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Jungle Boogie!

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We know news is worst at the bottom and best at the top and the headlines of late have been putrid.

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"I've been around this block twice now. Looking for something. A clue. I've been looking for clues and something led me back here. Yeah. So here I am."

-
Dirk Diggler, Boogie Nights


Good morning and welcome back to the tape that has more swings than a Hedonism vacation. I'll tell ya, with all the ups, downs, ins and outs, one can break a sweat in this minxy fete. Take a deep breath and slow your pace, Minyans, we've still got 355 days left in the year!

There's a lot going on so, in lieu of literary fluidity, I'm gonna defer to bullets as we pull out of the Thursday gate. Hey, I can roll like that sometimes!

  • There's been all sorts of chatter of an FOMC surprise "snip." It's likely due to the recent article in The Telegraph and it's being bandied about on other financial websites. Hey, it could happen but I would caution Minyans against leaning on invisible catalysts (or hands, for that matter).

  • Textbook Technical Analysis 101 states that a retest of a breakdown (or a breakout) is the optimal entry point. In that vein, keep close tabs on S&P 1405, from where we broke down on Tuesday. We're somewhat oversold so if you're gonna fade (read: short) this trade, be sure to define your risk on the other side of the ride.

  • Pep spoke about his indicators getting to levels last seen in October 2002. So, yeah, there is a case to be made for Matador City. See both sides and, when in doubt, wait it out (or trade a bit "in between").

  • You think that The Plunge Protection Team is a hot topic? Yesterday's vibe on the working group triggered a slew of feedback on The Exchange. Feel free to chime in, Minyans, it's our community tool and it's free to be you and me. We will only ask that you conduct yourself in a manner becoming a Minyan.

  • So, Goldman Sachs is cutting rating on Fortress Investment Group (FIG)? Now? Geez, it would have been helpful if someone pointed out the caveats in its business model when they first went public.

  • We know news is worst at the bottom and best at the top-it's the fatal flaw of fundamental analysis-and the headlines of late have been putrid. Heck, just look at the overnight fright:


    • Capital One (COF) messed the bed.
    • Goldman Sachs cut it's economic growth forecast for Japan and offered that there's a 50% chance of recession.
    • Retail sales are leaving the Street in a funk, with Limited Brands (LTD) and American Eagle (AEO) cutting their profit outlooks.
    • The capital crunch continues on Wall Street as Citigroup (C) and Merrill (MER) seek fresh foreign cash infusions.

  • So, given the negative sentiment, was yesterday's sharp upside reversal the bottom? I say no, although it could be "a" bottom. Just do yourself a favor and keep close tabs on S&P 1380. If that log rolls over, we'll all be red.

  • The New York Post is reporting that Microsoft (MSFT) is debating whether to publicly bid for Yahoo (YHOO). For what it's worth and so it's said, I believe this deal happens this year.

  • The face for radio (that would be me) will be joining Cody and Rebecca on today's FOX Business Happy Hour. The stars, however, will be in their regularly scheduled Friday slot.

  • My, look at the time. I've gotta flip lids and juggle bids. I'll see YOU over on the Buzz!


R.P.

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