Enjoy the weekend!
- For the first time ever, all the members of China's elite Politburo Standing Committee, the highest tier within the Communist Party, are card-carrying engineers.
- Mayor Bloomberg said the NY State board has delayed voting on funding for the west side stadium. Cablevision (CVC) has taken the issue to court as the MTA, which owns the land, accepted the NY Jets offer over theirs. Note to Cablevision: Back off! You already caused Time Warner Cable (TWX) subscribers to miss the beginning of the Mets season, now let the Jets get their stadium. -- Meehan ranting
- "What is it about a beautiful sunny afternoon, with the birds singing and the wind rustling through the leaves, that makes you want to get drunk?" - Jack Handy
- According to a poll done by Reuters, 100% of 22 primary dealers expect the Fed to raise the fed funds rate 25bp at the June 30 meeting.
91%, or 20 of the 22 primary dealers expect the Fed to raise the fed funds rate 25bp at the Aug 9 meeting.
- DeVibes from Lehman's Jeff DeGraaf...
"On balance volume (OBV) on the SPX has hit a new high implying that volume levels have been stronger than prices, as the market has advanced. That doesn't totally jibe with what we are seeing, and though we are bullish, it's difficult for us to classify this rally as an "acceleration wall". Nonetheless, few signs suggest that distribution or other more worrisome factors have seeped into equities. In fact, we remain amazed at how few have been endorsing this move on the upside. The combination of skepticism and momentum are powerful forces, both of which remain dominant themes to our bull case.
Look for modest consolidations / corrections in the broader markets as most hourly charts are extended and in need of a pause. Generally, this is a market where breakouts work, so do not fear the strength."
- "The depressing thing about tennis is that no matter how much I play, I'll never be as good as a wall. I played a wall once. They're relentless." - Mitch Hedberg, 1968 - 2005
- Farley has had his head in a toilet bowl a time or two, but this is a bit ridiculous.
- Copper prices hit their highest levels in 16 years as global inventory fell to the lowest since May 1988 (as demand continues to outpace production). That has helped the CRB Index thru the downtrend off March levels (next test at 310).
- Nobel laureate Robert Mundell's take on the Yuan peg
- Sparks must've been flyin in this guy's brain.
- The NYSE Bullish Percent Index is now positive (in X's) for the first time since reversing down March 23. This puts the NYSE side of the market in a different context, though not a timing indicator.
- NASA has chosen Jupiter as the next major spacecraft destination; Lockheed Martin (LMT) will build the spacecraft. Jupiter?
- Chrysler (DCX) built B-29s that bombed Japan, Mitsubishi built Zeros that tried to shoot them down. The two companies now build cars together in a joint venture automotive plant.
"Vitaliy and I were just pinging back and forth on First Data Corp (FDC) which he highlighted on the Buzz a bit ago.
On a PnF basis I see today where FDC has generated its first buy signal since July 2004. Yes, 2004. Plenty of resistance overhead as the stock approaches the top of its two-year range in the 44-45 area, but the near-term improvement goes hand-in-hand with the fundie picture Vitaliy painted this morning. As always, not advice." -- Kevin Depew on today's Buzz
Meehan and I polished off a couple too many Vodka & Cranberry's last night (for the first time since 8th grade). But hey, we can't complain about free booze (at least Meehan said they were free anyway).
German chemists have made a replica of the World Cup soccer trophy that is the size of one molecule. That is less than 100-millionth the size of the original. They cited boredom as a reason for the project.
Notice the Software HOLDRs (SWH) are getting rejected like Farley later tonight and slipping back beneath the 200 dma (35.98) / former Jan / Feb / Mar resistance. A look at a chart shows that's a pretty key level. Digging down to the names, Microsoft (MSFT) which carries a 21% weight - got stopped at 26 resistance (see Sanjay's vibe from yesterday) while Oracle (ORCL) did the same at the 13ish level (it's an 8% weight).
If peanut butter is in peanut butter cookies and chocolate chips are in chocolate chip cookies then what is in girl scout cookies?
Do you ever wish there was a translator for some of the content on Minyanville?
Heads up! David Miller will be appearing on a Power Lunch segment with Mike Huckman on Monday.
Speaking of which, apparently CNBC doesn't send the make-up folks on the road with reporters
Have a great weekend!
The information on this website solely reflects the analysis of or opinion about the performance of securities and financial markets by the writers whose articles appear on the site. The views expressed by the writers are not necessarily the views of Minyanville Media, Inc. or members of its management. Nothing contained on the website is intended to constitute a recommendation or advice addressed to an individual investor or category of investors to purchase, sell or hold any security, or to take any action with respect to the prospective movement of the securities markets or to solicit the purchase or sale of any security. Any investment decisions must be made by the reader either individually or in consultation with his or her investment professional. Minyanville writers and staff may trade or hold positions in securities that are discussed in articles appearing on the website. Writers of articles are required to disclose whether they have a position in any stock or fund discussed in an article, but are not permitted to disclose the size or direction of the position. Nothing on this website is intended to solicit business of any kind for a writer's business or fund. Minyanville management and staff as well as contributing writers will not respond to emails or other communications requesting investment advice.
Copyright 2011 Minyanville Media, Inc. All Rights Reserved.
Daily Recap Newsletter