Buzz Bits: Dow and Nasdaq End Lower
Your daily Buzz & Banter highlights.
Hold! Hold! - Quint Tatro - 2:54 PM
As we head into the final hour of trading the tape has slowed to a crawl. Other than some Baidu (BIDU) which I added earlier, not much is perking. I am going through the portfolio into the final hours and doing some nipping and tucking. I have no problem at all letting stocks consolidate that have already proven themselves.
A stock like Joy Global (JOYG) for example is dipping today however only after already having broken above of an important level. I have no desire to do a thing with this one as I attempt to hold it for what may be a much bigger move. On the other hand a stock like Fiserv (FISV) which I added at the bell yesterday, is falling after its break attempt and while still looking promising, hasn't yet proved its worth. While I will keep all of my JOYG, I will trim all but a token of FISV.
This is my strategy as we finalize the day. It has been a snoozefest and tough to make any real determination regarding the action one way or the other. Our word for the week has been balance, and there is no reason to change that now.
Position in BIDU, FISV, JOYG
Last Dance with Mary Jane, One More Time to Kill the Pain.... - Todd Harrison - 2:10 PM
- "One thing I will say, the fire swamp certainly does keep you on your toes." The Dread Pirate Roberts.
- Global central banks have effectively handed the market a "liquidity baton." What remains to be seen is if the market can run with it.
- Whether or not the Bhutto news was the downside catalyst is inconsequential. With $500 trillion in derivatives, the pebble in the pond (ripples) can take many forms.
- Why, oh why, is Pulte Homes teasing me as it is?
- Too smart to buy 'em and too scared to short 'em? You're not alone.
- How many times has our connectivity gone down today? I'm not even trying to reboot Bloomberg at this point.
- Well I don't know what I've been told, you never slow down, you never grow old...
- I would love to see the "Buy it Now!" button once in my life. You know, THE button...
- IF the tape can turn higher, Aunt Fannie and Uncle Freddie will officially stake their claim to new market tell fame.
McFly???? - Bennet Sedacca - 1:18 PM
I had the expectations of getting a few tax swaps done this week as I try to be as tax efficient for clients as possible.
But, alas, trading desks, as illiquid as they were going into the holidays, are seriously closed now.
Traders have no capital to speak of and annoyed, best I can tell, with measly bonuses (except Goldman Sachs (GS)) and simply won't make markets, even lousy ones.
I asked 18 dealers for a bid on a well structured Freddie Mac (FRE) CMO and got zero bids. Yep, zero.
Seventh Time's the Charm - Ryan Krueger - 9:42 AM
So much for packing it in early and not missing anything the last few weeks of the year. I chose to stick around myself. I find watching the most obscure football games with heightened interest and long days at the office are often correlated with certain in-law's arrivals. Minyans who have done the same, especially those taking a few cuts from the long side have been rewarded. I take my hat off to Todd and the crew for maintaining an excellent product regardless of what the calendar says.
Consider that in less than two weeks, while plenty of amateurs and pros alike closed their books you've seen the S&P 1500 bounce almost 4% -- otherwise known as a number equal to more than half the entire year's return. And my hat's off to all the profs who keep showing Minyans how the market of true opportunities on both sides, in unique places, is never closed.
The technology sector (XLK) is up even more during that time and you've gotten a healthy dose of bullish opinions in the 'ville about this group. Here's a nugget that I wanted to pass along, from my friends at Bespoke.
Technology has gone up each of the last six days. Interestingly, over the last five years, it has gone up on the seventh day 91.7% of the time.
It pays to show up at work sometimes when you least expect it, no?
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