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Buzz Bits: Dow, Nasdaq Turn Lower


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

  • Oracle (ORCL) reported 2Q non-GAAP EPS of $0.22 (in-line) on revs of $4.20 bln vs $4.16 bln cons. Operating margin was 39%.

Bring it Home Buzz - Todd Harrison - 3:49 PM

  • One day does not a market break make but there sure seems to be alotta bovine victory laps underway. Win, lose or draw, I learned a long time ago that tossing the ball back to the mound and quietly jogging back to the dugout makes for good mojo.

  • Remember, with December expiry (read: year-end protection) behind us and a crowded boat before us, the path of maximum frustration will take us through the most painful path possible.

  • When's the last time we saw -1000 TICK on the NYSE? About ten minutes ago!

  • Tom Petty into the close? Nope, not with the financials as well bid as they are.

  • With Google down $16, I suppose the window did in fact open for the insiders.

  • Fare ye well into the bell, Minyans, and just be yourself sir. No matter what happens, they can't take that away from you.


Position in financials

A bear market in bonds? - Bennet Sedacca - 12:56 PM

Watch a couple of levels.

First, 108-16 to 108-24 in 10's which used to be support is now resistance. Above that in the low to mid to low 109's is the multi-year down trend line.

Second, watch 4.75% in 2's as I noted in piece earlier.

It really seems to me that foreign governments are no longer buying Treasuries in any meaningful size. And with the US' deficits, we need them to.

So, the we also needs to watch our participation in auctions, which has been waning of late.

This is serious stuff, IMHO. It could usher in a nasty bear market for bonds. Note I said could. See the chart here of 10's. A break of that trend line accompanied by a breakout in yields in 2's could spell trouble.

My firm remains cautious about the long end of the curve.

Position in treasuries

Book Reports - Jeff Macke - 11:06 AM

Greetings from Saddle River where it's too early to start assembling toys and too late to sound casual when asking the wife if we plan to exchange gifts this year. In less ambiguous news...

* I took Mrs. Jeffmacke and our two pups to the mall on Saturday. I'm a sadist that way and I actually find the chaos of crowds to be soothing. I'll have details on what I saw there later but, by way of a tease, I'll say this: not all the stores were equally "soothing;" some were downright depressingly quiet. It's going to be a mixed-bag Christmas unless things pick up in a huge way this week.

* Among the packed merchants was Borders (BGP). After making my way to the front of the line twice ("You mean I get a fifth book free if I buy a fourth! I'll be back in 30 minutes!") I left with 10 lbs of beach-reading garbage and one instant classic in the form of The Real Animal House.

* Of Bennett's dueling Towers of Terror, Citi and General Electric, I'll offer that C seems C-razy but GE may just reflect the building excitement of CNBC unleashing Fast Money from Times Square five nights a week, starting January 8th. $30 billion in market-cap seems about right... give or take.

* Speaking of Fast Money, happy 40-something birthday to FM's Guy "The Negotiator" Adami, a real-deal financial mind and one of the best people I've ever had the pleasure of working with!

Caution Ahead... - Tom Alexander - 8:48 AM

If the pattern which has been in effect since the July low holds, the US stock indices should have quite limited upside from Friday's highs. Specifically, there are divergences between the Dow and S&P, and the Russell 2000 and Nasdaq 100, with the former two indices trading to new rally highs and the latter two indices lagging behind below the recent peak. Also, there were substantial divergences formed at Friday's new highs in the S&P and Dow against Breadth. Additionally, the S&P and March S&P mini futures have reached target zones discussed in the Buzz last week.

About the only two things on Hoofy's side of the ledger at the moment are that the seasonal trend is positive, and let's not forget the trend itself, which remains definitively up. Still, with all evidence pointing to at least a short-term high soon if one is not already in place, I would be cautious about running with Hoofy and friends.

Volume usually drops off all week into the few days before Christmas and unless there is some unusual event, that should be the case this week. This can make for treacherous intraday trading because low volume creates an environment ideal for random intraday spikes up and down for no apparent reason. Usually reliable signals and methodologies are less so during this period.

What you need to know... - Jon Doctor J Najarian - 8:16 AM

Online Sales Up 25% - Last Friday sales topped $670 million topped last year's No. 1 day by over $100 million. On 12 days this year online sales have surpassed $600 million. Last year's single biggest day for Web sales was Dec. 11, when consumers spent $556 million online.

Express Scripts (ESRX) Spoiling CVS Party? Pharmacy-benefits manger ESRX is willing to up the ante for Caremark (CMX) in a effort to break up the company's existing takeover deal with drug chain CVS. All in the Express Scripts deal is 15% bigger than the CVS bid, but CMX shareholders would have to have faith that a very leveraged deal is better in the long run.

Nintendo Has Wii-Mote Problem – Here's a sign of just how spastic we've become; people are hurting themselves with the Nintendo Wii-mote, a strap that goes around your wrist and allows you to play with your alter ego on the gaming counsel. Apparently people are getting over excited and hurting themselves!

Apollo Buying Realogy for $6.7 Billion - The former Cendant real estate company known for its Coldwell Banker franchise is being bought by Apollo Group for about $6.65. Realogy, which trades under the symbol H is the parent company of Coldwell Banker, Century 21 and Sotheby's International Realty.

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No positions in stocks mentioned.

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