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Buzz Bits: Dow Inches Higher, Nasdaq Trips Lower

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Your daily Buzz & Banter highlights...

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Editor's Note: This is a small sample of the content available on the Buzz and Banter.



Earnings Report - MV News

  • Take-Two Interactive (TTWO) reports loss of $0.41 per share vs. $0.57 cons on revs of $205.4 mln vs $204.5 mln cons.



Bell Buzz- Todd Harrison- 3:52 PM

  • Hello Newton! The worm is turning a bit in Apple (-3%), which is understandable given the i-Rally. The question, from a broader tape perspective, is whether this is gonna dent beta psychology.

  • Alone, I'm not sure. But if Google breaks acne support at $513, I would venture that the they would.

  • Is it me or are the Mondays tough in the summer? I mean, the Mondays are always tough but they seem a tad tougher with elevated mercury.

  • I've been secretly, quietly, watching Under Armour. The stock trades heavy (see the lower highs) but this is the best sports apparel brand since Nike (circa Air Jordan). Hey Television's JeffMacke®, any thoughts?

  • Speaking of which, I hooped it up on Friday for the first time in months. While I couldn't walk on Saturday, I gotta say I was pleased with my boards and defense. I come from the Oakley "old school," which means I'll take blocked shots and a paint presence over the glory of a fadeaway J.

  • Why is this tape juncture so important? With resistance above (see BKX 116), the ability to limit weakness to rolling rotations versus outright (macro) migrations is key.

  • On that note, and with 28 instant messages blinking on my screen, I'm gonna jump and juggle this struggle into the close. I hope this Buzz finds you well and, well, I hope you continue to dig the Buzz. May peace be with you.

    R.P.



Bear With Me- Jeff Macke- 11:08 AM


Greetings from New Jersey where I'm getting ready to spend Wednesday through Sunday back in my beloved Bay Area. Though I'd rather be going for golf and relatively crisp air, instead I'll be spending time with lawyers and ailing parents. Any slack is appreciated between now and my departure. In other news...

  • Jos. A. Banks (JOSB) is up nicely after beating earnings this morning. The sterling price-action in the name of late is why traders are compelled to play specialty, despite the category being "where love goes to die".

  • Last night's episode of the Sopranos reminded me of the over-planned last days of grade school. Too many loose ends being tied up at once leading, ironically, to nothing being settled at all.

  • While blaming the housing sector is fashionable, I question if it's the real reason Macy's (M) scaled back the Martha Stewart (MSO) section planned for the stores. Martha isn't a hammer and nails type o' gal; she's bed sheets and color. In other words, she's fashion and shouldn't be tied to housing starts and sweeping remodels.



Busted bubble update...- Bennet Sedacca- 10:34 AM


The bursted bubble in housing and housing stocks is now plain for all to see. The question for me is just how far down these puppies can go.

The log chart below of the S&P Super composite Homebuilder Index is downright nasty.



If the recent trend line is breaks as I think it will, look out below.

I threw in a few possible support areas.

All I know is that if housing was lousy with 6% fixed rates, how will they like 6 3/4%? And with the 'exploding ARM's' that will adjust to 10+%, all I can say is, Yikes!

About 18 months ago, I started highlighting my 'bubble comparison chart' that compares the move in the Nikkei, Naz and Homies. For those with a strong stomach, here is an update.




Inflation fears...- Sally Limantour-9:26 AM


Despite the stronger dollar, metals are up this morning. The Fed's Pianalto is speaking this morning and fanning the inflation flames.

The big news overnight was the reserve Bank of New Zealand's decision to sell the currency. The Kiwi dollar is down approximately 2% following the news. Interesting that they decided to intervene while Australian markets are closed for a holiday. The announcement follows on the heels of last week's rate increase to 8% and Mr. Bollard, the Gov. of the Reserve Bank, who last week cautioned about inflation, has issued another statement stating that the New Zealand dollar has risen to levels that were "exceptional and unjustified in terms of the economic fundamentals."

The New Zealand dollar is a commodity currency that has led during the last five years and has also been a big play in the carry trade. Does this spell trouble for the carry trade and commodities in general? I don't think so, but any attempts to slow this train down shouldn't be a surprise.

Liquidation fears concerning higher interest rates were what sparked the break in many commodities late last week. Crude oil rebounding from its slide alongside news that Saudi Arabia will continue to cut back supplies through July is supportive. August crude has resistance now at 66.80 with support at 64.60. Friday's point of control (where the bulk of the trade occurred) was 66.50 while the value area low was 65.65. We need to hold this level in order to work higher.

Positions in NZ$, gold

No positions in stocks mentioned.

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