Buzz Bits: Dow, Nasdaq Close In Green
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
- Alcoa (AA) reports 2Q $0.81 EPS may not be comparable to $0.82 cons on revs $8.07 bln vs. $8.41 bln cons.
Bell Buzz - Todd Harrison - 3:54 PM
- Keep an eye on Grandma Goldman as she flirts with the 50-day (and an area of previous contention). It remains the most telling stock in the financial realm and, by extension, the equity universe.
- So, I was stressing about this and that on a slow Monday when I get an email from a dear friend telling me her dad's heart is on its last legs. Why does it always take something bad to remind us of how good we've got it?
- Coops De Ville has spoken about how the Minx had every excuse to slip and instead put on a brave face. Why do I sense that if we leg higher, that (reaction to news) coupled with the sideways basing (S&P) will be obvious with the benefit of hindsight?
- Perhaps-- I can "see" that-- but two major risks remain. One structural (particularly with second quarter letters in the mail) and one fundamental (earnings).
- Today? More motion than movement, with holders of the semis smiling and luggers of the homies bummin'. Net/net, it's just another summer Monday as we dust off our pencils and prepare for earnings. Enjoy the night, stay coo, fool, and we'll see you in the ayem. May peace be with you.
Back in the Saddle Randoms - Jeff Macke - 2:57 PM
Greetings from New Joisey where I'm rinsing the flight grease off myself, collected during my travels from Minnesota this morning, then heading off to make some financial television on tonight's Fast Money.
Things I'm seeing and thinking, as I surf the 'net for the first time in five blissful days...
- Children's Place (PLCE) is getting stomped after SSS fell short of expectations. Between sales, the rocky Disney (DIS) relationship and the chain's "filing" issues, I'm not interested in buying the PLCE dip just yet, thanks.
- Staying with retail, I did some shopping in Edina, Minnesota's Southdale Mall ("One of the first totally indoor malls in America!") last weekend and played the Annoying Old Customer at Macy's (M). In between regaling the poor clerks with tales from "way back when this place was Dayton's... before it was Marshall Field's, let alone Macy's", I noticed that the store looked great. I didn't tell the clerks that, however; doing so woulda screwed up my "good old days" ranting.
Is Macy's really a buyout candidate? It doesn't make sense to me, though stranger things have happened. Regardless, good fundamentals can make M&A a moot point.
- In travel notes, I confirmed my Fast Money opinions on the car rental industry last week (in short, "cruising for a bruising"). In no order, the space has 1) Rising costs, as Ford (F) and General Motors (GM) stop using Fleet Sales as a loss leader (leading to more losses). 2) No pricing power and 3) No ability to build pricing power because, unlike hotels, car rental agencies can't bill you for flaking on your reservation with the airlines canceling flights at a clip 91% greater than last year.
While we don't do advice I can tell you two things I'm doing about it: First, I'm ignoring my rental car reservation and simply walking to the shortest line when (if) I get to my destination airport. Second, I'm not touching Hertz (HTZ), Avis (CAR) or any of the other rental stocks.
Position in DIS
Lots to look at... - Jeffrey Cooper - 11:33 AM
It's a good thing I can't get tomorrow's papers yesterday.
If someone had told me crude would be up a buck on Friday and bonds would be down a half point I would have bet big that the market would have a down day.
Likewise, if someone had told me when crude broke $50 earlier this year and that the market would be at new highs with oil at $73 I woulda' had to call the patty wagon on 'em.
Cameco (CCJ) sets up as a short testing its overhead 20 day moving average and the breakdown point. See daily chart here.
Abercrombie & Fitch (ANF) also sets up as a short at its 20 ma.
Apple (AAPL) is respecting the 133 square.
Mastercard (MA) is respecting the 169-170 square (note how the stock reversed sharply this AM -- trade below Friday's low at 159.55 will leave a Hook Line & Sinker Sell set-up). See daily chart here.
Positions in CCJ, MA
Where We Stand - Kevin Depew - 9:18 AM
Here's where we stand with the point and figure bullish percent indicators:
- NYSE Bullish Percent: Xs (Positive), 70.27%
- S&P 500 Bullish Percent: Os (Negative), 73.74%
- Nasdaq Composite Bullish Percent: Os (Negative), 54.69%
- Nasdaq-100 Bullish Percent: Xs (Positive), 75%
- Russell 2000 Bullish Percent: Os (Negative), 55.86%
After a week away, I come back to find the one change to the bullish percent indicators is a reversal up to POSITIVE in the Nasdaq-100 indicator. The NYSE also remains POSITIVE.
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