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Buzz Bits: Dow Slips, Nasdaq Grows


Your daily Buzz & Banter highlights...

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Last Minute Break? - Jeffrey Cooper - 3:11 PM

An hourly chart of the S&P over the last four days shows a bearish 1-2-3 snapback swing to a test of 50% of the July/August range and a test towards the 200 day moving average.

The last hour squalls that had become so commonplace seem to be viewed currently through the prism of complacency, perhaps.

If the S&P breaks hard in the last hour today I would expect a plunge towards 1420 to play out between now and early tomorrow.

Some stocks spiking, others holding well... - Sean Udall - 1:34 PM

Solid action out of Apple (AAPL) combined with good option premium has me again writing calls on AAPL.

As stated previously, I'll buy these back on significant stock weakness. New iMacs, solid iPhone sales and a new OS are just some of the catalysts, but Apple is all widely known with this name. So until the market gives me my "ignore the rumor clear" signal, I'm going to continue to collect as much premium as I can on certain names.

Google (GOOG) is finally starting to shake lose a bit to the upside. Huge search gains announced yesterday may be helping today. Either that or some valuation buying might be hitting the market today, given some dovish Fed commentary from traditional hawk Lacker.

So far the market is responding in a fairly positive manner, given what I felt was the perception that the big meeting today may result in a more substantive announcement.

Lastly, I am using weakness today in Broadcom (BRCM) to add to that name. As I've highlighted before, there are many positives to this story and I think it's got numerous positive chart patterns as well, especially longer term, though it is another good premium collection play as well.

Positions in AAPL, GOOG, BRCM.

Daily Forecast for the S&P 500 - Jess Thompson - 10:54 AM

Bi-Directional at 144.80-145.40:

Buyers should interpret price holding above this level in the first 60-90' as a tell forcing shorts to cover later in the session supporting a bullish price extension to new rally highs.

Sellers should look for a clear break down and away from this level (especially if the high of August 20 is upthrusted). A price rejection here can cascade into a sell-side order flow imbalance and a break lower. (See S1 on SPY chart.)

Click here to enlarge.

Sellers or buyers may be more aggressive today's due to the prospect for a transition from range contraction to range expansion.

Buyers at 142.20-143.20
Buyers should monitor for possible intraday entries at this level (see D1).

Buyers at 139.60-140.00
Buyers should monitor for possible intraday entries at this level (see D2).

Market Gestalt: We are probably on the right side of a major low (August 16). Price should now congest in a range roughly bounded by last week's range. If a new low occurs, it should be marginally lower, at worst, and rejected.

In a trading range expect an increase in intraday randomness, and rapid moves from one extreme to the other.

There is a large demand vacuum under the D2 price level. Failure of buyers to absorb offers at D2 can lead to a sudden drop from D2 to D1.

Rounding Up, Drifting Down - Jeff Macke - 10:47 AM
  • Target (TGT) turned in just-fine numbers and put sales in the range last night yet the stock is trading punk. Macro-econ concerns and apparent supply seem to be trumping the fundamental story for Minnesota's finest discounter.

  • On the other glove, Dicks (DKS) is ramping after taking yet another outrageously high-margin, carbon-based softball bat to the bears this morning. They beat, guided higher and the CEO is coming on Fast Money tonight. What's not to love?

  • Specialty retail is trading flat-to-up today, after packing on big gains yesterday. You wanna be on TV? Finish this thought for me "Traders are jumping into short-term government securities and stocks like Zumiez (ZUMZ) and Crocs (CROX) today, suggesting investors are..."

  • Note: "... loonier than a pack of outhouse rats", while perhaps correct, isn't an acceptable answer.

  • In other words, I think this is a hard juncture to trade. Pace yourself accordingly.
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No positions in stocks mentioned.

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