Buzz Bits: Dow, Nasdaq Soar
Your daily Buzz & Banter highlights...
Bell Buzz - Todd Harrison - 3:44 PM
We wade our way to the close as Boo is hanging by his toes. This freaky week has been tough for our resident bear to digest, from the soup on Monday to the nuts today. Hoofy has gotten every benefit from each doubt, from Monday's run on quarterly inflows to today's exhalation on the Jobs data. The only thing that remains to be seen is whether the S&P will hold 1555 and headline the weekend full-court press.
A few weeks ago, we asked the question whether a pop (to new highs) and drop (once everyone was sucked in) was the path of maximum frustration. We're seen the first half of that equation and the latter matter will be the topic of debate when we fire up our turrets in three short days. I've been Club Penguin of late but, as with everything, "feels" are cyclical and I'll be watching our Five Themes for clues in the muse.
One thing for certain---there aren't many "tangible" reasons to hang your hat in Red Dye right now. That, as much as anything, may be the biggest cause for pause. Think about how you felt in August when the wheels were wobbling on the wagon and nobody wanted to touch stocks. Now, you feel like the last kid picked in kick ball if you're not pressing the long side.
Full circle. Mirror image. The cycle of the marketplace.
In any event, we're busting hump in the city of critters to make our community a better place. The next few weeks are gonna be absolute burners between MV Kids and a few well kept secrets. The Exchange will follow in November and, of course, the Festivus will bring it home for year-end. Hey, nobody ever accused of us thinking small, right? Good thing too, given the sizable sum of MV Cookies that I've consumed in the last hour.
Far ye well into the bell, Minyans and Let's Go Yankees!
Put this on Mr. Market's tab... - Quint Tatro - 3:13 PM
The market is ramping as we head down the stretch and while it has been a great day to finish off a solid week. I am definitely ready for the weekend.
Just some housekeeping odds and ends: I booked my Perini (PCR) shares, along with the rest of my Chesapeake (CHK). I added back some more Broadcom (BRCM) in anticipation of a breakout… again, as well as some more Toll Brothers (TOL) after yesterday's strong hammer and today's respectable move. So far, all of my Nymex (NMX) is staying on the books as long as the stock closes above $134.44.
If you haven't already, book a little jingle and make sure to buy something nice on Mr. Market this weekend. Enjoy your time off and I'll see you back here bright and early Monday morning.
Positions in TOL, BRCM, NMX.
The Man in Blackstone - Sean Udall - 2:11 PM
Noting Prof. Depew's P&F breakout yesterday on Blackstone (BX). As previously posted I like BX and feel its IPO has been widely misunderstood. Recent deal flow is showing that M&A activity is still present and may in fact be heating up again. Addionally, BX has multiple revenue sources and given the market volatility I expect fees from asset management to be strong.
I continue to think many pundits will be surprised at the price level of BX over the coming quarters.
I'm a buyer on pullbacks.
Position in BX.
Out of Patience - Fil Zucchi - 9:00 AM
Now that we know all is good with the world, I don't feel so bad that I have reached the end of my patience rope with Tellabs (TLAB). I have punted it pre-market at $9 for a meager $0.50 loss, which feels like a 50% loss. Perhaps that's because the opportunity cost of having held this one for so long for no gain may have been close to 50%.
There was no specific item in the release that pushed me over the edge. The problem is that there is always something, and this company seems to be slowly fading in the category of the Nortel (NT) and Alcatel-Lucent (ALU) value traps. I know there is active chatter of a takeover coming, and I suspect there may be some truth to the rumors, but I am not inclined to hang out waiting for the unknown, especially with so many other companies in this space ripping on a daily basis.
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