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Buzz Bits: Dow, Nasdaq Climb Higher


Your daily Buzz highlights...


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

Bell Buzz - Todd Harrison - 3:45 PM

  • Mea Culpa! I saw the net space trading dry this morning and A.D.D.'d the Buzz. Now, with eBay, Yahoo! and Google all sporting 4ish percent gains, I'm wishin' I snuck it out to ye faithful.

  • The CRAW! Check out the BKX as it scratches back to Matador City. Given the action in the submerging markets--and my newfound love for The Princess Bride, I would have offered this morning that green banks would be...inconceivable!

  • Woof! A few traders have pinged to tell me that the Big Dog (aka Fido, or Fidelity) is dumping the drillers. Sure feels that way, eh?

  • Remember that semi thought this morning? The SOX is up a solid deuce (2%).

  • Action speaks louder than words. This, we know. Just do yourself a favor and respect--don't defer to--the market action. If you did that, by definition, you would buy up and sell down. I knew a guy like that once but alas, that's a tale for a different time.

  • And finally, we've got our first MVHQ staff meeting of 2007 today and you know what that means. Our scrubby new intern "Andrew" (nickname to follow) will be singing to kick off the "official business." Make it count kid--the last intern couldn't carry a note and now he's carrying the mail.

  • Fare ye well into the bell and have a mindful night.


Position in drillers

Calling All Bears? - Woody Dorsey - 11:21 AM

I had a call (unsolicited) a few days ago from CNBC. The lady asked if I could come on air and do a bearish view. They hadn't been able to find anyone else. She added, if I couldn't come on: "Do I know of any other bears who could come on CNBC?" She really said that. Well, I guess it is slim pickings for any public equity negativity.

This sort of phenomenon is typical of an Adoration phase. Some might say, doesn't recent market strength and the snowballing positive fundamentals and pandemic positive punditry change all of that? No. Nothing has really changed in terms of the character of the market. This is still a liquidity driven happy time which will end up as an error.

However, there are two caveats to reiterate: First, tops can take more time than "top pickers" such as my firm may like. Second, the serious recognized declines in aftermath of Adoration often occur a year or more later. Talk to me in a few years. Adoration will be seen then. No one will remember this call then. Do you remember my call identifying the absolute lows in October of 2002 and March 2003? Humans are cognitively configured to forget. The history of markets is the history of human error or, human forgetting. This Adoration phase is likely a larger investor error than anyone realizes.

2007 will be the year of the trader. Buy and Hold will turn out to be Buy and Scold. Apparently, it is Rodeo week in New York. Bulls abound, physically literally and metaphorically. What is required now is a conceptual cinch. Mr. Market is now rumored to be working out with a Lasso. One of these days, the noose will cinch. We would be willing to pay big bucks if anyone can capture that hanging on their video phone! Calling all bears…Catch a top if you can.

Market character change? - Tom Alexander - 10:44 AM

The US stock indices just tested yesterday's lows. This is important for several reasons. Yesterday's wild ride ended about where it started settling nothing regarding the veracity of the last two weeks of low volume, holiday trading.

The indices are trading below very important support levels and it is at least short-term bearish if they cannot very soon trade back above those levels (I'll have another post outlining those levels later). Breadth registered -1440 on the short-term charts at this morning's low – a level from where the market has formed important pivot lows every time it has been reached since the July lows.

If the market fails to rally from near these levels it is marking an important change in character for the market. This is a major inflection point for the market from the perspective of Market Structure and the underlying market internals.

What you need to know... - Jon Doctor J Najarian - 8:20 AM

Super Bowl Ads: $2.6 Million Each! A new record for a 30 second commercials at this year's game in Miami. As a point of reference, an ad at the first game (that was to become the Super Bowl back in 1967) cost a mere $42,000 per spot.

ImClone (IMCL) Upgraded By Merrill – The world's largest broker took IMCL to neutral from a sell, saying it sees a short-term trading opportunity due to excessively negative sentiment over upcoming sales figures.

American Eagle's (AEOS) "Excellent" Christmas – The teen-apparel retailer said that it had an "excellent" holiday sales performance and upped its 4Q forecast. American Eagle said sales jumped 20% to $522.4 million in December. Meanwhile Hot Topic same-store sales fell 5.1%.

Toyota (TM) Passes Chrysler (DCX) In US Sales - Toyota continued to make big strides in the , passing Chrysler for the No. 3 spot and closing in on No. 2 Ford Motor (F) Toyota's sales were up 12.5 percent for the year, by far the biggest increase of any manufacturer. It topped 2.5 million vehicles, including sales of its Lexus and Scion brands, in the for the first time.

Positions in AEOS

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