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Buzz Bits: Dow and Nasdaq End Lower


Your daily Buzz & Banter highlights...

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

Rainy Day Mondays - Jeff Macke - 3:24 PM

Hello from soggy NYC, where I've spent the better part of the morning on conference calls, watching the drip, drip, drip of Hoofy's bonus swirl into the sewers below. In less Dickensian news:
  • "Hey, maybe Hewlett-Packard (HPQ) won't be horrible!" isn't really a buying thesis.

  • I was just discussing Echostar (DISH) just now with Gaston "the Pit Boss" Najarian. The stock is pushing up 20% on word that a deal is happening any second. Bullish though we generally are on the name, at this point it's hard to do anything but take off longs.

  • I hit the Ultimate Fighting Championships with Mrs. Jeffmacke on Saturday night for a segment airing on tonight's Fast Money. "Surreal" is the best description of sitting with your spouse, row 2, ringside, watching folks get kneed in the head. She's a gamer and we had a fantastic time.

  • I was wrong on the possible dip in Starbucks (SBUX) but I still wouldn't buy it down here. You can't play turnarounds when the company itself seems unaware of the need to turn.

More Answers I Really Wanna Know.... - Todd Harrison - 3:00 PM

  • For the buggers in our midst, do you see Newmont probing acne support?

  • With XAU 172 above, does XAU 150 become the best risk/reward for the bulls?

  • Will a greenback rally render any support zones useless?

  • Are you getting bearish on downticks and bullish on upticks?

  • Is that any way to go through life, son?

  • Countrywide (CFC) is gonna be a single digit midget?

  • Did it get a tad too negative today?

  • Are you watching the banks for any signs of life?

  • Is Morgan Stanley gonna close in the green?

  • Especially as BKX 90 and DJIA 13000 holds?

  • But would those simply be trades in the context of a much bigger collective conundrum?

  • At least until the trend of "lower highs" and "lower lows" (that are prevalent across the board) are broken?

  • I mean, those charts are nosty, eh?

  • With regards to the Wall Street CEO shuffling, aren't the horses more important than the jockeys?

  • What kind of name is Poone?

  • Is the autumn malaise the fall out from the reggae summer?


Will the last person please turn out the lights? - Fil Zucchi - 2:05 PM

First it was Levitt & Sons (LEV), anyday it will be Tousa Inc. (TOA), but soon we are going to get to the homebuilders whose bankruptcy filings will make headlines. Standard Pacific's (SPF) stock now trades below $3, and its CDS, as well as Beazer's (BZH) and Hovnanian (HOV) look to be reaching / have reached the point of no return.

Does it mean the homies are now a buy? Not with my money. The fact that the stocks are trading near the ultimate bottom (zero) does not mean that they have to go up. There will likely be pops and drops in individual names, but IMHO the housing market (as opposed to housing stocks) has several years of grinding pain ahead during which success will be defined by avoiding bankruptcy. Meanwhile housing stocks will churn all but the most skilled of bottom fishers/traders into a state of permanent frustration.

Position in XHB.

Freddie and the Day - Bennet Sedacca - 1:34 PM

Now that everyone is completely unnerved about what Freddie (FRE) will say tomorrow, I have to think it is mostly baked in the cake.

Also the stock is less oversold while making new lows and the same for the DJIA. In possible spring position. I am again becoming more interested after having traded out on the last rally.

The charts are below.

Click to enlarge

Click to enlarge

I am NOT taking credit risk at this point, just talking from a trading perspective.

Position in Financials, DJIA.
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No positions in stocks mentioned.

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