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Buzz Bits: Dow, Nasdaq Move Higher

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Your daily Buzz & Banter highlights...

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Earnings Report - MV News

  • Adobe (ADBE) reports 2Q $0.37 EPS vs. $0.36 cons on revs $745.6 mln vs. $730.1 mln cons.
  • Smith & Wesson (SWHC) reports 4Q $0.12 EPS may not be comparable to $0.10 cons. on revs of $82.6 mln vs. $72.9 mln.



Like a moth to a flame burned by a fire...- Todd Harrison- 3:47 PM

  • How much of this is "on fire momentum" and how much is a mechanical expiration pull to S&P 1525?? We should have our answer by the time we nosh on brunch tomorrow morning.

  • My inclination is to give my S&P puts "that look" given that they're not stopped out into the close. Discipline over conviction, natch, just communicating with thy faithful.

  • Expiration or not, the action is impressive. It might be misleading, but it warrants respect*.

  • Big Red noodled some interesting thoughts earlier about China and the stateside financial landscape. I think he's stumbled upon (what will be) a heavy topic of future discussion.

  • A pink gorilla. I slay myself.

  • I'm off like a prom dress as I grab Chach and Pep and head downtown for yet another Minyan mindmeld. We'll follow-up and finish up the week on the other side of the night so, with that, I bid you adieu. May peace be with you.


R.P.



It's getting hot in here...- Jeff Cooper- 1:08 PM

NYMEX Holdings (NMX) is on fire and flirting with the 140 flame. Above that strike, it should extend. The move in the exchanges, in my opinion, is one more anecdotal reflection of bullish sentiment in the markets.

That, along with the Blackstone offering, suggest a coming inflection point. If you were making the kind of jack that the principals at Black Beauty are making, why would you want to mess with being public and the regulation etc, etc, etc. UNLESS you were looking at some writing on the wall.

Just askin'.


Click to enlarge

Position in NMX


XAU/Gold Ratio- Lance Lewis- 10:54 AM

Regarding the XAU/Gold ratio potentially breaking its long-term downtrend, It's early yet, but the setup is certainly constructive for such a trendline break to occur today (see the two charts below), which would obviously be a bullish sign for the entire gold complex.


Click to enlarge


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Positions in gold shares, GDX calls, ASA calls


Feedstocks- Ryan Krueger- 10:28 AM

I wanted to chime in on Sally's terrific post this week, especially since I am completely biased on the subject. Sally, you had me at "Food…" Since joining the 'Ville, my favorite trades have been the farmers and everything they need: equipment, fertilizers, seeds, transportation, fuel, and water.

Some Minyans worried I had spent a little to much time sniffing ammonia and potash. They wondered about my prediction that by this summer the dinner table conversation will shift from higher energy prices and taxing windfall profits to dinner prices inflated by windfall subsidies. Remember, the average consumer spends about twice as much money on food as he does on fuel.

This is already a story where there are no stories. What do I mean by this? State controlled media in many countries are not reporting on the violent riots and severe problems resulting from food shortages.

Pepe's Five Things this week included an awfully important kernel in my book: "China is moving to restrict production of ethanol from grains to reduce pressure on food prices."
Kinda perfectly illustrates where each of us are in our histories, doesn't it? The US is worried about entitlements getting to voters. China is worried about food getting to workers. When interviewed about farming subsidies recently, a third generation farmer estimated his family's farm has gross income of $4-5 mln annually, but without subsidies, he says: "We would not have been able to break even some years."

"Oh, you mean like any other business?" I say.

We are going to have plenty of problems and, perhaps find tremendous profits, trying feed people.

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