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Buzz Bits: Dow, Nasdaq in the Green Again


Your daily Buzz highlights...


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

Earnings Report - MV News

  • Cisco (CSCO) reports 1Q EPS of $0.31 vs. $0.29 cons on revs of $8.20 bln vs. $7.90 bln cons.
  • (PCLN) reports 3Q EPS of $0.72 vs. $0.67 cons on revs of $313.5 mln vs. $302.1 mln cons.

Old School - Kevin Depew - 2:21 PM

  • Some PnF breaks of interest today include:
    - Petrohawk Industries (HAWK), a double top break and key trend change at 12
    - Vulcan Materials (VMC) new double top break
    - Sandisk (SNDK) broke a double bottom and is now testing trendline support at 45-46, a move to 44 violates the uptrend.
  • Looking at some DeMark TD-Sequential signals I see that Hospira (HSP) has registered a TD-Sequential sell signal and also looks terrible on a PnF chart.
  • QLogic (QLGC) has registered a new TD-Sequential sell signal and has rallied into resistance.
  • UK Daily Mail: "Crutch Cassidy and the Sunset Kid" article on Paul Newman and Robert Redford.
  • Despite the horrible title on that article, it's worth reading for Newman's take on the current obsession with plastic surgery: : "I'm not vain and insecure like many of my fellow actors and actresses. Quite frankly, I like the way I look. I'm not jumping on the Hollywood bandwagon and turning the clock back with a facelift. So what if my face is falling apart? I don't give a damn." Yeah! You know what? People age. It's part of the life cycle.

Malaise Forever! - Jeff Macke - 1:58 PM

Assorted thoughts as I take a break from feverishly attempting to work myself into a lower tax-bracket in a country where at least one-third, and possibly two-thirds, of the legislative branches will soon begin hunting and killing the "rich" (at least according to half of the television ads I saw over the last month):

  • According to Reuters, Wal-Mart (WMT) is down today because of Democratic victories. The idea is that the Dems will raise minimum wage and restrict Wal-Mart's ability to become a bank. I'd offer that Wal-Mart doesn't actually pay workers minimum wage and not being able to become a bank is the best thing that could happen to Wal-Mart or any other retailer. If the Dems were going to force Wal-Mart to dump its ill-fated fashion initiative the stock would be up 4-points.
  • I would further argue that a hike would be a net positive for retail, especially the discounters. Only the lowest end merchants are able to pay workers min wage; any income boost for their customers would/will more than offset the additional expense.
  • On the higher end of the retail spectrum, Federated Department Stores (FD) is off 4-bits after reporting 3-cents of horribly muddled, non-comparable, EPS. The stock is down over 5 bucks in the last 2 weeks. I remain long but am relatively unconcerned (albeit surly) about the move and am considering adding on the dip.

Position in FD

Potential bearish formation in QQQQ??? - Bennet Sedacca - 10:48 AM

I noticed late yesterday a breakout and then reversal in QQQQ on an hourly and daily basis. This is otherwise known as an 'upthrust' as defined by Richard Wycoff in the 1920's and taught to me by the very astute Tom Peterson.

Secondly, there seems to be a false breakdown (on huge volume) on QID, which moves 200% in the opposite direction of QQQQ. Wycoff called this pattern a 'spring.' They are usually tested, like this morning...

So, if one wanted to take a shot, this would be the spot. Defined risk is fairly easily defined with a move above the highs in QQQQ or below the low in QID.

See the chart of QQQQ here.

See the chart of QID here.

Position in QID

Election Special: Groups & Stocks to Watch - Jon Doctor J Najarian - 8:12 AM

Alternative Energy – Look for alternative energy stocks to be the darlings with the Dems taking charge. My top picks in the sector include: Evergreen Solar (ESLR), SunTech (STP) and Sunpower (SPWR)

Pharmaceuticals – Drug stocks tend to like Republicans, so if the Democrats push Medicare to negotiate directly with drugmakers, I'd say this sector is vulnerable. Margins and profits will suffer and thus I believe AstraZeneca (AZN), Merck (MRK), and Pfizer (PFE) are on my short list of shorts.

Fossil Fuel – Three words that strike fear in the hearts of anyone in this sector: 'Windfall Profit Tax.' ExxonMobil (XOM), ChevronTexaco (CVX) and just because Dick Cheney was part of them, Halliburton (HAL)

Positions in ESLR, STP, SPWR, PFE, MRK

No positions in stocks mentioned.

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