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Buzz Bits: Dow, Nasdaq Dip Into Red


Your daily Buzz & Banter highlights...


Editor's Note: This is a small sample of the content available on the Buzz and Banter.

Earnings Report - MV News

  • Texas Instruments (TXN) reported 4Q EPS of $0.40 vs $0.38 cons on revs of $3.46 bln vs $3.43 bln cons. Gross margin was 50.5%.

Bell Buzz - Todd Harrison - 3:44 PM

  • I don't get the sense that alotta people are set up for further dippage. The financials are saying we may not get it but if we do, it'll catch alotta folks leaning the long way.

  • That's one of the reasons I'm adding option exposure (both ways). An uptick in volatility will be profitable for the long gamma crowd.

  • The other side of that trade, of course, is the drippage (theta, or time decay) of that strategy. Nothing comes for free in this world, particularly options.

  • Fu-G-L-Y? We flagged the semiconductor breakdown (through the 200-day) last week and we now need to keep SOX 444 on ye radar (multiple autumn bottoms).

  • Call me biased (you biased!) but I think Macke's show is getting better and better.

  • A Minyan just asked me if I thought an Iran escalation was likely before the next presidential election. It took me all of two seconds to reply "yep." Why does that "matter" and why would it be on the 'Ville? Two words: energy and metals.

  • Fare ye well into the bell and have a fantastic overnight session!

  • R.P.

position in energy, financials and metals

Monday, Monday... - Jeff Macke - 3:36 PM

* Slate grey skies, bone-freezing temps and bootstomped markets? OK; I'm convinced that today is the most depressing day of 2007. The world can stop trying to persuade me now. As if that alone wasn't bad enough, the world is getting worse, based on the fact that the Dow Jones gained just over 20 pts on last year's most depressing day, which fell on January 23rd.

* Then again, if this is as bad as 2007 gets I suppose we should be thankful.

* Hewlett-Packard (HPQ) is building an R&D plant in St. Petersburg, Russia. With any luck, HPQ will have the facility up and running in time for Vladmir Putin to take it over by Christmas.

* Sweat-wicking sportswear maker Under Armour (UA) getting smacked for as much as 9% off a Barron's article? With all due respect to Minyan Mike Santoli and the WSJ gang, when a fast-grower gets smacked this hard based on the idea that the "stock may be expensive" (well... yeah...) it's a sign that the tape is looking for just about any reason to take 'em down.

Randoms!! - Fil Zucchi - 12:59 PM
  • I am putting my XM Satellite Radio (XMSR) puts to work by buying stock against them.

  • BankUnited's (BKUNA) numbers are out. I'll refrain from comments until after the conference call at 2:00 EST. With the stock down $1+, I'll just say that I agree with Mr. Market.

  • Sirf Tech. (SIRF) is back in Boo's grip. I wanna get longer this one but not here. Buying the 22.50 puts and selling twice as many 20's is how I'd like to get there.

  • "Stumpy" is beginning to feel a certain pull toward certain semis and semi cap names. Our friends at MS Howells have offered up Mentor Graphics (MENT), Cymer (CYMI), and FormFactor (FORM) as candidates. I am also continuing to nibble on Advanced Micro (AMD) and thinking about adding some Vicor (VICR), though the latter might require patience beyond this quarter.

  • Gold futures (YGG07) knocked their heads against the $641 level once again and turned back. If/when the $642-646 area is taken out the move could be mighty fast.

  • Hoofy is not the least bit worried about today's sloppy action. He has seen this movie before and knows that his "super-hero" area is always there to "lend" (pun intended) a "hand" (invisible or otherwise). Nonetheless he would prolly feel a whole lot better if the NDX recouped the 50 DMA (1787) by the close.

  • Your nation's capital finally saw its first inch of snow yesterday. Schools are closed and there is talk of a Congressional investigation into toilet paper gouging.


10's-A 'dead cat bounce?' - Bennet Sedacca - 11:51 AM

I continue to think Treasury bonds are in a cyclical (intermediate-term) bear market in the context of a secular (long-term) bull market.

I also think stocks, as mentioned earlier, could be entering a corrective phase. Normally, you could expect a run in bonds with a sell-off in stocks. But given the lack of non-U.S. buying lately of U.S. treasuries, this relationship may not occur as supply overtakes demand. Consider this, OPEC sold $10.1 billion of Treasuries in the three months ending in December as crude tumbled.

See the chart here. Natural resistance was at 106-20 in 10 years futures/4.82-4.83% in 10 year yields. I mentioned then that traders (not my firm) would cover there and they did. A move to 4.7% or 107-24 in 10 year futures wouldn't be surprising...

But if so, that would be a nice place to fade 'em (short) with defined risk above 108-16.

Or a position in TLT to the dark side. My firm is defensively positioned now but would sell more on any rally. A bounce towards 89 in TLT, IMHO, is a sale.

Position in treasuries

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