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Buzz Bits: Dow, Nasdaq Shoot Higher


Your daily Buzz & Banter highlights...


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Rubber Bullets - Todd Harrison - 3:46 PM

  • The shell game of perception continues as the Fed jaws and bones and tosses stones. It can and will work until it doesn't, we know, but we should also remember that rate cuts are far from an equity panacea.

  • I got him on my S&P put bid and will edge into the five (count 'em) day weekend with some downside gamma in place. I'll be keeping ear open for outsized movement but I'm sorta comfy nibblin', particularly given the 11% pullback in the VXO.

  • I'm keeping an ear open rather than an eye out, which is largely a function of my having one good eye left. I'll tell ya, I've never had a twitch before. Or a bum shoulder (as a function of mouse clicks). And I don't recover as quickly after the occasional 'tini. Getting old, while it's good for wisdom and experience, is a tough nut to swallow at times.

  • Thy closing bell is ready to toll as I ready to flip lids and join Mr. Practical for some vibe time in the Bronx. Some days you're gonna be the windshield, other days you're gonna be the bug. And some days, you can choose to watch the B vs. Windshield from the cheap seats. Whatever path you've chosen, I hope it finds you well.

  • I'll see you on the other side of Labor Day, Minyans--let's make it count!


Position in S&P.

Do the Wave! - Cody Tafel - 2:19 PM

Monday and Tuesday show a clear five waves down. Notice the presence of the gaps as well, which is typical of a third wave (strongest).

Today's early spike so far looks like a rising bearish wedge which could be interpreted as a smaller degree wave 2 upward correction. It ended right at 1450, which happens to coincide with the top of wave 4 yesterday at 2 PM. If that is the case it is possible we are starting Wave 3 of three down…which would not be good. I am watching Prof. Cooper's 1440 level here as last ditch support. A tail to the downside today would not bode well for Hoofy.

If the S&P 500 is able to mount a rally from these levels (there does look to be an inverted head and shoulders forming) it could be a C wave rally right up into the weekend. A late day opening range breakout above 1450 opens the door back up to 1475, and could provide an ideal short entry heading into the long weekend. I continue to use rallies as opportunities to sell.

A schtick for tick, a chump for a bump - Jeffrey Cooper - 11:17 AM

(MAN) is breaking down out of a triangle on its daily chart.

Click to enlarge

RTI International Metals (RTI) shows an opening range breakout reversal on today's 10 min chart.

Click to enlarge

Mastercard (MA) is now under the the financial cloud of cards and acts accordingly - a change in character for this former go-to name on any rally.

Under Armour (UA) is trying to convert at its overhead 20 day moving average.

"I haven't seen this kind of volatility in 55 years" says legendary mutual fund pioneer John Vogel.

Position in MAN.

View From Q - Quint Tatro - 8:11 AM

Good morning Minyans, while you're sipping on that coffee and catching up on the news flow, here are some ideas to consider for the day:

Futures are higher which has the bears licking their chops for the early fade. I would not be surprised to see this happen so I will wait patiently through the early going to see who holds the upper hand after the first few hours.

On the long side I continue to look for stocks that have received or chosen to read the memo regarding the overall market. Stocks like Iomega (IOM), Intuitive Surgical (ISRG) and Synaptics (SYNA) have all held relatively well and look ripe for upside action should the market stabilize. On the darkside, the oil and gas names once again grace my watch list with stocks like National Oilwell Varvo (NOV) and Gulfport Energy (GPOR) close to prudent entries on a thrust through previous day lows.

While I think they should still be avoided like the plague, I think it is important to keep an eye on the financials. Should they turn higher, I suspect this would give the market the footing it needs and allow us to look at other areas for solid opportunities.

It continues to be thin, choppy and downright ugly out there so be careful Minyans. The most important thing is to keep all fingers and toes in place regardless of what happens.
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No positions in stocks mentioned.

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