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Buzz Bits: Dow, Nasdaq Crawl Forward

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Your daily Buzz & Banter highlights...

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Bell Buzz - Todd Harrison - 3:33 PM

The whipsaw continues as contra-hour stakes its claim to nonsensical fame. The wheels looked wobbly on the wagon for a while but, true to form, the market delivered a cross-over dribble that would make Tim Hardaway blush. Some final thoughts as we wave goodbye to the Monday's.

  • It's mighty thin out there, with gappy moves and wide markets on a light volume August Monday. That begs smaller position size so you can avoid the dreaded "cruise ship in a canal" syndrome.

  • As discussed, I've been "trading around" my S&P puts, fading both ways and staying tight. S&P 1554 remains "a" level but BKX 111.50 is more pertinent from my perch.

  • In the interest of objectivity, I gotta note the near-term reverse dandruff (bullish) that may be forming. I woulda pointed it out earlier but alas, I just saw it myself.

  • Some are saying that the market rallied on the prospect of tomorrow's closed door meeting between Dodd, Bernanke and Paulson? Funny thing is, if the market melted, that prolly woulda been fingered as the downside catalyst.

  • Trade, don't hope. The definition of an investment should never be a trade gone awry.

  • Speaking of which, lemme juggle my struggle and address my risk. I sincerely hope this finds you well and that you're P&L (either way) won't dictate your demeanor. I know this as I lived it for years.

  • Balance the process and process the balance. It'll serve in good stead in both good times and dread.

    R.P.

Position in S&P.



Swapped GS for some BRCD... - Sean Udall - 1:26 PM

I took a small gain on my Goldie (GS) long and still like contrarian buys on this name into big weakness. However, lack of follow through off of Friday's ramp got me thinking that discipline trumps conviction on this name currently. Any price point under $165 would probably present a solid entry for modest sized short to intermediate term trades.

I'm moving some of the funds into Brocade Communications (BRCD) ahead of its EPS report. Buying in front of EPS reports has been treacherous this quarter, but now that the market has discounted a lot more risk and bad news that tide may change.

BRCD had a good quarter last quarter. I think the company will still see benefits from its McData purchase and there seems to be some traction in the storage area of late. VMWare (VMW) has not backed up at all, and it is plausible for some other names in the group to get a peripheral benefit.

Clearwire (CLWR) is another interesting name in the market. I like the strength today on a modestly weak tape, and am watching and waiting on this one currently.

Position in BRCD.


Take the Rake - Ryan Krueger - 10:07 AM

In agreement with Cooper de Croupier's vibes this morning I would once again share with Minyans that even before this latest round of dice loading, shuffle changing, pinky-ring twisting action from the boys in the green jackets, that one of my top 10 longest secular turns is "The Rake."

I like being in the business of exchanges, in many countries for many markets as the volumes and new participants explodes over a multi-year move in one man's view. I added more Nymex (NMX) last week to name just one of many Rakes that don't care about the direction, they just like the action and heavy drinking of late.

I also continue to be intrigued by the kind of business that GFI Group (GFIG) is doing, brokering a range of derivative products. The bookmakers and their vigs love the fact that it feels like there are about four different sessions every day now. I can tell you firsthand my commissions are a lot higher this month than average.

Position in NMX.


View From Q - Quint Tatro - 8:01 AM

Good morning Minyans, while you're sipping on that coffee and catching up on the news flow, here are some ideas to consider for the day:

It seems like everyone is not asking IF but WHEN the other shoe will drop for this market. That has me scratching my head wondering if we have further to go to the upside and while not subscribing to a thesis either way, I think it is extremely important we Minyans remain open minded.

Good looking set ups on the long side are hard to come by, however I am watching Air Methods (AIRM) which has held relatively well and may be offering up a prudent entry in the $40 area with a stop below $37.50 as well as Falconstor Software (FALC), which recently broke above a multi-month trend line and is looking to consolidate those gains. I am eyeing this one for a longer-term play should it inch back over the $10.50 level towards $11.00.

On the dark side I still like the thought of playing the O&G names and am watching stocks like National Oilwell Varvo (NOV), and Gulfport Energy (GPOR) to start legging in and establish a position. Select retail names like Best Buy (BBY) look troubling despite Friday's pop and I would be willing to press these on a break to new lows.

If there is one thing that will remain constant this week it is volatility to stay on your toes, remain open minded and don't force a thing.

Position in BBY.

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No positions in stocks mentioned.

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