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Buzz Bits: Dow Heads Lower, Nasdaq Green

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Come on, boys! The way you're lollygaggin', you'd think it was a hundert an' twenty degrees!- Todd Harrison- 3:21 PM


The rattle of Rock Ridge continues as the N's try to lift the S's by the bootstraps. We've been asking the question all day--beta vs. the banks--and the former is bucking the (still) negative internals (3:2) as we head to the home stretch.

Do higher rates matter? Are there more sub-prime (CDO mark-to-market) shoes? Are there themes that warrant heady risk-management? Yes, yes and yes, but macro crosscurrents don't necessarily manifest in near-term nuances, particularly during a thin, skeletal-staffed holiday week.

Alas, we'll take the journey one step at a time, particularly with contra-hour coming to a close. I'm still leery of the action in the financials and the bad breadth as Lili Von Schtupp taught me to dance with the partners I came with. They've been the a strong duopoly so, until proven otherwise, they warrant our respect.

I'm out tomorrow as I drag my sickly bones to the 110 degree desert heat (time will tell whether this is a smart decision). Many other professors (and a whole lotta Minyans) will also be out, I'm sure, so we'll kick 3Q into high gear on Monday. Java strong close and a mindful respite, Minyans, and please remember that the purpose of the journey is the journey itself.

Fare ye well.

R.P.


The Last Line in the Sand- Bennet Sedacca- 2:01 PM

This is it, folks. Where denial turns to fear. For new subscribers, see the chart of the emotional roller coaster called the stock market.


Click here to enlarge.


Next, see an updated log chart of the 'purest' homie index I know-the S&P Super Composite Homebuilder Index.


Click here to enlarge.

If this line goes, fugeddaboutit....


Do You Come From the Land Down Under? Where Minyans Roam and Men Plunder...- Laurie McGuirk- 10:35 AM

Looks like the general equity markets are due for a fall and that could spill over into the metals equities as people ditch everything (buy timing will be critical going forward).

The physical metal markets will be very solidly supported so all dips are opportunities in my mind at present.

I like Golden Star Resources (GSS), Goldcorp (GG), Silver Standard Resources (SSRI), Silver Wheaton (SLW), ECU Silver Mining (ECU) and Newmont Mining (NEM) for precious metals exposures(some smaller explorers too, but they are too small for most to worry about).

Positions in gold, GSS, GG, SSRI, SLW, ECU, NEM


On The Radar- Jeffrey Cooper- 9:49 AM
  • Cleveland-Cliffs (CLF) looks like a Thrust, Pause, Thrust set-up. See the chart here.

    It sets up nicely after recapturing its 20 day moving average and leaving an N/R 7 day on Tuesday: poised for continuation.

  • The REITs may be setting up as a short.

  • Nymex (NMX) and InterContinental Exchange (ICE) acted well on Tuesday.

    NMX shows an up-down-up sequence and appears poised to attack its overhead 50dma while ICE shows a big picture cup and handle-- over 151. It's in a stong position to test 160.


Positions in CLF, NMX

No positions in stocks mentioned.

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