Chairman would have used the word "crapper", owing to his southern heritage.

I also know with great certitude that I never used the word "certitude" prior to last week.

Whatever the cause, the volatility was there today. One measure, the ProShares Short-term VIX ETF was all over the place today. It traded in an 8% range today, finishing just pennies off its lows. It's June 2011 options were equally volatile, although that probably shouldn't be overly surprising, should it?

Like Riverbed Technology and Home Depot, the VIX ETF was still up all day. I only mention the latter two, because I had mentioned this past Friday that I was planning to purchase shares in both.

As I further mentioned on Monday, I didn't, having instead added shares in Halliburton, Freeport McMoran and Sallie Mae, instead. I'm not sure why I bother making those kind of disclosures.

Well, there's always tomorrow. After all, isn't that the theme?

In today's trading, it seemed as if there were really two transformative events, or non-events.

The oil reserve release and the reported Greek financial crisis resolution.

A tale of two absurdities.

The belief that a cultural way of life enjoyed by Greek citizens will be abolished by decree and banking fiat is probably not terribly realistic. Just more of the same. Kicking it down the road.

The fact that the per capita debt of the United States is actually $1,000 more than that of Greek citizens can't have too much relevance. Otherwise, we'd be doing something about it now, instead of tomorrow.

From my perspective, I don't care if our injudicious and wreckless fiscal actions effect my great-great-great granchildren. My reasoning is that I'm not very likely to have that strong of an emotional connection to them to be worried about how they've been left holding the bag for our frivolous ways and neither will my own kids.

So let's just do what we need to do today, to make tomorrow just another day of great denial.

Not denial of things that we value, like things, just denial of things that are irrelevent, like the concepts of truth and facts.

I guess in that way today and tomorrow don't really need to be that different.

Remembering Mark Haines

Does anyone really like a curmudgeon?

Apparently so, because the truth about a deep down "softie" came out yesterday in the aftermath of the sudden passing of Mark Haines. We got a glimpse of that part barely 2 weeks ago when Mark Haines bid farewell to his broadcast partner, Erin Burnet.

The difficult task of making the on air announcement fell to Carl Quintinilla, who was choking back tears as we all sat stunned at the news. Newsmen don't usually do that sort of thing. They're stoic, unbiased and without on-air passion.

To break through that facade there has to be a very deep and personal connection.

CNBC did a wonderful impromptu job in remembrance of a bigger than life on air personality in the world of business news. Uncharacteristically, they recognized the continued existence of some past on-air personalities, such as Ted David and Liz Claman, by passing on their words of condolence.

These days, I rarely watch CNBC after 6 PM, but tonight had to be different. Last night, their 7 PM show, remembering the life and work of Mark Haines was truly in the spirit of NBC's past, "Must see TV".

As an inveterate and addicted CNBC viewer, I used to start off my mornings with Mark Haines, Joe Kernen and David Faber.

I was disappointed when that entertaining trio was split up, but came to realize that Haines could entertain on his own.

He entertained by being unlike anyone else on air. He didn't fawn over self-anointed experts or personalities du-jour. He asked probing questions and had very expressive body language, never seeking to mask his real thoughts.

Everyone is remembering a classic interview with Barney Frank. In fact, it was ironic that Bill Griffeth, such a genuinely nice man, was called upon to interview Barney Frank this afternoon.

Can you take a guess what kind of mood Frank was in when even slightly pressed?

As a liberal Democrat, I typically agree with Frank's positions on issues, but I just can't stomach his personna and pomposity. Although power hasn't corrupted Frank professionally, it certainly has done so on a personal level.

Who would ever think that two seemingly disparate people like Mark Haines and Stephen Colbert could be joined together in a non-partisan demonstration of just how pompous Frank really was?

Mark Haines and Stephen Colbert? One was precisely what you saw on air, the other a comedic parody, but with similar aim and goals.

Except that while Colbert goes for "truthiness", Haines went for "truth"

The man was never fazed, although sometimes he would lean back in that chair with a characteristic look of disbelief.

"Did that guy really say I what I think he said and with a straight face?"

Mark Haines obviously respected the intelligence of his viewers and the truth.

When was the last time you could say that about anyone on TV, where the superficiality is so overwhelming? In a "me me me" generation and industry, Haines stood out.

Definitely nothing superficial about him.

And yet, as I mentioned in yesterday's blog, in obviously an unrelated post, the world goes on.

Yesterday my son left for Army basic training. I couldn't hold back the tears any longer once my wife and I got back into the car. I did handle myself better when I had to make a late night run to his Army supplied hotel room to drop off his Blackberry recharger. It was like a bonus round for me.

This morning, when the news came, I had no tears, yet still a surprisingly overwhelming feeling of loss. The kind you have when you know there will be no bonus round.

Maybe it was the kinship over the New York Mets, maybe harness racing, maybe bringing Barney Frank down a peg or seven.

Whatever it was, he will be missed by so many. For me, it means that more of my TV watching will now become background noise. It never was when Mark Haines was on air.

I remember that when Szelhamos passed away, I was so grateful that my own children had gotten the great gift of knowing him.

Both of my sons are interested in investing, the oldest just having made his first entry into the markets last week. Neither are at the CNBC stage of their lives though and neither will see the likes of Mark Haines again.

Eveyone needs someone to be brutally honest with them and open their eyes. Haines did that every day. Reminds me of the scene in Moonstruck when Cher slaps Nicholas Cage in the face and says "Snap out of it". Except that instead of being a single scene, it was day in and day occurrence

When Mark arrives at the pearly gates, I would love to see his take and the questions he slings at St. Peter.

If anyone can get to the bottom of what awaits us, it'll be Mark Haines.

POSTSCRIPT: During an invited visit to CNBC in November 2011, I had an opportunity to see the sincere reverence with which Mark Haines was held by long time employees. What you see on the air, whenever his name is mentioned is the real thing.

POSTSCRIPT May 24, 2012: On the one year anniversary of Mark Haines' passing, CNBC commemorated his memory, including showing his portrait that hangs in the New York Stock Exchange. On this day, coincidentally it was once again time to send my son for the next phase of his Army "Advanced Individual Training." This time, a year later there were no tears. Time changes so many things. AS in the case of remembering Mark Haines, the on-air reflections evolved, but were no less touching. A year later, Mark Haines is still missed by many