Buzz Bits: Dow, Nasdaq Slip Into Red
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Earnings Report - MV News
- Guess (GES) reports 1Q EPS of $0.38 vs. $0.29 cons on revs of $377.94 mln vs. $331.60 mln cons.
- Cooper (COO) reports 2Q EPS of $0.61 vs. $0.60 cons on revs of $225.5 mln vs. $227.68 mln cons.
Answers I Really Wanna Know... - Todd Harrison- 3:41 PM
Is the action in beta--from Apple to Google to Amazon--telling?
- SunMicro is 9% of all NASDAQ volume on no news?
- If the news is always best at the top, are there currently too many negatives for a top
- Is anyone else jacked for tomorrow's episode of Hoofy and Boo's News & Views?
- Has anyone seen Professor Jeff Cooper and Steve Carellin the same room at the same time?
- Do you get the sense that folks are trying to front tomorrow's Snapper?
- Are we there yet?
Position in SUNW
Randoms- Fil Zucchi- 2:17 PM
- The FTC has filed a lawsuit to block the Whole Foods (WFMI) buy-out of Wild Oats (OATS). As if WFMI needed any more bad news, the failure of this merger would be a major blow to WFMI's plans to put the breaks on the current slide.
- While I can see the fundies for both McDermott (MDR) and Foster Wheeler (FWLT) carrying both stocks much higher in the next many months, in the here-and-now the longer the current moves go without a break the more likely it is the pullbacks might look pretty scary...and tradable.
- This has to be the most uneventful 0.75% market pullback I can remember.
- I am adding to my Ciena (CIEN) long on this pullback.
- I have said good-bye to Zimmer Hldgs. (ZMH); the way it reacted post-earnings and the look of the chart are not worth fighting.
Positions in WFMI, MDR, FWLT, CIEN
A Look at Currencies- Sally Limantour- 9:49 AM
Syria announced yesterday it will end its currency peg to the dollar and will tie its currency to the IMF's Special Drawing Right. This, with Kuwait's recent announcement, has given the US dollar a more bearish tone. In addition the Central Bank of the UAE said recently it will hold 10% of its reserves in EURs by the end of the third quarter which is up from 3% previously. Dr. Farouk el-Okdah, Central Bank Governor of Egypt said last March he had already moved to cut the dollar holdings under 60% from more than 90% previously.
The Euro is trading at 1.3520 and a move through 1.3550 is technically significant. I think it is safe to say the dollar is "toast" and to own other currencies whether through futures, ETF's or CD's denominated in different currencies is the way to go. I continue to favor the commodity related currencies and the Euro and the Turkish Lira (which has jumped by 1.4% in just the last two weeks, and is up a startling 7.5% over the first five months of the year and combined with the interest yield for a total of 15.73% return year-to-date).
The Icelandic krona is even more impressive. In just currency terms it is up over 3.1% in just the last two weeks, and 15.5% since the start of the year. Add the currency yield to get 20.6% so far this year.
Position in currencies
Radar Roundup- Jeffrey Cooper- 9:43 AM
What is on my radar this morning:
- InterContinental Exchange (ICE): Why? A seventh day pivot on Monday carving out multiple buy signals: an LROD (large range outside day), a 180 and, a Holy Grail (a pivot off the 20 day moving average). With the market in runaway phase, the group (exchanges) looks poised to, at least, tag old highs.
- Texas Industries (TXI): From yesterday's 1-2-3 pullback 180 and a Reversal New High Method. Note the late day breakout on Monday.
- Apple (AAPL): Critical tagging the 122 square again.
- The REITS and Mother Merrill on Bernanke's s-prime comments: Is it just me or do y'all hear the quiver in his deliver. No one's doubting his academic brilliance, but confidence is the market cocktail brother. Greenie was cooooool as a cucumber.
Positions in SPG, AVB, TXI, ICE
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