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Macke's Movers: Financials Climb


Bad news from Fannie Mae not enough to slow sector.


Hello from the NASDAQ where you can tell it's the first day of summer by the fact that I'm wearing shorts to work for the first time in 2008. Here's what I'm watching while my co-workers try to avert their eyes from my calves:

  • Disney (DIS) tonight after the bell. I remain long into the number, which wouldn't concern me if not for this quarter's trend of selling pretty much any news from companies where expectations are high. I'm not crazy about it for a trade but still love it for an investment, for what it's worth.

  • Oil at $120, ostensibly because of yet another Goldman Sachs (GS) "Super Spike" call. Good charts find reasons to go higher, folks. From where I'm sitting, charts don't look much better than the USO (oil ETF).

  • World Wrestling Entertainment (WWE) is getting a steel chair to the noggin after coming in a penny light on EPS. We'll have Linda McMahon on Fast Money tonight to walk us through the quarter and share her outlook.

  • Speaking of asset classes simply looking for any reason, good or bad, to go higher get a load of financials today. The group is working higher despite Fannie Mae (FNM) dropping a steaming load of horrible on the Street this morning. You don't have to be long the financials, but I have to ask again: "If you're short, what kind of news are you looking for, exactly, to drive these things lower?"

  • Yahoo (YHOO) is rallying back to near where it was when it bungled the Microsoft (MSFT) offer. A lotta fingers being pointed on why the deal failed. What I can offer is this: I'm long Microsoft and sold my Yahoo. I remain perfectly happy with both of those decisions.
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Position in MSFT, DIS.

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