Buzz Bits: Dow, Nasdaq Finish Up
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Earnings Report - MV News
- Alcoa (AA) reports 1Q EPS of $0.79 vs. $0.77 cons on revs of $7.91 bln vs. $7.77 cons.
Wake up to find out that you are the eyes of the world... - Todd Harrison - 3:29 PM
position in spy
To the moon Alice!! - Fil Zucchi - 1:59 PM
And I am not talking about, broad equities, energy stocks, gold & silver, or anything else tradable, but rather the new heights in my state of total confusion. I am currently debating whether to hide in a corner in fetal position and wait for more clarity that may never come or to focus on specific names, market be damned. As the latter is slightly more dignified than the former, a few stock specific observations:
- Mr. Buffett may be attracted to the rails, but for the short term, and given the pop in many of those names, I am more intrigued by last week's earnings warning by Norfolk Southern (NSC).
- While I am longer precious metal equities than I have been in a long time, I have sold my Silver Standard Resources (SSRI) looking to pick it up again a bit cheaper. When a stock moves as it has, it may continue to go straight higher, but the probabilities seem against it.
- Prof. Krueger and I have a little shared research project going to spot longer term commodity related plays. I can't share my picks yet, because I have not finished the homework, but I can tell you what I have eliminated: Cresud S.A. (CRESY), Alexander & Baldwin (ALEX), and Alico (ALCO). Still under review are: Andersons Inc. (ANDE), Origin Agritech (SEED), and Syngenta (SYT), and a few others (one of which looks very interesting) for which you'll just have to stay tuned.
- As I continue to ponder adding to my StreetTrack Homie (XHB), what holds me back is the timing. Things are going from bad to worse in that group, but I could easily see it drift around for months before the next bout of panic kicks in. And if you are playing with options, that = $.
- A couple of months ago I did a little work on Hologic (HOLX) and some of its brethren. Last week there was a study published in the New England Journal of Medicine suggesting that computer aided scans are actually worse in detecting small breast tumors than other legacy systems and MRI scans. Maybe there's more to the study than meets the headline, but this news strikes me as the kind of thing that should be front and center if one wants to get involved in the group.
Position in SSRI, XHB
Pondering the Imponderable - Jeff Macke - 12:40 PM
Because Todd-O isn't the only one with questions he'd like answered...
- Is it half-again too cute to short the retailers into any Same Store Sales strength on Thursday?
- Is Activision (ATVI) going to be the software winner in this round of the video game console wars or will Electronic Arts (ERTS) retain the lead? Are next year's estimates high enough for either?
- Can Nintendo's (NTDOY) Wii outsell Sony's (SNE) PS3 and Microsoft's (MSFT) 360 combined in 2007?
- In retrospect, doesn't Nintendo (NTDOY) assuaging parental guilt over the obesity of themselves and their children by centering a platform around gamers getting off the couch seem both insanely brilliant and totally obvious?
- Wouldn't you like to get new Chicago Tribune (TRB) owner Sam "I got this rich buying what others hated" Zell and Warren "newspapers are cachet buys for rich people" Buffett together to talk some business over cocktails?
Where We Stand - Kevin Depew - 9:19 AM
Here is where we stand this morning with the major bullish percent indicators (links go to the charts available at Stockcharts.com):
- NYSE Bullish Percent: Xs (Positive), 69.62%, up 0.77%
- S&P 500 Bullish Percent: Os (Negative), 73.2%, up 1.1%
- Nasdaq Composite Bullish Percent: Os (Negative), 54.74%, up 0.38%
- Nasdaq-100 Bullish Percent: Xs (Positive), 65%, up 1.6%
The NYSE Bullish Percent has now reversed to Xs, which means demand is back in control of that area of the market. However, the much larger Nasdaq Composite Bullish Percent remains very far away from a potential reversal to positive, as does the S&P 500 Bullish Percent.
The bottom line is demand is in control of NYSE stocks and Nasdaq-100 stocks, but field position is poor and risk remains extremely high across all segments of the market.
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