Buzz Bits: Dow and Nasdaq Finish Mixed
Your daily Buzz & Banter highlights.
More Answers I Really Wanna Know... - Todd Harrison - 3:21 PM
- Was that the contra-hour rally?
- Is it a coincidence that America's pastime is coming under fire at the same time as American Capitalism is?
- How shall I punish MV Editor-in-training 3Peat for putting the Eddie Mush on my Pulte Home position?
- Do you see that NYSE internals barely budged during that Snapper attempt?
- How many more hits did Tupak and Biggie have in 'em?
- Are Fannie and Freddie the new tells?
- What if this really is the early innings of a multi-year debt unwind?
- Are you prepared?
- Not from a trading standpoint, but through a capital preservation, debt reducation and financial literacy standpoint?
- Does anyone else get the sense that market players are fried, tired and ready for the holiday stretch?
Position in PHM.
Easier Said Than Done - Ryan Krueger - 2:56 PM
Since the Fed cut, I have been chewing on Tuesday's winners and losers, and despite the Fed "helping" Financials with liquidity, 9 of the 10 worst performers in the S&P since then are Financials. Office Depot (ODP) broke up the no-hitter in the 5th.
The 4 best? A telecom, technology, energy, and materials name: AT&T (T), Juniper Networks (JNPR), Hess Corporation (HES), and U.S. Steel (X).
It feels like a lot has changed recently, but has it? Those four sectors not ironically are able to fade a lot of bad news, as Financials are failing with good news.
I'd argue that secular trends often survive longer than our daily or hourly instincts would have us believe, including my own. Selling rallies into resistance in downtrends and buying pullbacks into support in uptrends is easier said than done but is my answer to the question – what do you think about the market. Which one?
Power Day - Jeff Cooper - 12:40 PM
A move above 1478ish today on the S&P sets up the potential for trade higher. The S&P may be in the process of tracing out a test of initial support over the last three days but a break of 1460 could send it into the abyss.
Either way I believe we will see another what I call a Power Day. That could mean big up or down so watch the break above the first half hour low, the low of the morning range or an extension below current levels.
Speaking of extensions Canadian Imperial Bank (CM) see daily chart here appears poised for another large range break down
Apple (AAPL) below 188.50 is in a weak position and could undercut yesterday's lows and head to its 20 dma near 180 sometime prior to expiration
Position in CM.
Look Beyond the Pictures - Lance Lewis - 12:25 PM
If one is merely trading the pictures and nothing else, the HUI has now cracked through the bottom of its triangle on the charts after popping through the top of it falsely just four trading days ago, which appears to be a breakdown when one is merely gazing at the chart.
Click here to enlarge.
However, just four days ago, the HUI also appeared to be leading the metal and indicating that the metal was set to breakout of its own triangle to the upside, which the metal never did, reminding us once again why merely trading the pictures can so often catch one wrong-footed.
Click here to enlarge.
The question is whether today's crack is the beginning of another August puke in the HUI back under chart support at the prior 2006 peak, indicating the metal will similarly break down soon as well, or whether this is merely another headfake out of the triangle that is shaking out the last of the weak hands in the shares and completely meaningless with respect to the metal? We shall see. The XAU/Gold ratio at 0.209 and the continued physical demand coming into the GLD ETF (which is now up to 616 tonnes) would argue for the latter, but anything can happen.
For those that are "investors" in the gold shares, one must be a buyer here in my mind, given the low valuations in the shares with respect to NAVs at current gold prices and the generally bullish environment for gold, but for those that are traders and merely watching the pictures, one clearly must "wait and see." I still expect a rally in the gold complex into year-end, but thus far in December, it has yet to appear.
Click here to enlarge.
Position in GLD, Gold Shares
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