Buzz Bits: Dow and Nasdaq End Mixed
Your daily Buzz & Banter highlights.
Chinese Stocks - Quint Tatro - 1:51 pm
I really am not sure what to make of all the China names I see setting up. I am hesitant to start with some anticipatory adds simply because the S&P looks to be failing at resistance and I am not so sure these stocks can get up and go if our market starts to consolidate its recent move. Im am making a list and will revisit early next week so far at the top are Baidu (BIDU), China Direct (CDS), Chindex International (CHDX) and Chunghwa Telecom (CHT).
Regardless of my hesitancy on the overall market, I did just start OM Group (OMG) as I cannot pass up on the excellent break out on high volume. The stock is acting well and a good close here may set up a run into next week. If it falters and fades into the bell, more than likely I would not hold it and revisit it on another break attempt at another time.
Enjoy your weekend Minyans, I'll catch you next week
Party Night - Jeff Macke - 12:20 PM
Hello from Minyanville HQ where I'm making a very special guest appearance in honor of tonight's Sold Out Festivus. Here's what I'm watching to pass the time as we cruise into the party event of the season:
- Imax (IMAX) is screaming higher after announcing a deal to double the number of screens in the US. Imax is a better mousetrap in a seemingly dying industry. The race ends in oblivion but Imax may still have some life in her.
- Regarding that 52-week high in the Gap (GPS), what I meant yesterday was that I'd be buying both high-end performers like Costco (COST) and horribly beaten down names like Gap. As in "I like shares of the Gap at this price". And I still do.
- Look, I know Ricky Hatton has heart. I know he seems like a good bloke. I'm just saying... in boxing, you're better off sticking with the favorites unless you can easily picture a way for the underdog to win. I just can't picture Ricky taking down Floyd, much as I'd like to be able to. Floyd by late stoppage.
- After the rally witnessed this week, "flat" works just fine today for the bulls.
- I'm still long Activision (ATVI). It's making me feel piggish, but I still like the prospects.
1491, Level to Watch - Jeff Cooper - 11:46 AM
The market has done a lot of work going into next week's Fed meeting and, as offered, although the classic picture perfect resistance of 1491 was steamrolled yesterday along with grabbing beaucoup stops.
Yesterday's high tick close on an extension day after a solid run would give most trader's pause about being loaded up going into the weekend----Santa Ben or not.
So it feels like a pullback should play out into Monday.
The key level to watch now should be 1491 as resistance becomes support.
Itron (ITRI) still looks interesting after shaking and baking here this AM and a breakout over the morning range should see an extension of yesterday. if a pause day is traced out I would look to accumulate ITRI for a continued thrust on Monday.
I also like Lindsay Corporation (LNN) on this intraday pullback and will look to buy a sign of strength.
Position in ITRI
Corning's Bendable Fiber - Sean Udall - 9:32 AM
As reported by Reuters, Corning (GLW) is raising capex. Over the last few months GLW has announced the reopening and/or expansion of manufacturing plants. I suspect much of the increased capacity will be used for its bendable fiber -- which I've highlighted in the past.
Additionally, recent announcements from AT&T (T) and Verizon (VZ) regarding the opening of their wireless networks to all devices is yet another bullish datapoint for future bandwidth growth and networks demands.
Bendable fiber will be a huge seller and GLW has largely remained flat over the past few months, though its news flow has been quite bullish.
Position in GLW
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