Buzz Bits: Dow, Nasdaq Take a Dip
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Earnings Report - MV News
Whack-A-Mole!- Todd Harrison- 3:18 PM
Lest you missed it (as Pep, myself, Macke, Warner and Red burrowed into the till), there was a quick tidbit in my 2:40 Buzz that bears repeating. While the action is (was?) impressive, there were three things that urged caution in the face of the staunch snapper. We filled the opening gaps, NYSE internals were still 3:1 negative and alas, it was contra-hour.
I don't have a crystal ball but if I did, it might well say that we've seen the rally attempt for the day. Of course, considering that Friday is option expiration, we understand that whippiness is par for the course and swings like this are generally felt in the days preceding the actual derivative funerals.
As it stands and as I sit, the following are the first five things to pop into my head before I push the "post" button:
- S's over N's.
- Was the VXO (+5%) really red for a second during that rally? (Yes)
- Man, if Stephanie Pomboy allowed cameras for her July 4th birthday soiree in Vegas, we would be flush with MVTV content!
- The close in Lehman is much more important than the opening.
- If it were easy, everybody would do this.
On that, I gotta hop. Fare ye well, Mon Frere, and never let the definition of an investment be a trade gone awry.
Mailbags and Bullet Points- Jeff Macke- 2:41 PM
- Ironic buy signal triggered: Now that Yahoo (YHOO) was declared dead to me (again) on television last night, the stock is trading very well, thank you. If it gets to $35 or better, I'll eat crow. If not... well, I've got something "off the menu" for Yahoo to munch on...
- Ran into a self-described fan last night, while dining at the Palm with the Pit Boss and our wives. "I watch the show every once in while but read the 'Ville everyday," he said. (Smile, Todd-O, smile).
- Attribute it to expiration, momentum, "working groups" or whatever you like; it's impressive to see this tape climb all the way back to green after being down 100.
- The difference between Dean Foods (DF) and General Mills (GIS)? You can play games with a "box of cereal" but it's hard to downsize a "gallon of soy milk" without incurring the wrath of consumers and/or their watch groups. At the end of the day, rising input costs hit both companies and, for that matter, all the rest of us.
Silver Alert!- Adam Michael- 10:22 AM
Please keep an eye on Pan American Silver (PAAS) as it tickles support around $26. A breakdown here would measure to around $20.
Silver is also at critical support at $13. A break here could measure down to the low 10's.
Potential bullish setup in IYR...- Bennet Sedacca- 9:53 AM
Again, so ya know, these may be trade-able from the long side.
I don't care for them long term but shorter-term the chart is buy-able.
According to Wyckoff in the 1920's, a successful test of a 'spring' or false breakdown should be bought.
So I guess with the RSI positively diverging, one could buy 'em here with a tight stop below the low of last month.
Yeah even I can get a little bullish. I just think bonds are getting cheap to stocks.
Position in IYR
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