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Buzz Bits: Dow, Nasdaq End in the Green


Your daily Buzz highlights...


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

Bell Buzz - Todd Harrison - 4:00 PM

  • File this under "we keep it real in the 'Ville': Remember when we asked Minyans what they would like to see more of? Minyan Joe McCarthy wrote "a survey of Minyans on different subjects." And he left his cell phone number. So I called, and left a message, asking him a variety of questions on everything from his favorite color to his shoe size. No seriously Joe, we did--check your messages.

  • Rotation Station is the theme of the day and, through objective eyes, that's constructive. Note how yesterday's winners (homies, semis) are today's sinners and vice versa.

  • The other notable elements today? The acne in the brokers (through XBD 220), the proximity of S&P 1328 (you know it don't come easy) and the pause at the NDX 200-day (1630).

  • Hey now! Seven Geez for the Special Olympics? Not so bad, Minyans, not so bad. You should all be proud of the community that you've helped to create. And, if your sans duck, there's still time to get involved!

  • And finally, from this humble fella's perspective, the actions I took yesterday will remain in play as I come to trade another day (tomorrow). In boring prose, I'm simply saying that I'm still hanging with long springtime financial puts (money centers) and long Superbowl calls in the drillers and metals.

  • And with that, I bode you farewell as I cast one eye towards the MVHQ staff meeting and the other on our weekly Succofest. May peace be with you.


Positions in energy, metals, financials

Scanning some ETF charts... - Kevin Depew - 2:20 PM

  • The Pharmaceutical HLDRs (PPH) registered a DeMark TD-Sequential sell signal yesterday on a daily chart and a sell setup on the weekly. The price objective remains 88 on a PnF basis, but probabilities suggest it should be possible to buy it lower than here in the upper 70s.
  • The iShares Global Financials ETF (IXG) registered a DeMark TD-Sequential sell signal yesterday. On a PnF basis (.25x3) the ETF also is on a sell signal (first since July) and vulnerable to support at 80.25.
  • Real estate bubble? What real estate bubble? The iShares Real Estate Index (IYR) has been a powerhouse, up more than 20% year-to-date. Depending on this week's close it will register a TD-Sequential sell signal on the weekly chart.
  • The SPDR Financial ETF (XLF) is registering a daily TD-Sequential sell signal right here, right now.
  • Keep an eye on the iShares NASDAQ Biotech Index ETF (IBB). It is registering a 12 in TD-Sequential today and could register a sell signal as soon as tomorrow.
  • The iShares Healthcare ETF (IYH) is registering a TD-Sequential sell signal today.
  • The Software HLDRs (SWH) is registering a TD-Sequential sell signal here as well.
  • Here's an interesting situation: the ProShares Short Dow 30 ETF (DOG) is registering a 12 today, with a potential TD-Sequential buy signal in the making. Woof.
  • Finally, the SPY is registering a TD-Sequential sell signal today, right here.

Frustration Nation - Woody Dorsey - 12:26 PM

Stocks continue to be spooky. The Red Stocks nation celebration only lasted a few days. The message may be, as we unhappily surmised, that the Liquidity paradigm remains operative. If May was only a momentum high...then another divergence/seduction could be coming.

Meanwhile, that media market pundit on TV told me that the OIH is going to 110. Thanks for the 110 target but I don't usually shop at Target (TGT). Are you digging the Semiotics? Targets are often useless anchors. "Hard breaks do happen in bull markets." My firm has set loose a team of behavioral sleuths on this case and the feedback seems to be: Look to buy Oil and Gold on this break, but maybe give investors the weekend to decide to dump one more time...once more with feeling?

Bah, Bah, Blacksheep - Jeff Macke - 11:50 AM

Greetings from NYC where I'm doing my very best to "blend." I'm not sure how my go native initiative (codenamed: "Project Surly") dove-tails with my pre-TV ritual of capering through the streets singing "I'm So Pretty" but I don't have to deal with that until this afternoon.

More pressing thoughts from the craggy chunk of self-absorbed coast I'm now trying to call home:
  • Maybe I'm missing something but Apple's (AAPL) much hyped release yesterday seemed like a non-event. Though I didn't actually trade it, I was on TV last week playing a guy who woulda bought September calls ahead of the news and sold 'em before Mr. Jobs hit the stage. I'm not sure what amounts to a product refresh (plus a fist-full of Media Center promises of things to come) is an excuse to own Apple here.
  • On the more Bullish side of the dish, I'm starting to like the thinking behind the guys supporting the Net-Flix (NFLX) case here. It's been a long time since I've played the anti-Blockbuster (BBI) stock but I'm starting to look at NFLX again here.
  • Project Surly got a recent boost when Nike (NKE) ripped off my pre-show ritual, our Fast Money tennis ads and put them together to make a commercial for Maria Sharapova. Nike is officially on the fully-revived List Of My Enemies and not even a full shop of pre-teen cobblers can save them now.

Micron's Interesting Chart - Brian Gilmartin - 9:47 AM

Micron Technology (MU) will report fiscal 4Q earnings in the next two weeks - most likely the last week of September, and it will give us our first look at the DRAM and NAND markets for the month of August.

My firm has been sitting on the stock for a while, given its leverage to the DRAM market, and noted that last night MU closed at a two-year high of $18.47, which is above the previous post bear-market high of $18.25 on April 12th, 2004.

The weekly chart (attached here) is a tad more interesting and shows the long base being built by MU since the semi collapse in 2000.

We'd buy more on any pullback to the trend line.

Position in MU

When Would-Be BBY Flat-Panel Buyers Turn Flat-Out Broke - William Fleckenstein - 8:48 AM

Looking at Best Buy (BBY), they beat the number this quarter. But the guidance was only flat, and beneath the surface, there were signs of deterioration. Sales of flat-panel TVs experienced triple-digit gains, though given that they were so strong and the margins are quite good, it leads one to question how wonderful the rest of the business was -- i.e., if it wasn't for folks being able to buy gobs of expensive TVs, where would BBY's business be? Since the data run only through August, and given what's going on in housing, I can't believe that the demand for these TVs will continue, but we'll have to wait to find out the answer to that question.

Meanwhile, inside the TV segment of Best Buy, there were some negative implications for Texas Instruments (TXN), which may have partially explained the latter's weakness during the party right out of the blocks yesterday morning. A very profitable area for TXN has been DLP (digital light processing) televisions, a subcategory distinct from plasma flat-panel or LCD flat-panel. But BBY reported that sales of DLP televisions were weak. (The comps at BBY weren't all that spectacular, which sort of corroborates a weakish consumer, but given the fact that it wasn't a disaster, bulls quickly snapped up BBY after it opened lower, and the stock closed up nearly 10%.)

It was also interesting to note that desktop PCs and printers saw negative comps at BBY, and they don't even mention MP3s or digital cameras. So, plenty of potholes continue to lurk in tech land, even though bulls are completely oblivious to them. Last but not least, inventories were up 25%, versus 13% gain on sales, another data point that corroborates many others.

Position in BBY, TXN

What you need to know... - Jon Doctor J Najarian - 8:17 AM

Bristol (BMY) Ousts CEO - Bristol-Myers Squibb tossed CEO Peter R. Dolan at the urging of a federal monitor tasked with ensuring the drug maker's compliance with a deferred-prosecution agreement.

Jobs Fails To Wow 'Em With Showtime – Rather than showing the media and faithful a new iPod phone, or bigger screen for the existing iPods, Apple's (AAPL) Mr. Jobs did exactly what every thought an introduced a movie download service on iTunes, something that would take over an hour per movie! Come on Steve!

Time Warner (TWX) Selling 18 Mags - Magazines such as Popular Science, Field & Stream, Outdoor Life, Skiing, Parenting and Babytalk are on the auction block, as TWX seeks to reduce its stable to under 150 titles and concentrate on winners like Sports Illustrated and People.

Position in AAPL

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No positions in stocks mentioned.

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