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Buzz Bits: Dow, Nasdaq Rise


Your daily Buzz & Banter highlights...


Editor's Note: This is a small sample of the content available on the Buzz and Banter.

Earnings Report - MV News

  • National Semi (NSM) reports 3Q EPS of $0.22 vs. $0.20 cons on revs of $431 mln vs. $432.9 mln cons.

Bring it Home Buzz - Todd Harrison - 3:30 PM

  • With contra-hour in the rear-view, Hoofy has absorbed the first real wave of supply today. Normally, I would offer that tapes that are strong all day tend to end that way but given the landscape (NEW) and tomorrow's big, bad unknown, that's far from a lock.

  • The crazy thing about this stream of consciousness we call the Buzz? Sometimes I forget that I actually said something out loud. Must be due to the unfreezing process!

  • As it stands and as I ing)">schvitz, we're meandering at the precise level that I slipped into the metaphorical fur. I'll be wearing that posture home, although I reserve the right to peel out of some puts should the market get whack-a-moled into the close.

  • A few Minyans asked if Clearwire (CLWR) is a "tell," given that it was indicated $28-$30 and it's now trading under $25. Given that I didn't see this IPO until just now, I'm not gonna read too much into it. But, as long as we're here, I wanted to share the noodle.

  • In response to the many Minyans reminding me that "in 20 years, I'll remember the game at the Garden more than the flickering ticks," I'll offer that I'm not even looking at the scheudle until this game is over.

  • As go the financials, so goes the tape and, thus far, the financials have put the NEW bankruptcy chatter in the "pay no mind" club with Tommy DeVito.

  • The crazy thing about this stream of consciousness we call the Buzz? Sometimes I forget that I actually said something out loud. Must be due to the unfreezing process!

  • Deep breaths as we bring it in for a landing today. We've got a lot to be thankful for, such as:

  • March Madness.
  • Grandparents.
  • Pets.
  • Experience.
  • Music.
  • Peanut M&M's.
  • Sprint.
  • Pink cashere sweaters (not me).
  • JaMarcus Russell.
  • Lessons.
  • Friendships.
  • Short Ribs.
  • Animated Critters.
  • The lack of escalation (thus far) in the Middle East.
  • Cold sheets and warm comforters.
  • Jack Bauer.
  • Extra loops on our belt.
  • Stevie Ray Vaughan.
  • The ability to wake up tomorrow and live our lives a little bit better than we did today.

  • May peace be with you.


position in financials

Ours Goes (Back To) 11? - Adam Warner - 2:00 PM

Just a radical thought, but not all VIXes are created equal. A VIX of 11, one month ago, when the volatility of the actual S&P was in the 6-8 range did not make option ownership so enticing. You were basically gambling that a day like last Tuesday would happen sometime before your options expired. Of course it did happen, but it was a full eight month's between volatility spikes, so there was a lot of money lost owning an "overpriced" and decaying asset.

Fast forward to today, and we have a VIX in the mid-13's, a mere 3 days after a reading of 20. We had a similar pop last May, and then a similar drop back to this level, coincidentally. Followed by a pop to a VIX above 20 before it all tapered off for good.

My thought is that a buy of nearer term option paper today, with volatility higher than it was 1, 2, 3 month's ago makes way more sense than a buy then and a finger cross that they work before they expire.

I would also note that option ownership does not necessarily HAVE to be a downside bet, it's a *bet* on volatility. It can involve replacing stock with calls for example.

He May be Rich, But... - Scott Reamer - 11:31 AM

In regards to the recent George Soros interview, Soros' belief that markets can and will be controlled by monetary and political authorities is shared universally throughout the financial firmament.

This position is lamentable at minimum given the vast historical experience we have that illustrates just the opposite: though markets can be manipulated via incentive/penalty changes on the margin, the very intervention/manipulations themselves are what create the dynamics of ''uncontrollable" markets.

Let us call it the ''paradox of intention": the more markets are distorted by intervention, the less they respond to that very intervention.

A Monster Mash - Bennet Sedacca - 9:28 AM

Monster International Worldwide today released their index of on line job recruitment. The level was 177, the highest since it's inception since it's inception in 2003. See chart here.

This is bad news for bond bulls and may activate the head and shoulders pattern I have been mentioning.

It seems to me that the market is pricing in the worst of economic scenarios at present, which while I think are forthcoming longer term, we may be due for a correction.

Anything but an abysmal number tomorrow and the bond market is likely to be disappointed.

Courtesy of Bloomberg, see the article here.

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No positions in stocks mentioned.

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