By Todd Harrison Aug 08, 2005 12:19 pm
We're gettin' close cookie!
- The critters start their long trek west.
- "Bottom line: the bullish sentiment and distribution last week, particularly in Financials, concerns us. Trends are positive which implies the need for additional distribution, but the lack of accumulation during this advance may truncate the distributive phase. The deterioration in Financials is another black-mark on the broad market, but a fertile area for shorts. SPX has minor support at the 1220 region and key support at 1183. A move into our 1275 zone is looking more and more like an opportunity to sell into strength." -- Lehman's Jeff DeGraaf
- A tone Sloane will be joining the critters for a ride through Ojai.
- Please note the rude 'tude in crude as it adds another deuce (2%) and eyes the $64/brl level.
- I have nipples Greg, can you twist me?
- "There's chatter of a takeover on Gap (GPS). Some are saying $28. These are only rumors, but the stock is currently trading higher. GPS is one of the largest retailers with a market cap 60% greater than Federated (FD). Anything is possible, but it would be difficult for anyone with a strategic interest to buy GPS." -- John Succo on today's Buzz (he has a position in GPS).
- The homies continue to take it on the chin as the HGX (housing index) breaks the 50-day moving average.
- Crude realities.
- We've seen a few requisite downside tests this morning (following Friday's fugly action) and Hoofy is trying to hold his ground. As a function of the laggy breadth, hurtin' homies and bunk biotechs, Boo has the slight edge heading into the afternoon. Either way, he's got some tough nuts to swallow if he's to overcome S&P 1234, BKX 100 and, ultimately, S&P 1250ish.
- We saw some "long hedges" being slapped on in the homies on Thursday. Nice shootin' Tex!
- Any strength in laggards Citigroup (C) or General Electric (GE) would bode well for the ketchup crowd. The latter matter must hold above $33.50 to avoid violation of a trendline from the February 2003 lows.
- Coach Gretzky?
- "Hey Toddo, it's another loaded IPO week." Minyan Sal Morreale, who presciently flagged the spate of supply before it weighed on last week's tape.
- If you're heading to Ojai, please make sure to A) reserve your spa appointments (they're booking up) B) bring your baseball glove C) sign up for Minyan Golf, Tom DeMark and Dana Patterson D) get really, really psyched for a fantastic Festivus in the mountains.
No positions in stocks mentioned.
Get The Minyanville
Daily Recap Newsletter
Daily Recap Newsletter