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Mornin' Blurbage

By

If I can possibly take out the weekly highs, it could spook the Red Dye crowd...

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  • A little gaseous perspective.

  • The metals have been under pressure of late as gold failed at the 50/200 day moving average intersection ($396) and silver stares at major support at $5.50. The China rate chatter--while stale to some ears--helped tip the technical metric to the south side in recent sessions. I've been trading silver (both ways) of late and covered my remaining futures in the overnight session (ahead of Beeks). FYI...

  • PMC-Sierra (PMCS:NASD), which designs, develops, markets and supports semiconductor networking solutions, announced this morning that they see 2Q revenue "at or above the high end" of the prior range estimates. This, on the heels of the mother chip (INTC:NASD) slicing off the lower end of their revenue range for guidance last night, will keep the spotlight on the semis today. Hedgies, from what I can tell, were leaning on their shorts a bit yesterday.

  • My trusty sidekick Collins has been out all morning and I've been jugglin' the early morning Buzz along with Beeks and a bevy of other banter. As such, my usually witty and insightful morning missive will be a tad terser than usual.

  • The unemployment rate arrives (as expected) at 5.6%, avg hourly earnings are .3% (vs. .2%), the change in non-farm payrolls is 248k (vs. 225k), the change in manufacturing payrolls is 32k (vs. 20k) and avg weekly hours are 33.8. The April non-farm payroll data was also revised higher.

  • AMG Data reported 453 mln inflows for the week ended June 2 (half going to domestic funds).

  • The early mornin' vibe continues to jibe on the heels of the largely uneventful economic data. There is a chorus of "Goldilocks" out there and that's emboldening both Hoofy and Boo in their own special way. S&P 1125-28 and NDX 1475 (weekly highs) are the first levels of resistance.

  • Is that a pledge pin on your uniform Billy Meehan?

  • Niaz Khan, a Pakistani-British man reportedly told the FBI in March 2000 that Al-Qaeda had trained him in Pakistan to hijack a plane and that he was sent to the U.S. to complete an attack. He was questioned over a period of weeks and passed two polygraph tests before being released because the FBI did not believe him. He had gotten cold feet about the attack, gambled away the money Al Qaeda had given him in Atlantic City and then turned himself in to authorities because he was afraid Al Qaeda would find him.

  • Bloomberg is reporting that Israeli Prime Minister Ariel Sharon has fired two ministers today, increasing the likelihood of passing his plan to pullout from the Gaza Strip in a cabinet session this Sunday.

  • It'll be good to get up to the Bronx tomorrow to watch the bombers play Texas.

  • N's over S's.

    R.P.
No positions in stocks mentioned.

Todd Harrison is the founder and Chief Executive Officer of Minyanville. Prior to his current role, Mr. Harrison was President and head trader at a $400 million dollar New York-based hedge fund. Todd welcomes your comments and/or feedback at todd@minyanville.com.

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.

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