Buzz Bits: Dow, Nasdaq Slip
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Conflicting Signs... - Jeffrey Cooper - 11:00 AM
Runaway names like Blue Nile (NILE) and Blue Coat Systems (BCSI) (to mention a few of many stocks in a similar position) were both in a bullish pullback postion last night coiled to rally. Instead they are sliding.
Not a good sign when leadership fails to rally out of pullback mode.
An outside day carved in on FXI.
Hmm, bull breaks in a China shop? You break it, you pay for it.
Position in FXI.
Rumors of my demise have been greatly exaggerated! - Todd Harrison - 10:53 AM
- We've seen alotta traffic in Intel October paper as earnings fall within that cycle and tech has been in vogue.
- We're back in the mindset where most folks looking for a decline are anticipating nothing more than a "healthy pullback."
- Geez, where have we seen this movie before?
- "I also sense that the metals are poised to take the baton and share the leadership spotlight for years to come. I've elongated my time horizon in these two sectors and will look to add exposure on dips." August 22, 2005. Sometimes I wish I listened to myself more aggressively!
- OK, so word is that I made the cut for the Wall Street 20th Anniversary DVD. The question now becomes, which cut did they strut?
- Breadth check? It's not working nine to five. But then again, who does?
- Man, where did the week, month, quarter, year and decade go?
Shiny Metals on the Move! - Sally Limantour - 10:16 AM
Gold and silver are on a tear and spot gold hit 28 year highs overnight and is now up $11 at $751. The market is focused on the inflation theme with grain and energy prices soaring recently. The falling dollar is supportive as is the fact that gold mining companies continue to lift their hedges. This morning the CEO of Barrick Gold (ABX) was on TV calling for $800 in the future, but hey, he is talking his position so be mindful. Still I see gold and silver going much higher and continue to be overweighted in silver versus gold.
Silver has outperformed gold since I wrote about it here on Sept 12th. Gold is up 4% while silver has rallied 7.6%. I continue to like Pan American Silver (PAAS), Silver Standard Resources (SSRI) and Coeur d'Alene Mines (CDE) as well as the silver ETF SLV.
Click here to enlarge.
Positions in physical gold, silver, PAAS, SSRI, CDE, SLV, GLD.
View From Q - Quint Tatro - 8:29 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. We have a soft start to the day as we round out the week and the quarter. I am not looking to do much at all today and am only looking at a few new opportunities.
Bill Barrett Corporation (BBG) is still high on the radar from yesterday and I am interested in starting this one on a clear break over $40.00. I won't jump too soon, however, as I have been seeing many recent breaks fail, but if we do see some volume confirming the move, I will look to nibble shares and place a stop should the break out not hold.
I also like the way Chesapeake Energy (CHK) seems to be setting up and would consider starting this one over yesterday's high of $35.55 with an add over $36.18. I am not a weatherman, but typically around this time of year people start talking about a cold winter and the natural gas stocks see a little bidding.
Other than that, believe it or not, I am starting to become interested in some of the housing and building stocks for a trade. I know it sounds nutty, but the negativity recently is so high and I am seeing some interesting volume activity in names like Toll Brothers (TOL) and Hovnanian (HOV). Yesterday, I put a very small, and I stress small, place holder of TOL on the books with a stop below recent lows. I am interested to see if next week, when the new quarter begins, fund managers start to wade in for some perceived value. Time will tell.
Less is more today, Minyans, so if you find yourself wanting to venture out into the boredom trade arena, consider taking a walk or reading a good book.
Position in TOL.
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