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Buzz Bits: Dow, Nasdaq Climb To Green

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Your daily Buzz & Banter highlights...

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You're not a bug, are you gnat? - Todd Harrison - 3:56 PM


Alrightee then, as Hoofy sidesteps the probe (or, should I say absorbed the probe), all eyes shift to the closing bell and ticking clock. Yeah, he can claim victory in today's battle but the war, we know, is far from won.

I'll tell ya, from Succo's take on compression and CDO's to Bennet's bond observations to Lance's stagflation vibes--and the other astute obserations from the smartest folks I know--it's tough to be long here. Perhaps that's why the market held up---the path of maximum frustration--but it in no way diminishes the risk.

We take the high road in the 'Ville, which means no acrimony and positive energy. Still, so it's said, it rubs my craw to watch brazenly bulls brag about how rich they are and how others are "stupid" to question the upside. That's hubris, pure and simple, and I've seen it all before.

About seven years ago, to be exact.

The good news is that we're over the weekly hump and heading towards the back nine. It also means that I've gotta prep for our weekly staff meeting so please lemme hop. I sincerely hope this finds you well and that you're balancing. I'm a hypocrite on that front at times but that doesn't mean we should ever stop trying.

May peace be with you.

R.P.


There has to be a logical explanation for this... - Lance Lewis - 3:38 PM

The equal-weighted CRB is making another new all-time high today, but thank goodness there's no inflation unless it gets into the "core" or "expectations," according to what Gentle Ben said yesterday.


Click to enlarge.


In reality, it's just another symptom of stagflation, not Goldilocks, and it's playing right now at a theater near you. The Fed is trapped between the housing bust and rising inflation. Rest assured that some "explanation" will continue to be created to explain why this (see the chart below) and the dollar's continuing collapse are somehow not inflationary while the bulk of the ARM resets pass us by between now and next March.


Click to enlarge.


Watch what the Fed does, not what they say, and as has been the case for over twelve months now, they continue to do nothing...

Position in gold


Where are we now? - Bennet Sedacca - 10:48 AM


Thankfully, I didn't have to witness yesterday's credit market carnage. Yeah, spreads are starting to blow out. Note the word starting. Minyans, trust me, if this is the real deal (and I have no way of knowing, but as you know, I am on the lookout for this), look out. It can get unruly.

But here is an update log chart of the S&P Homies. Broken. See ya.


Click to enlarge.

And a cool version of the investor sentiment cycle I dug up.


Click to enlarge.


I guess now that we have broken we are in the 'fear' mode of the journey towards panic. This part of the cycle can be the fastest and most furious in my experience. Despondency can take a while, so there's no rush to buy these dogs.

So here I was, floating down the middle fork of the Flathead River (and I out-guided my guide my using a 'Fat Albert' pattern with a red Sharpie to color the thorax) and caught all sorts of fish while everyone else had a slow day --eat your heart out, Professor McGuirk--and we pull off to some shade and I see this! Is this some sort of market issue? 7 and out? I think I like Daisy the Cow better...


Follow me folks? - Jeffrey Cooper - 9:47 AM


W. D. Gann said to trade according to the weekly chart.

In other words, determine the trend by which to trade by according to the weekly chart.

90 degrees down from the 1540 S&P high is 1501/1502.

On a weekly basis, the S&P has not violated this level on a closing basis.

A weekly close below 1500 indicates a move another ninety degrees down which is yes you guessed it, 1464...which coincides with the February high.

The point is if it becomes apparent that by Friday the S&P is going to lose 1500, use the above bias accordingly, until proven otherwise.

On the Radar:

  • Cameco (CCJ) sets up as a short having much the same pattern as the Texas Industries (TXI) short idea mentioned in this space.
  • Wynn Resorts (WYNN) rolling over after testing its 200 day moving average, the 95 strike and the prior breakdown point.
  • Cleveland-Cliffs (CLF) bucked the trend yesterday and deserves to be on the hit list as a long idea.

Position in WYNN.
No positions in stocks mentioned.

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