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Buzz Bits: Markets Rebound

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Your daily Buzz highlights...

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Flashback! - Bill Meehan - 3:35 PM

This day in market history...

  • Closing levels 7 years ago
    • DJIA: 10,006.78
    • Naz: 2492.84
    • S&P 500: 1310.17
    • Crude: 16.46
    • Gold: 280.15


This day in Minyanville history...


In other news...

  • In 1951, Julius and Ethel Rosenberg were convicted of espionage for their role in passing atomic secrets to the Soviets.


Surprise!!!!! - Fil Zucchi - 3:30 PM

I get off ze plane to find fave Akamai (AKAM) up almost $3 good ones. If only the weather in Florida had been this nice. I don't see any specific headlines, but I can't imagine the news that the NFL will be streaming its games can be hurting. Still, in an effort not to get emotionally attached to stocks, I am using the price to pay for part of the vacation. Not advice Minyans, but there is more on the sheets, and I can always buy it back if I have to.

Position in AKAM


India Jig - Sanjay Somaney - 1:33 PM

I have not found any specific news to account for the 10%+ rise of VSL in India overnight but I am hearing from my sources that they are getting ready to roll out a GSM service worldwide by completing alliances with 291 GSM operators and a handful of CDMA operators. The chatter is that the service will be rolled out by April end. This would allow the company's subscribers to use one number in 186 countries all around the world.

Pretty nifty, no? Name one US carrier that will provide the same service. Not one!

I have been saying for years now that these Indian and quasi-Indian companies are absolute must owns. Still, it's not too late. I say that with the utmost humility. No chest thumping here. I write on our site (and wrote on an unmentionable site for over 6 years) because I like the interchange of ideas and I like making money for people. Like my dad used to say, "You can take a horse to the water, but you can't make him drink it."

It's for you guys to pull the trigger.

Position in VSL


Large vs. Small - Kevin Depew - 1:11 PM
  • Yes, I see the Russell 2000 (RUT) at new highs, but no, I have not changed my view that the outperformance of the RUT vs. the SPX is stretched too far. Since initiating the short RUT/long SPX trade on Feb. 1 the the RUT is up 2.2% compared to .8% for the SPX.
  • Echelon (ELON) is up more than 10% today after holding triple bottom support at 7.75. A move to 7.5 would violate a triple bottom and create the first sell signal for the stock since October.
  • Longbow Research out yesterday with a note on their PC Graphics Card Survey showing lackluster sell through in the seasonally slow season. It was noted, however, that Nvidia (NVDA) has maintained its dominant position in the mid and high-end market segments and improved market share in the low end.
  • Technically, NVDA leaves nothing much to say on a PnF basis. The stock has not given a sell signal since August 2004. However, it is worth noting that on a weekly chart a TD-Combo 13 sell signal was just generated.
  • A nation of spendthrifts? Laurie, say it ain't so!
  • Sure glad our housing market is more stable than Croatia's.


Position in RUT, SPX equivalents



More H5N1 flu stuff... - David Miller - 12:40 PM

Our good friends at StreetAccount.com are reporting GlaxoSmithKline (GSK) received a label extension for their anti-flu drug Relenza. The prior label was for treating already-emergent cases of influenza. The new label is for preventing flu in humans aged 5 and older. This makes Relenza the second entrant to the field previously occupied only by Tamiflu. Relenza is an inhaled drug where Tamiflu is a pill.

Going out on a limb scientifically, since H5N1 has recently been shown to especially target lungs, an inhaled product might have a better chance of beating back the disease. However, it will take much more space to store and takes more training to use, attributes that make it less attractive for stockpiling and use in public health pandemic situations.

If you didn't catch it, this New York Times article with the man who has treated more H5N1 cases than anyone on the planet is a good read. I agree with him that an H5N1 pandemic is much less likely than fund-seeking bureaucrats and the stock market seem to be assuming.



Manic Compression - Adam Warner - 11:46 AM

OK, one final defense of the low/low ETF option volatilities, and then I give up, they are on their own.

The historical volatilities, that is the volatilities of the stocks themselves, have eroded recently. The SPY itself, for example, clocks in at a whopping 8 volatility, making the 10-ish implied volatility in the options seem downright thrombolic.

But all this says is that the options merely reflect the behavior of the stocks themselves. The fact that stocks themselves are so non-volatile is bearish in and of itself, and yet another indicator of the utter compression that Prof's Sedaca and Succo often mention.

Position in SPY


Jazzy Jeff and the Fresh Bulls - Todd Harrison - 11:30 AM

The Minx slinks up the hump and Hoofy is looking pleasantly plump. After an initial tetherball, the combination of snazzy internals and brazen brokers (flirting with fresh acne) spurred the herd and spread the word. It's now game on in the city of critters, with S&P 1300 right here, right now.

I opined late yesterday that I was wary of the "first move is the false move" post-FOMC phenomena and that's what seems to be unfolding. Issues certainly remain--and today is far from over--but the bovine are broadening their sponsorship to include the Russell (+1.2%), XAU (+2% as silver sneaks north of $11), biotech (BTK +1.5%), the saucy semis (SOX +1.5%) and, of course, the brokers (+2%).

What am I doing? A lot, only some of which involves trading. I added a bit of Apple as it tickled the 200-day (first time since early 2004) and traded some meaty "special situations" while leaving my energy, metal and SunMicro (+6.5%) exposure in tact. We've got a lot going on at MVHQ--including the upcoming announcment of Minyans in the Mountains--so thanks kindly for the continued support and patience.

We're a community because of Minyans like you. And that, my friend, is awesome.

As always, I hope this finds you well.

R.P.

position in energy, metals, sunw, select semis, aapl



Down Under Randoms - Laurie McGuirk - 8:10 AM

BACK LATER

Loz.

Position in silver



Stump Day - Rod David - 8:00 AM

Welcome to "Wreversal Wednesday," so-named for its ability to initially trend in one direction and then reverse sharply intraday. MACD and RSI diverged positively into Tuesday's lows, and made a bounce likely to test last Tuesday's "higher prior lows" at SPX 1296 (ESm 1305'50). This target was already met during the Globex session overnight. So long as pullbacks are narrow enough, there is room back to SPX 1298.25-1300.25 (ESm 1307'50-1309'00), all for the purpose of refueling sellers to help power another leg down. Tuesday's close under its prior low is bearish, so bearish that delaying its consequences by more than a day would be bullish.


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