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Buzz Bits: Dow, Nasdaq Close on the Upside

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Your daily Buzz & Banter highlights...

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We Gotta Bleeder Here! - Todd Harrison - 3:41 PM

The tape continues to slip slide down the whippery slope as all sortsa chatter starts to make the rounds.

I'm not sharing "my ears" because I'm short (I was equally short during the midday equity enema), I'm doing so because I've heard these tidbits from multiple sources and something (or someone) spooked the tape in a big way.

CHATTER ONLY AND NOT CONFIRMED:

  • The Fannie and Freddie debt "ceiling" has been tapped (Professor Bennet Buzzed on this).

  • Goldman was gonna preannounce to the downside (something I would completely dismiss if it wasn't for word that their Alpha Fund is off 16%)


I'm not involved in either but these stories are going around and I wanted to make sure ye faithful are in the loop.

I will say this, and I'm do so with benevolent intentions as I've been there. If you're spun around in a big way--say, looking for a huge rally two weeks ago, flipping into the Armageddon camp late Friday and getting more constructive into today's highs---TAKE A STEP BACK AND A DEEP BREATH.

The tape will be here tomorrow. Let's make sure Minyans are as well.

R.P.



Market Dancing... - Jeffrey Cooper - 9:39 PM

The way the FOMC addressed credit concerns suggests to me that if Boom Boom is afraid of inflation he is petrified of the idea of hyper inflation.

It occurs to me that the idea of letting the housing issues lead the economy into a soft landing fits like a glove for the MD's---that's money doctors. Unfortunately, we may all feel like were getting a physical in the interim.

Sounded like Bernanke was saying take the Greenspan put and... In the meantime isn't it special how green the market became in the 10 hours or so ahead of the Fed? The learned dance step of fading the first Cha by the pros played out, according to Hoyle.

I get the feeling that whateve the comments and the reaction, an MOC Buy Program was in the wings to ensure no disappointment in the comments.

However the S&P is fast approaching a solid short set-up:

1. When the weekly chart turns up
2. 50% of the range: 1491
3. A necktie of the 50/20 dma's
4. An underbelly of a live angle
(See "Do the FOMC Cha Cha!" for charts.)

There is a possibility of getting as high as 1502. If the market is truly bullish, Hoofy will be able to break the back of the sell the rally mentality. If the market is truly bearish, the recent low is the first of at least five legs down.


Hey now it's the sun... - Quint Tatro - 9:29 AM

Good morning Minyans,

I am looking to piggy back a few themes today, one of which is the solar bounce. Should stocks like Trina Solar (TSL) and First Solar (FSLR) continue their recent run, I would expect higher beta names like Ascent Solar (ASTI) and Daystart Technologies (DSTI) to follow suit. I have set alerts over previous day high for both.

Intuitive Surgical (ISRG) looks poised to attack new highs and I am watching for a high volume push through 211.50 preferably later in the day. While Sandisk (SNDK) remains an attractive semi that hasn't yet jumped after its recent fade.

Go get 'em today.


The Aussie Dollar - Sally Limantour - 9:05 AM

While the Fed kept interest rates unchanged in the US, Australia raised rates to an 11-year high of 6.5 per cent. This is the fifth rate rise since John Howard won the 2004 election on a promise to keep rates low.

The Aussie dollar is going higher as the demand from China has supported the price of base metals and coal prices. China and Australia have a "remarkable symbiotic trade partnership", notes Stephen Jen, head currency analyst at Morgan Stanley. "Australia's terms of trade (ToT) have risen by 104 per cent in USD terms in the past four years. Not only has demand from China pushed up base metals and coal prices, but Australia's import prices have also been well restrained because of China."


Click to enlarge

The UK, Canada, New Zealand and South Korea have lifted interest rates in the last month to battle inflationary pressures and I continue to own CD's denominated in some these currencies and also own the CD, BP, Euro, AD, and NZ, dollars outright as they should outperform the US dollar.

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