Buzz Bits: Dow, Nasdaq Dip Into the Red
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Earnings Report - MV News
- Accenture (ACN) reports 2Q EPS of $0.47 vs. $0.42 cons on revs of $4.75 bln vs. $4.68 bln cons.
Bell Buzz - Todd Harrison - 3:56
- Of Hawks and Doves! Big Ben chimes in tomorrow and will shape the tape for the rest of the week. With folks conditioned to expect a knee jerk higher, my admittedly pensive stream of consciousness is wary of disappointment.
- How am I playing that? Long situations (I wanna add more GSS into $4 and SUNW into $6) and long index puts, which gives me the gamma I desire. I'm more active than "just that" but, thematically, that's the risk profile in a nutshell.
- Consistent with past scribes, the S&P range is 1425-1450. Mr. Valentine has set the price and a break (either way) will trigger reactive traders.
- Whatever happened to Jamie Lee Curtis?
- There are gonna be times to press and other times to patiently wait. And yes, it'll seem quite obvious with the benefit of hindsight. As we live--and trade--in real-time, however, all we can do is the best we can do and assimilate our metrics. Take the respites when they come, Minyans, and we'll hit it hard when it's time.
- My, look at the time. I've gotta hop to reel in a big fish (wait'll you see this professor--you'll love this professor!) before jumping into our editorial meeting and diving into my weekly syndicated column. Java good night and be good to yourself--you deserve it.
- May peace be with you.
position in gss, sunw, spy
The Tell-Tale Target - Jeff Macke - 12:06 PM
Want a good tell for the tape in need of a refresh? Check out Target (TGT), down a bit today despite pre-releasing Same Store Sales results of 11-13%. These results reflect an uptick in sales for the Easter Holiday (April 8th this year) as well as a whole, big, kettle of butt-kicking by the company. Or at least that was my interpretation, from the headline and based on the ideas that: 1) Easter is a back end weighted holiday; no one is buying their Candy yet; 2) The results are a slight uptick from previous guidance and, if form holds, Target will come in at the high-end of this range when it finally reports; 3) Good numbers from Target bode well for the rest of the fashion-based plays as, again, no one is buying candy yet.
Alas, Target is down today with the rest of the tape. Can strong SSS trump seasonal weakness in retail stocks? We'll debate the issue on tonight's Fast Money and stay tuned to this space for your Retail Roundup next week!
The steepening trade is ON! - Bennett Sedacca - 9:45 AM
Check out this chart. If that were a stock would you buy it? I would.
It is a chart of the 10-year minus the 2-year. Only three basis points but breaking out to be sure.
This is what I am looking for. A bearish steepener allowing my firm to buy 10's and then a parallel shift down once the world realizes that money creation won't help a debt bloated world.
I was debating selling my Fannie Mae ARM's but given what I think of Aunt Fannie (see yesterday's buzz) I am testing the waters on the bid side.
Then I'm off to watch Tiger and the boys at the Tavistock Cup! Honestly, I can't wait.
Once I am done selling my FNMA paper...next up is Uncle Freddie (FRE). Come and get 'em!
Position in FNMA/FHLMC
Where We Stand - Kevin Depew - 9:07 AM
Here is where we stand this morning with the major bullish percent indicators (links go to the charts available at Stockcharts.com):
There was one change, the bullish percent for the Nasdaq -100 reversed to Xs. Note, however, that over the past two weeks the bullish percent for the Nasdaq Composite has actually declined - even as the other bullish percents have risen slightly. While this reversal is positive for the Nasdaq-100, it shows the narrowing within the Nasdaq universe itself as demand is only re-entering a relatively small number of stocks.
Among sector bullish percent readings there are a number of areas where the bullish percent indicators are positive:
The bullish percent readings for Consumer Discretionary, Financial, Healthcare, Materials, Consumer Staples and Telecom remain negative.
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