Buzz of the Street: Spotlight On the Dollar
Some of this week's most insightful and timely vibes.
All day and every day, some of the stock market's best and brightest traders and money managers share their ideas, insights and analysis in real-time on Minyanville's Buzz & Banter. Check out some of the best of the buzz and for those minyans not currently subscribed, click here for a free two-week trial.
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Monday October 5, 2009
Walking the Talk: Buying Target and Gap
By Jeff Macke
Earlier I spoke of buying some better retailers "on a dip." I was true to half of the idea: having purchased Target (TGT) and Gap (GPS) after the column had been posted. It was the "on the dip" part that I lacked the discipline to follow which is why I left a bit of dry powder to add to the positions if they dip but stay above their trend lines.
What can I say? I had too much cash on hand despite shopping both Target and Gap over the weekend. The stores were both lean on inventory without being out of stock, and they both sell high-quality but inexpensive product: the exact sweet-spot for this environment.
Two caveats: 1) I've written about missing the Gap move repeatedly; jumping in at the top wouldn't even surprise me and I've been told I have a rather healthy sense of self regard 2) I'm sharing, not advising. The difference between the two is that sharing what I'm doing exposes me to embarrassment and, of course, personal financial loss. Advising implies that I'll be there to bail you out if I'm wrong and, quite possibly, demand a chunk of the upside if I'm right.
It's your portfolio, Minyans. Don't let anyone on TV or the Internet tell you how to run your money. Not even people at a talent-rich joint like Minyanville. Just use us as a starting point for your own homework then make your own call.
Editor's note: Jeff had positions in TGT, GPS at the time this Buzz was published.
Bull Flag for Silver
By Michael Paulenoff
After a bumpy start, the iShares Silver Trust (SLV) long position is recovering in sympathy with the climb in gold prices today, which itself is a reflection of continued weakness in the US dollar.
Purely from a technical perspective, the SLV has established a double bottom corrective low around 15.60. The upmove off of 15.60/65 has just started and represents the basing portion of a sizeable bull flag formation that should provide the launch-pad for the start of a new upleg that projects towards 18.25/75 next.
At this juncture, as long as 15.60/65 contains any forthcoming weakness, the bullish scenario will remain intact. Otherwise, my micro work points to a critical confrontation with key resistance at 16.45/50, which if (when) hurdled will unleash the upside potential of the anticipated new upleg.
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