Buzz Bits: Dow Slips, Nasdaq Inches Up
Your daily Buzz & Banter highlights.
Hello Mondays! - Todd Harrison - 3:30 PM
Man, I'll tell ya! Perhaps its a function of spending yesterday at MVHQ (and yes, it was 85 degrees and sunny in Manhattan) but we hit the ground running today. Massive morning meld... finishing touches on the Festivus gate-opening... some "really big things" that unleash next week... MV Kids the week thereafter...trading... writing...earnings... bifurcated marketplaces... I mean, honestly, is it really that shocking that I'm A.D.D.?
The single biggest element nestled in today's Muck? Nope, Not the five fingered Sally being administered to Merrill and Bear (which edged the XBD back under resistance). And it's not the snazzy grabbage in beta, which continues to flex and impress. It's not even the smeltage in the commodities, which may be offering the stealth tell. It's the action in the greenback which, more likely than not, is influencing most of the above (sans beta).
One day does not a market make (either way) so today's equity epitaph will be viewed in isolation. Still, we were wondering two things over the last few weeks. One, will a crude reversal (lower) pave the way for false hopes and trap doors and deux, would that have to occur after acne infested the averages and got everyone bulled up. I don't know if that pup plays out but it's viable and, potentially, tryable.
A smart man once said that rallies end on good news--not bad---but that's too profound for a Monday. Suffice to say that it'll be interesting to see what corporate America has to say and, more importantly, how the market reacts. Just remember the field position, cookie---we're up smartly into this round of reports and with the VXO a sweet sixteen, the margin for error remains low.
Fare ye well into the bell and have a most mindful night.
Taking Some Gains on INFN, Adding MSFT and GLW - Sean Udall - 1:50 PM
I'm taking gains on part of my Infinera (INFN) position today and will give the rest quite a bit of rope. Also, I think it's prudent to take some gains (in general) after the large recent run.
However, this in no way changes my largely bullish view of the technology sector, as many high quality tech stocks could still go much higher. As far as new buys I'm adding to the more stable tech names like Microsoft (MSFT) and Corning (GLW) as well as searching for high quality beaten-down stocks, selling at low valuations that need to catch up with the other higher performing tech shares.
I am not selling any Broadcom (BRCM) though. The stock is flying off positive news from Samsung. This is just one of many positive catalysts in the coming quarters for BRCM.
Positions in INFN, MSFT, GLW and BRCM.
Looniness - Jeff Macke - 1:43 PM
As the market continues to stuggle under the burden of a joint Canadian/Italian walk-out I'm watching Aeropostale (ARO) and its specialty siblings sell-off. Need a reason? How about a pre-Same-Store-Sales markdown event? Works for me. Gap (GPS), Zumiez (ZUMZ), Pacific Sun (PSUN) and just about all the rest of retail is fair to partly soft on the day.
And, yup, despite my being the closest thing to a defender of the notion of consumer strength in financial talking-headdom, I agree that the sales data this week is going to be lousy. From where I'm sitting there isn't a lot of reason to fight the weakness here.
- How quiet is it? A guy I know just watched an episode of Friday Night Lights on the Internet while doing yoga and didn't even feel a) guilty or b) like he missed anything.
In fact, this person may have actually felt pretty dang good about watching such an outstanding dramatic program, even as he was a little surprised and concerned about the fact that he could watch an entire TV show on the Internet.
Then again he probably shouldn't have been all that surprised. Mark my words, that Internet thing is going to be a big deal.
Crude 'Tude - Adam Michael - 9:42 AM
BPZ Energy (BZP) announced a final well test this morning for its 14D Well. The results were an impressive 100 mmcf/d (million cubic feet of gas per day) and 2,400 bbls/d (barrels per day) of crude.
This is a very big well and should cement the power project debt financing from the World Bank/IFC. This stock is one of my favorites for the long haul, but it is up 100% YTD. There's nothing wrong with taking a little off the table although I do think longer-term I could easily see this being a $20 stock.
Position in BZP.
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