Buzz Bits: Dow, Nasdaq Rise Up
Your daily Buzz & Banter highlights...
Bell Buzz- Todd Harrison- 3:42 PM
There is headline risk in the forthcoming weeks as letters get penned and make the rounds. And then, of course, we've got earnings, which are expected to be relatively strong. Whether or not we rally into these events (or lack thereof) remains to be seen but I would be wary of reading too much into one session, particularly given the thin ranks around the Street.
Either way, we'll be back in the saddle tomorrow, ready for fireworks in whatever form they might arrive. I'm also hoping that the steady stream of Theraflu and chicken soup will kick in, such that I can be a productive Minyan (not to mention enjoying the holiday). One day at a time, my friends, as we get there together.
Fare ye well into the bell and have a mindful night.
Go Ahead, Keep Buying...- John Succo- 1:31 PM
Oh, wait a minute. The dollar is down a fair amount. So there are more dollars to buy stuff if we sell our stocks, but the dollars are worth less so it takes more to buy stuff.
The S&P 500 is up 0.7% and the dollar is down 0.7%.
The wealthy own stocks so they are OK, but the poor don't so they take the brunt of the hit.
Central banks have been doing this for years. They basically fool the general public, just like in the popular old wives' tale that says you can fool a frog by putting it in water that is heated slowly. (The frog sits there as it is boiled alive.)
If you were wondering who to blame for the rich getting richer and the poor getting poorer, look no further than the bankers that are controlled by the wealthy.
So what do you say? This can go on forever? Not so, my friends. It takes more and more debt that is less and less effective to keep this game going. We are seeing the signs of a debt hangover no matter how many pillows you put over your head.
The Nine Day Weekend- Jeff Macke- 12:12 PM
Greetings from NJ where I'm travel-planning for a spur-of-the-moment family vacation to Minnesota for the 4th of July. For the rest of my life, if ever I'm accused of turning my back on the homeland I'll point to the sense of dread I have booking these flights. I'm not worried over UK unrest and the ever-present terror threat. Those things have simply become part of all of our lives in the last six-years. What I'm dreading is the near statistical certainty that my flights will be delayed, canceled or just simply brutal in every sense.
Put it this way, if Heely's (HLYS) made men's size 12, and if I didn't have thousands of United Airlines (UAUA) frequent flier miles to burn, I'd be planning to kick-wheel my way to Minneapolis. I'd probably get to our lake place faster that way, as well. In other news...
- Todd-O forwarded an email from a Minyan wondering what GameStop's (GME) decision to redeem $120 million in notes four years early might mean for the company, beyond a $3.8 million charge. Not much, actually. The notes were floating rate, suggesting GME was worried about rates continuing higher. I wouldn't make too much of it, honestly.
- Blockbuster (BBI) is up today after naming a former 7-11 exec as its new CEO. James W. Keyes will replace John Antioco immediately. Antioco had been in a long time dispute with BBI investor Carl Icahn. Keyes will issue a statement as soon as Icahn tells him what to say.
- I'm looking to get long Disney (DIS). Not because "Ratatoille" was number 1 in the box office last weekend, and certainly not because I think "Disney Wine" is a good idea. I like the pause in the stock for most of 2007 and I'm looking a content play to replace my spec-Guitar Center (GTRC) play.
Yup... it's so slow I'm openly inviting people to front run me.
Keep an eye out...- Jeffrey Cooper- 11:06 AM
With the futures down on Globex Sunday night, it feels like the rubber band has been pulled back and the hook put in.
It feels like the third time will be a charm and that the S&P will break through. I don't know if that's today but there is a lot of time left in the session.
A close above the 20 suggests a new all time high in the S&P will play out.
At least it does to me.
But the important thing now is to trade individual names on their own behavior not on the markets action.
On the Radar
- Mastercard (MA) is noticeably flat today.
- Cleveland-Cliffs (CLF) is attacking its 20 ma, a close above it opens up the way to a test of the high out of this deep pullback.
- Trina Solar (TSL), mentioned last week, continues ketchup with the group.
Position in MA & CLF
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