Buzz Bits: Dow Nasdaq Power Ahead
Your daily Buzz & Banter highlights...
Wake up to find out that you are the eyes of the world... - Todd Harrison - 1:41 PM
I return from a rare out-of-the office lunch meld to find a meandering Minx and thinning ranks. Some top line vibes? Fo Sho...
- We noted the relative lethargy in the brokers and beta. That continues to continue although it likely won't dent the tape unless the supply side picks up in steam. Watch Goldman in that regard.
- Market internals remain noice (4:1 NYSE, 2:1 Nazz) and, as that's been the single white female, er, single best tell, we should continue to respect it.
- With this morning's index expiration out of the way, keep your eyes peeled for afternoon pins in individual equities (particularly in strikes with outsized open interest relative to average daily volume).
- This is an important close for the BKX (currently at 116.68). Hoofy really needs to mount that hump if this rally is gonna continue.
- Sometimes you're gonna be the bug, other times you're gonna be the windshield.
- Note how the VXO held the aforementioned upward sloping trendline.
- What's the record for most consecutive wins by a Major League Baseball team?
- Set your sights 200% above your goals. This way if you come up short, you're still way ahead of the game.
Like the Energizer Bunny - Sally Limantour - 12:44 PM
Energy remains strong and nat-gas and crude are up 1.95% in past 24 hours. Continued problems in Nigeria and the Middle East with Shell (RDS-A) tightening security in Nigeria and Hamas taking control of Gaza there is plenty of supply concerns. Add to this questions of whether the US refining industry can keep up with demand are resurfacing. SK Corp announced this morning it is shutting down one of its larger refineries for several days which will take another ½ mln barrels of refining capacity out of production.
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The spreads of W&T Offshore (WTI) is changing as the market for the July/August spread has moved in to $0.50 from a +1.00 premium over August. What this reflects is the vast amount of oil that was moving into Cushing, Oklahoma is slowing.
India has announced it will loosen the grip of state run companies over oil and gas exploration by holding competitive tenders for exploration blocks. India needs oil as their demand for energy is growing exponentially.
Positions in Nat gas & crude oil
Roadie - Jeff Macke - 10:18 AM
Greetings from Tiburon, California where, somewhat fittingly, I'm "tripping" down memory lane and mopping up all sorts of West Coast Business. I'm also noticing that the latest videogame industry data is out and showing that Nintendo's (NTDOY) Wii is outselling Sony's PS3 (SNE) about 5:1.
In response, Sony CEO Howard Stringer is denying the Wii is more fun to play ("No, no, no" he said, adding, "no"). Stringer said he isn't the least bit worried about the PS3, though he did concede that the company was mulling a price cut "sometime before the holiday season."
For its part, Microsoft (MSFT), whose Xbox360 was outsold by the Wii over 2:1, said a dip in May sales was due to a typical seasonal shift as we enter the summer months. The spokesperson also presumably added with a dark smile and a "look at that" head gesture that, whatever MSFT's Xbox problems, hey, at least they aren't Sony.
Look at you! - Jeffrey Cooper - 9:34 AM
I don't like to chase gaps up on a Friday, as in my experience even if they are going to extend they pullback first.
Another savvy trader I talk with concurs.
Earlier this week I stated that if the number of 150 Spyder puts and last Fridays recapture of 1500 S&P was any indication the index would be driven higher into the end of this week.
There was of course a big monkey wrench on Tuesday, but that stab down held the 50 day moving average.
So I'm a seller of many long positions at/near the open including the balance of the NMX shares from yesterday before the open here.
Names I am looking at on the long side are pullbacks like Cleveland-Cliffs (CLF) that is poised to play ketchup and Monster Worldwide (MNST) (it's a Friday before merger Monday) and possible Crocs (CROX) as a short after this split.
Position in CLF
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