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Today's Market Buzz

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Minyanville's Buzz and Banter tells you what you need to know before you know you need it...

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Editor's Note: The Following Buzzes appeared in real-time this afternoon and, in the interest of financial education, we wanted to share them with the Minyanship.



Duck, Duck, GOOSE!
2:07 PM

  • Negative gamma is a two-headed monster that leads to vicious moves both ways. Keep that in mind as we enjoy another lazy summer slither.

  • I'm making some sales against my cheaper spate of inventory in the interest of discipline and out of respect for potential margin calls. Nothing fancy, just "trading around" and staying true to the mechanics of the swing thing.

  • You know what's trading great all day? SunMicro. And yes, I have a position in the name.

  • The VXO at 37 implies a 2.3% move per day for the next 30 days.

  • That, coupled with NYSE curbs, futures down limit and comprehensive asset class declines are the closest we've seen to "capitulation."

  • I hate that word---particularly since the DJIA remains up for the year!

  • Yes, it's all relative and that must be consumed in the context of time. It might be capitulatory in the short-term but if in fact the credit bubble cracked, we've got a long way to go before the bulls can claim sweet victory.

  • Man, I wish I had more time to do work on PAAS and SSRI. Particularly as they approach long-term trendlines.

  • Bid wanted Calgon!



Grave Danger? (Is there any other kind?)
3:09 PM

No doubt, Col. Nathan R. Jessup, I also feel like I'm also eating breakfast 300 yards from 4,000 Cubans who are trained to kill me. It's been that kind of day! Still, if you can handle the truth, I'll offer these thoughts as we edge our way through another Code Red.



I feel like a Whopper. Turn me over, I'm done and ready. I'm afraid to look at my arse. There'll be grill marks!
3:47 PM



Woo Hoo!
4:14 PM


Maybe, but perhaps not. Call me old fashioned---or maybe just a bit supersticious--but I get nervous when I hear "Woo Hoo"s after what turned out to be a flat day. Particularly when they're coming from the same folks who were hiding under their desk a few hours ago. Not rubbing salt--that's not our style---I'm just sayin'. And doing so respectfully.

I sure hope they're right--nobody wins in a bear market--but I also know that the sharpest rallies occur in the context of a bear market. Sharp rallies? Like the 13% one-day run in Bear Stearns? The six percent grin by Aunt Fannie? The blink-and-ya-missed-it 3% end of day gunner in Toll Brothers? Yeah, something like that.

I also know that hope isn't a viable investment strategy, which is one of the reasons I'm playing my cards so close to the vest. Well, our vest. I always show Minyans my cards (even when they're bunk).

While unknowns loom---including tomorrow's expiration--I will note that Hoofy has something to hang his hat on. We've been discussing the potential for the double bottom in the banks as a Cliff Branch for the bulls. They held that line today and, well, it's a start.

That'll remain on our radar when we power up anew for Freaky Friday and do this whole fandango again. Aren't you looking forward to that? Man!

Have a great night, Minyans, and I'll see YOU in the ayem.

R.P.

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