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Buzz Bits: Dow, Nasdaq Slip Lower


Your daily Buzz & Banter highlights...

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EMC getting interesting for yet another bounce play... - Sean Udall - 12:12 PM

EMC Corporation
(EMC) has not moved materially since the monster run of VMWare (VMW) which has surpassed even the most bullish expectations. VMW serves up continuing good news and while possibly extended near term, its parent EMC is not.

Templeton Emerging Markets Fund (TEI) looks like a good 5-10% bounce candidate in the shorter term, providing you can stomach buying something before a Fed meeting.

Or according to many, seemingly the most important Fed meeting since the dawn of time! More on that late today or tomorrow morning.

I am looking yet again at EMC long side.

Are spreads wide or tight? - Bennet Sedacca - 11:07 AM

Like everything else, it depends on your perspective. My perspective, being old, is to take a long term view. Taking a real short-term view can be dangerous to your financial health, particularly when you are talking about an important topic like corporate bond spreads.

Corporate bond spreads are the key for a finance-based, asset-based economy. So I will take you down memory lane for the spreads of the Bloomberg Single A Finance Index versus 10 year Treasury yields. Are they cheap? Well, it depends on your perspective. From my perspective, they are not, particularly when you consider the low level of the underlying benchmark. I will highlight this sort of analysis on other sectors in coming days.

1 Year Chart

Click to enlarge.

10 Year Chart

Click to enlarge.

15 Year Chart

Click to enlarge.

Between the Ticks - Jeffrey Cooper - 10:42 AM

  • Goldman Sachs (GS) backs off from its 50 dma.

  • Garmin (GRMN) was upgraded and the red underscores notion of distribution.

  • Southern Copper (PCU) double top in the making?

  • Navteq (NVT) upgraded and poised to go green

  • Now Greenspan says there is no recession but there's inflation. At least he thinks there are repercussions to power and force.

  • Brother, can you spare a quarter point?

  • He ain't heavy: he's my derivative.

  • Does anybody really know what they are going to do on Fed Tuesday or is everybody going to react to the flick tick?

Positions in GRMN and NVT.

Leaving IRBT - Quint Tatro - 9:25 AM

iRobot (IRBT), a stock I have been trading, is being hit in pre-market trading after the company lost an Army contract to a rival firm Robot FX. iRobot also said Monday that it plans to file a lawsuit against the rival company, which was founded by a former iRobot employee.

The stock is seeing knee-jerk selling and I am sure shorts who prey on this sort of news are also hitting the stock this morning. Regardless of the longer term outcome of the news and the contract, the selloff will significantly damage the technical picture.

I will typically seek to exit such a position with as little damage as possible and move on. The key is to not become paralyzed by one stock so you miss opportunities in other areas. I will look to shed a little on the open and then give some time for the dust to settle before shedding the remaining shares.

Position in IRBT.

No positions in stocks mentioned.

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