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<title>Minyanville - Fil Zucchi RSS</title>
<description>
The Trusted Choice for the Wall Street Voice
</description>
<link>
		http://www.minyanville.com</link>
<copyright>
		2013Minyanville Publishing and Multimedia, LLC. All Rights Reserved
</copyright>
		<item>
<title><![CDATA[After Derailment and a Leap of Faith, Infinera Is a Market Leader Again]]></title>
<link>
			http://www.minyanville.com/sectors/technology/articles/infinera-ciena-alcatel-lucent-razor252Fblade-dtn/5/20/2013/id/49908</link>
<pubDate>
			Mon, 20 May 2013 09:51:00EST
</pubDate>
<guid isPermaLink="true">
			http://www.minyanville.com/sectors/technology/articles/infinera-ciena-alcatel-lucent-razor252Fblade-dtn/5/20/2013/id/49908</guid>
<description>
<![CDATA[When I first wrote about Infinera (NASDAQ:INFN) back in 2007 (see Infinera Corp.&#39;s &#39;Yeah Baby&#39; Moment), the original title of the article was going to be "Infinera: You Had Me at Photonic Integrated Circuit."

That&#39;s because, despite all the claims by other optical transport equipment manufacturers, INFN was really the only one with a solution that cut through the bottlenecks created when traffic needs to jump on and off the optical network and is forced to go through non-optical switches and other points of congestion.

While the technology behind such a solution was, and is, way over my head, the ]]>
</description>
<content:encoded>
	<![CDATA[When I first wrote about Infinera (NASDAQ:INFN) back in 2007 (see Infinera Corp.&#39;s &#39;Yeah Baby&#39; Moment), the original title of the article was going to be "Infinera: You Had Me at Photonic Integrated Circuit."

That&#39;s because, despite all the claims by other optical transport equipment manufacturers, INFN was really the only one with a solution that cut through the bottlenecks created when traffic needs to jump on and off the optical network and is forced to go through non-optical switches and other points of congestion.

While the technology behind such a solution was, and is, way over my head, the ]]>
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			<item>
<title><![CDATA[Oil Pulling Back, Gold Retesting Lows: What 8 Key Charts Are Signaling]]></title>
<link>
			http://www.minyanville.com/business-news/markets/articles/8-ket-charts-about-today2527s-market/5/15/2013/id/49832</link>
<pubDate>
			Wed, 15 May 2013 11:35:00EST
</pubDate>
<guid isPermaLink="true">
			http://www.minyanville.com/business-news/markets/articles/8-ket-charts-about-today2527s-market/5/15/2013/id/49832</guid>
<description>
<![CDATA[From Japanese bonds to US corporate debt, and from biotechs to oil and gold, here&#39;s a roundup of several key charts and what they&#39;re indicating about today&#39;s markets. 

	
		WTI oil is pulling back about $1. There's a distinct inverse head-and-shoulders pattern on the daily chart, but for the right shoulder not to break down, the price must hold $91.80. If that fails it could get nasty down to $85.89. Upside resistance is $97.47.  Note that $91.80 and $97.47 are the key levels on traditional charts as well as reflecting TDST Level Up and Level Down on DeMark daily charts.
		 
	
		Gold ]]>
</description>
<content:encoded>
	<![CDATA[From Japanese bonds to US corporate debt, and from biotechs to oil and gold, here&#39;s a roundup of several key charts and what they&#39;re indicating about today&#39;s markets. 

	
		WTI oil is pulling back about $1. There's a distinct inverse head-and-shoulders pattern on the daily chart, but for the right shoulder not to break down, the price must hold $91.80. If that fails it could get nasty down to $85.89. Upside resistance is $97.47.  Note that $91.80 and $97.47 are the key levels on traditional charts as well as reflecting TDST Level Up and Level Down on DeMark daily charts.
		 
	
		Gold ]]>
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			</item>
			<item>
<title><![CDATA[Let the Stocks Party Rock On: Indicators Say Corporate Bond Frenzy Could Last for Years]]></title>
<link>
			http://www.minyanville.com/business-news/markets/articles/Let-the-Stocks-Party-Rock-On253A/5/6/2013/id/49642</link>
<pubDate>
			Mon, 6 May 2013 10:07:00EST
</pubDate>
<guid isPermaLink="true">
			http://www.minyanville.com/business-news/markets/articles/Let-the-Stocks-Party-Rock-On253A/5/6/2013/id/49642</guid>
<description>
<![CDATA[One of the more useful features of DeMark indicators is that they can be applied to any security or index.  So with the corporate bond market in a continued state of frenzy, and on the heels of Apple's (NASDAQ:AAPL) sale of one of the largest bond issues in history, it may be worthwhile to look at where corporate yields stand in the context of DeMark counts.  After all, while most traders play in the equity markets, I've repeated ad nauseam the notion that what is happening to stocks is very closely tied to what is happening with corporate bonds. See ]]>
</description>
<content:encoded>
	<![CDATA[One of the more useful features of DeMark indicators is that they can be applied to any security or index.  So with the corporate bond market in a continued state of frenzy, and on the heels of Apple's (NASDAQ:AAPL) sale of one of the largest bond issues in history, it may be worthwhile to look at where corporate yields stand in the context of DeMark counts.  After all, while most traders play in the equity markets, I've repeated ad nauseam the notion that what is happening to stocks is very closely tied to what is happening with corporate bonds. See ]]>
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<title><![CDATA[The Big Picture Charts Look Positive]]></title>
<link>
			http://www.minyanville.com/business-news/markets/articles/The-Big-Picture-Charts-Look-Positive/4/29/2013/id/49517</link>
<pubDate>
			Mon, 29 Apr 2013 09:10:00EST
</pubDate>
<guid isPermaLink="true">
			http://www.minyanville.com/business-news/markets/articles/The-Big-Picture-Charts-Look-Positive/4/29/2013/id/49517</guid>
<description>
<![CDATA[Good morning and happy Monday.  I'm not sure I can add anything earth-shattering to the refrains that "the market needs a pullback," "everyone is expecting a pullback, therefore it won't happen," "the economy is slowing but earnings are great," etc. etc. etc.  My key market tell &ndash; corporate credit and selected credit derivatives &ndash; continue to hum along (see the Buzz & Banter, subscription required, for regular updates), with a few wrinkles here and there just to keep people honest; that suggests the bull market that began in 2009 is not ready to quit.  It says little as to when ]]>
</description>
<content:encoded>
	<![CDATA[Good morning and happy Monday.  I'm not sure I can add anything earth-shattering to the refrains that "the market needs a pullback," "everyone is expecting a pullback, therefore it won't happen," "the economy is slowing but earnings are great," etc. etc. etc.  My key market tell &ndash; corporate credit and selected credit derivatives &ndash; continue to hum along (see the Buzz & Banter, subscription required, for regular updates), with a few wrinkles here and there just to keep people honest; that suggests the bull market that began in 2009 is not ready to quit.  It says little as to when ]]>
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<title><![CDATA[Apple's Implied Volatility: Long and Wrong?]]></title>
<link>
			http://www.minyanville.com/trading-and-investing/earnings/articles/Apple2527s-Implied-Volatility253A-Long-and/4/22/2013/id/49397</link>
<pubDate>
			Mon, 22 Apr 2013 11:10:00EST
</pubDate>
<guid isPermaLink="true">
			http://www.minyanville.com/trading-and-investing/earnings/articles/Apple2527s-Implied-Volatility253A-Long-and/4/22/2013/id/49397</guid>
<description>
<![CDATA[I spent a stupid amount of time over the weekend charting various options outcomes for Apple's (NASDAQ:AAPL) earnings release, and regardless of where I looked the conclusion seemed always the same: Going into earnings with any kind of long option position (puts or calls) seems a low odds bet.  That applies not just to the weekly options for April 26 and May 3 expiration, but for the May and June monthlies as well.  The reason is that implied volatilities are very high this time around, and if the post-earnings volatility collapse follows form, it would take an inordinate move to ]]>
</description>
<content:encoded>
	<![CDATA[I spent a stupid amount of time over the weekend charting various options outcomes for Apple's (NASDAQ:AAPL) earnings release, and regardless of where I looked the conclusion seemed always the same: Going into earnings with any kind of long option position (puts or calls) seems a low odds bet.  That applies not just to the weekly options for April 26 and May 3 expiration, but for the May and June monthlies as well.  The reason is that implied volatilities are very high this time around, and if the post-earnings volatility collapse follows form, it would take an inordinate move to ]]>
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			<item>
<title><![CDATA[Equities and the Corporate Bond Market: How the Alphabet Soup Monsters Play Into Today's Market]]></title>
<link>
			http://www.minyanville.com/trading-and-investing/fixed-income/articles/Equities-and-the-Corporate-Bond-Market253A/4/15/2013/id/49254</link>
<pubDate>
			Mon, 15 Apr 2013 10:50:00EST
</pubDate>
<guid isPermaLink="true">
			http://www.minyanville.com/trading-and-investing/fixed-income/articles/Equities-and-the-Corporate-Bond-Market253A/4/15/2013/id/49254</guid>
<description>
<![CDATA[Deutsche Bank sells CDOs representing $8.7 billion worth of risk&hellip;Buyers will receive a payment of 8% to 14.6% depending on how much risk they take on.
-- Bloomberg, January 24, 2013.

Carlyle plans 300MM Euro CLO (Collaterized Loan Obligation). Investors have dumped a weekly record $1.5b in leveraged loans last week 
-- Bloomberg News, April 12, 2013

A lack of net new US loan issuance is expected to limit CLO growth for the rest of the year, according to delegates at IMN's Annual Investors' Conference on CLOs and Leveraged Loans this week in New York.
-- Bloomberg Brief, Leveraged Finance, ]]>
</description>
<content:encoded>
	<![CDATA[Deutsche Bank sells CDOs representing $8.7 billion worth of risk&hellip;Buyers will receive a payment of 8% to 14.6% depending on how much risk they take on.
-- Bloomberg, January 24, 2013.

Carlyle plans 300MM Euro CLO (Collaterized Loan Obligation). Investors have dumped a weekly record $1.5b in leveraged loans last week 
-- Bloomberg News, April 12, 2013

A lack of net new US loan issuance is expected to limit CLO growth for the rest of the year, according to delegates at IMN's Annual Investors' Conference on CLOs and Leveraged Loans this week in New York.
-- Bloomberg Brief, Leveraged Finance, ]]>
</content:encoded>
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			<item>
<title><![CDATA[A DeMark Look at IBB, XOP, and Some of Their Components]]></title>
<link>
			http://www.minyanville.com/trading-and-investing/etfs/articles/A-DeMark-Look-at-IBB-XOP/4/8/2013/id/49123</link>
<pubDate>
			Mon, 8 Apr 2013 09:40:00EST
</pubDate>
<guid isPermaLink="true">
			http://www.minyanville.com/trading-and-investing/etfs/articles/A-DeMark-Look-at-IBB-XOP/4/8/2013/id/49123</guid>
<description>
<![CDATA[For the last several months I've written about the SPDR Oil & Gas Exploration & Production ETF (NYSEARCA:XOP) as well as the iShares Biotech Index Fund (NYSEARCA:IBB). Over the last month both registered DeMark exhaustion levels on different time frames, but the way each reacted to those signals has been very different.

On a daily basis the XOP printed a Combo Countdown Sell ("CCS") approximately three weeks ago, and shortly thereafter it took out the associated "risk level" at $61.59.  As DeMark has it, the breach of the "risk level" invalidated the CCS.  However, just because an exhaustion pattern fails, ]]>
</description>
<content:encoded>
	<![CDATA[For the last several months I've written about the SPDR Oil & Gas Exploration & Production ETF (NYSEARCA:XOP) as well as the iShares Biotech Index Fund (NYSEARCA:IBB). Over the last month both registered DeMark exhaustion levels on different time frames, but the way each reacted to those signals has been very different.

On a daily basis the XOP printed a Combo Countdown Sell ("CCS") approximately three weeks ago, and shortly thereafter it took out the associated "risk level" at $61.59.  As DeMark has it, the breach of the "risk level" invalidated the CCS.  However, just because an exhaustion pattern fails, ]]>
</content:encoded>
			</item>
			<item>
<title><![CDATA[Stocks: The Apple Cart Gets Flipped Over]]></title>
<link>
			http://www.minyanville.com/business-news/markets/articles/Stocks253A-The-Apple-Cart-Gets-Flipped/4/1/2013/id/48992</link>
<pubDate>
			Mon, 1 Apr 2013 09:40:00EST
</pubDate>
<guid isPermaLink="true">
			http://www.minyanville.com/business-news/markets/articles/Stocks253A-The-Apple-Cart-Gets-Flipped/4/1/2013/id/48992</guid>
<description>
<![CDATA[Good morning, readers.  I return from nine days of heavenly skiing in Snowbird, UT, where I confess my attention was far more on the 26 inches of fresh powder in Mineral Basin than on the flickering tickers. I did tweet a few things here and there (@FZucchi if you care to follow), but here is a recap of where I see things:

Starting off with the foundations of this equity run &ndash; the credit markets &ndash; things got a bit agitated thanks to Cyprus and Italy, but all in all the week was between a draw and a slight victory ]]>
</description>
<content:encoded>
	<![CDATA[Good morning, readers.  I return from nine days of heavenly skiing in Snowbird, UT, where I confess my attention was far more on the 26 inches of fresh powder in Mineral Basin than on the flickering tickers. I did tweet a few things here and there (@FZucchi if you care to follow), but here is a recap of where I see things:

Starting off with the foundations of this equity run &ndash; the credit markets &ndash; things got a bit agitated thanks to Cyprus and Italy, but all in all the week was between a draw and a slight victory ]]>
</content:encoded>
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<title><![CDATA[As the Euro Tragicomedy Continues With Cyprus, What Should Traders Do?]]></title>
<link>
			http://www.minyanville.com/business-news/markets/articles/As-the-Euro-Tragicomedy-Continues-With/3/18/2013/id/48763</link>
<pubDate>
			Mon, 18 Mar 2013 08:30:00EST
</pubDate>
<guid isPermaLink="true">
			http://www.minyanville.com/business-news/markets/articles/As-the-Euro-Tragicomedy-Continues-With/3/18/2013/id/48763</guid>
<description>
<![CDATA[As we awake to a Cyprus "surprise" and down arrows across the board, my focus remains on the tells that have driven this market since we came off the March 2009 lows.  I described them in some detail in Corporate Bonds, Derivatives, and How They Wag the Equity Markets and while the "bank raid" concept adds a new twist to the European tragicomedy, it's hardly the first time this has happened.  In fact, near and dear to my heart, Italy experimented with bank raids a number of times (see In Favor of Italy&#39;s Berlusconi Resigning? Be Careful What You Wish ]]>
</description>
<content:encoded>
	<![CDATA[As we awake to a Cyprus "surprise" and down arrows across the board, my focus remains on the tells that have driven this market since we came off the March 2009 lows.  I described them in some detail in Corporate Bonds, Derivatives, and How They Wag the Equity Markets and while the "bank raid" concept adds a new twist to the European tragicomedy, it's hardly the first time this has happened.  In fact, near and dear to my heart, Italy experimented with bank raids a number of times (see In Favor of Italy&#39;s Berlusconi Resigning? Be Careful What You Wish ]]>
</content:encoded>
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<title><![CDATA[SanDisk Charts: Running of the Bulls?]]></title>
<link>
			http://www.minyanville.com/sectors/technology/articles/SanDisk-Charts253A-Running-of-the-Bulls253F/3/14/2013/id/48703</link>
<pubDate>
			Thu, 14 Mar 2013 10:47:00EST
</pubDate>
<guid isPermaLink="true">
			http://www.minyanville.com/sectors/technology/articles/SanDisk-Charts253A-Running-of-the-Bulls253F/3/14/2013/id/48703</guid>
<description>
<![CDATA[A couple of days ago I rehashed my fundamental arguments in favor of SanDisk's (NASDAQ:SNDK) business (see SanDisk: Time for a Margin Call.) Today, it is worth taking a look at the technical side of the stock.

Yesterday SNDK broke through its 7-year-plus high ($53.38 on a weekly close basis back on Oct. 28, 2011).  If the breakout holds through the end of the week, pattern-watchers should salivate not only over the break above the trendline, but also the break out of a multi-year cup-and-handle formation (again, weekly basis). However, before getting too giddy over these patterns, it is worth ]]>
</description>
<content:encoded>
	<![CDATA[A couple of days ago I rehashed my fundamental arguments in favor of SanDisk's (NASDAQ:SNDK) business (see SanDisk: Time for a Margin Call.) Today, it is worth taking a look at the technical side of the stock.

Yesterday SNDK broke through its 7-year-plus high ($53.38 on a weekly close basis back on Oct. 28, 2011).  If the breakout holds through the end of the week, pattern-watchers should salivate not only over the break above the trendline, but also the break out of a multi-year cup-and-handle formation (again, weekly basis). However, before getting too giddy over these patterns, it is worth ]]>
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<title><![CDATA[SanDisk: Time for a Margin Call]]></title>
<link>
			http://www.minyanville.com/sectors/technology/articles/sandisk-time-for-a-margin-call/3/12/2013/id/48657</link>
<pubDate>
			Tue, 12 Mar 2013 10:15:00EST
</pubDate>
<guid isPermaLink="true">
			http://www.minyanville.com/sectors/technology/articles/sandisk-time-for-a-margin-call/3/12/2013/id/48657</guid>
<description>
<![CDATA[On the last earnings call SanDisk (NASDAQ:SNDK) stated that it had fixed the yen costs of its wafer purchases for Q2 at a USD/JPY rate of approximately 86; therefore, the bulk of any benefits from further yen weakness would be realized in the second half of the year. Fast-forward to today and the USD/JPY is up about 11% to 96 since that conference call.  

We have been told several times by SNDK that a 5% move in the yen equals about 200-300 bps of change in gross margins -- to the good if the yen falls, to the bad if ]]>
</description>
<content:encoded>
	<![CDATA[On the last earnings call SanDisk (NASDAQ:SNDK) stated that it had fixed the yen costs of its wafer purchases for Q2 at a USD/JPY rate of approximately 86; therefore, the bulk of any benefits from further yen weakness would be realized in the second half of the year. Fast-forward to today and the USD/JPY is up about 11% to 96 since that conference call.  

We have been told several times by SNDK that a 5% move in the yen equals about 200-300 bps of change in gross margins -- to the good if the yen falls, to the bad if ]]>
</content:encoded>
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			<item>
<title><![CDATA[Where to, Apple? The Next Two Areas of Potential Selling Exhaustion]]></title>
<link>
			http://www.minyanville.com/sectors/technology/articles/Where-to-Apple253F-The-Next-Two/3/4/2013/id/48521</link>
<pubDate>
			Mon, 4 Mar 2013 12:55:00EST
</pubDate>
<guid isPermaLink="true">
			http://www.minyanville.com/sectors/technology/articles/Where-to-Apple253F-The-Next-Two/3/4/2013/id/48521</guid>
<description>
<![CDATA[Many traders who had never heard of Tom DeMark or his indicators (see Interpreting DeMark Indicators) before he went on TV to call a bottom on Apple (NASDAQ:AAPL) have summarily dismissed and ridiculed his work because the daily Combo 13 Buy failed.  Few if any of these folks have any clue that the Combo 13 Buy came with a "Risk Level" (i.e. stop level) of $465.01 or $20 below where the stock traded when DeMark argued in favor of buying it (daily chart below). 

And of those few, probably a miniscule percentage would care to acknowledge that the monthly DeMark ]]>
</description>
<content:encoded>
	<![CDATA[Many traders who had never heard of Tom DeMark or his indicators (see Interpreting DeMark Indicators) before he went on TV to call a bottom on Apple (NASDAQ:AAPL) have summarily dismissed and ridiculed his work because the daily Combo 13 Buy failed.  Few if any of these folks have any clue that the Combo 13 Buy came with a "Risk Level" (i.e. stop level) of $465.01 or $20 below where the stock traded when DeMark argued in favor of buying it (daily chart below). 

And of those few, probably a miniscule percentage would care to acknowledge that the monthly DeMark ]]>
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<title><![CDATA[Barking Up the Wrong Correlation: Italian Election Did Not Cause US Market Slide]]></title>
<link>
			http://www.minyanville.com/business-news/markets/articles/yen-us-dollar-currencies-italian-election/2/26/2013/id/48364</link>
<pubDate>
			Tue, 26 Feb 2013 10:00:00EST
</pubDate>
<guid isPermaLink="true">
			http://www.minyanville.com/business-news/markets/articles/yen-us-dollar-currencies-italian-election/2/26/2013/id/48364</guid>
<description>
<![CDATA[So yesterday's Italian elections came in utterly inconclusive, and as we slowly discovered that the center-left couldn't beat out in any meaningful fashion Silvio Berlusconi or a comedian (some would argue that's redundant), everyone categorically asserted that "Indecision 2013 &ndash; Italian Style" (thank you John Stewart) was the reason for the market slide on this side of the pond. 

One of the most difficult aspects of this business lies in distinguishing between causation and coincidence, because choosing between the two can lead one to clairvoyant positioning or a car-wreck whiplash.  The European crisis that is supposedly re-awakening and shaking our ]]>
</description>
<content:encoded>
	<![CDATA[So yesterday's Italian elections came in utterly inconclusive, and as we slowly discovered that the center-left couldn't beat out in any meaningful fashion Silvio Berlusconi or a comedian (some would argue that's redundant), everyone categorically asserted that "Indecision 2013 &ndash; Italian Style" (thank you John Stewart) was the reason for the market slide on this side of the pond. 

One of the most difficult aspects of this business lies in distinguishing between causation and coincidence, because choosing between the two can lead one to clairvoyant positioning or a car-wreck whiplash.  The European crisis that is supposedly re-awakening and shaking our ]]>
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<title><![CDATA[The Italian Elections: It's Groundhog Day All Over Again]]></title>
<link>
			http://www.minyanville.com/business-news/editors-pick/articles/The-Italian-Elections253A-It2527s-Groundhog-Day/2/25/2013/id/48353</link>
<pubDate>
			Mon, 25 Feb 2013 14:40:00EST
</pubDate>
<guid isPermaLink="true">
			http://www.minyanville.com/business-news/editors-pick/articles/The-Italian-Elections253A-It2527s-Groundhog-Day/2/25/2013/id/48353</guid>
<description>
<![CDATA[The amount of nonsense coming through the airwaves concerning the Italian elections is staggering.  Americans, and much of the rest of the world, have mindlessly bought into the hatred for Silvio Berlusconi hook, line, and sinker.  What&#39;s lost on them is that a large plurality of Italians dislike the man almost as much as they adore his policies, and that&#39;s why he keeps rising from the political netherworld.  As I suggested in In Favor of Italy&#39;s Berlusconi Resigning? Be Careful What You Wish For, before Berlusconi last resigned, the Mario Monti miracle turned out to be little more than getting ]]>
</description>
<content:encoded>
	<![CDATA[The amount of nonsense coming through the airwaves concerning the Italian elections is staggering.  Americans, and much of the rest of the world, have mindlessly bought into the hatred for Silvio Berlusconi hook, line, and sinker.  What&#39;s lost on them is that a large plurality of Italians dislike the man almost as much as they adore his policies, and that&#39;s why he keeps rising from the political netherworld.  As I suggested in In Favor of Italy&#39;s Berlusconi Resigning? Be Careful What You Wish For, before Berlusconi last resigned, the Mario Monti miracle turned out to be little more than getting ]]>
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<title><![CDATA[Is the Pullback Finally Here?]]></title>
<link>
			http://www.minyanville.com/business-news/markets/articles/Is-the-Pullback-Finally-Here-xhb/2/21/2013/id/48266</link>
<pubDate>
			Thu, 21 Feb 2013 08:30:00EST
</pubDate>
<guid isPermaLink="true">
			http://www.minyanville.com/business-news/markets/articles/Is-the-Pullback-Finally-Here-xhb/2/21/2013/id/48266</guid>
<description>
<![CDATA[After yesterday's pullback, this morning's open, in my opinion, is even more important.  When I wrote about the S&P 500 (INDEXSP:.INX) in the context of DeMark indicators, I stressed that when powerful trends are in place, acting on exhaustion counts alone can be dangerous; it's far more prudent to wait for some level of confirmation that the trend has not only exhausted itself, but it has likely changed.

Two of DeMark's confirmatory tells are the "Price Flip," i.e. a close below the close four bars prior, and the TD Reference Close price.  As DeMark explains it, "The Reference Close indicator ]]>
</description>
<content:encoded>
	<![CDATA[After yesterday's pullback, this morning's open, in my opinion, is even more important.  When I wrote about the S&P 500 (INDEXSP:.INX) in the context of DeMark indicators, I stressed that when powerful trends are in place, acting on exhaustion counts alone can be dangerous; it's far more prudent to wait for some level of confirmation that the trend has not only exhausted itself, but it has likely changed.

Two of DeMark's confirmatory tells are the "Price Flip," i.e. a close below the close four bars prior, and the TD Reference Close price.  As DeMark explains it, "The Reference Close indicator ]]>
</content:encoded>
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<title><![CDATA[Data Centers Vs. Hosting Providers: Why the Distinction Is Critical for Investors]]></title>
<link>
			http://www.minyanville.com/sectors/technology/articles/Data-Centers-Vs-Hosting-Providers253A-Why/2/20/2013/id/48223</link>
<pubDate>
			Wed, 20 Feb 2013 12:08:00EST
</pubDate>
<guid isPermaLink="true">
			http://www.minyanville.com/sectors/technology/articles/Data-Centers-Vs-Hosting-Providers253A-Why/2/20/2013/id/48223</guid>
<description>
<![CDATA[Over the weekend, Barron's ran a negative piece on the "data center" companies.  It argued that valuing these stocks based on a multiple to EBITDA, rather than a multiple of earnings or Free Cash Flow (FCF), overstates the economic power of these companies.  To that I say, "true and false."

As pointed out in a research note by Stifel Nicolaus, Barron's makes no distinction between "data centers" and "hosting companies." But understanding the difference is critical accurately valuing the stocks.  The former lease "physical space" where customers can place their servers, and the data center supplies power, cooling systems, and ]]>
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	<![CDATA[Over the weekend, Barron's ran a negative piece on the "data center" companies.  It argued that valuing these stocks based on a multiple to EBITDA, rather than a multiple of earnings or Free Cash Flow (FCF), overstates the economic power of these companies.  To that I say, "true and false."

As pointed out in a research note by Stifel Nicolaus, Barron's makes no distinction between "data centers" and "hosting companies." But understanding the difference is critical accurately valuing the stocks.  The former lease "physical space" where customers can place their servers, and the data center supplies power, cooling systems, and ]]>
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<title><![CDATA[Interpreting DeMark Indicators: All Trends Must End, But the When Is Key]]></title>
<link>
			http://www.minyanville.com/business-news/markets/articles/Interpreting-DeMark-Indicators-255EGSPC-S2526P-500/2/15/2013/id/48156</link>
<pubDate>
			Fri, 15 Feb 2013 14:50:00EST
</pubDate>
<guid isPermaLink="true">
			http://www.minyanville.com/business-news/markets/articles/Interpreting-DeMark-Indicators-255EGSPC-S2526P-500/2/15/2013/id/48156</guid>
<description>
<![CDATA[A reader named Minyan Sol writes:
 

	I just read a Buzz & Banter note [subscription required] of yours that says that the SPX (INDEXSP:.INX) is about to issue a Combo 13 Sell signal across many time frames shortly.
	
	Since I have no idea how DeMark followers interpret these signals (if I&#39;m not mistaken, Tom DeMark suggested a "13" Sell signal about four weeks ago when SPX was around 1470, and then conditioned it on it exceeding 1472, hitting a recovery high above 1475, and then spurting up to 1492, and despite doing all that, the market continues up), to me ]]>
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	<![CDATA[A reader named Minyan Sol writes:
 

	I just read a Buzz & Banter note [subscription required] of yours that says that the SPX (INDEXSP:.INX) is about to issue a Combo 13 Sell signal across many time frames shortly.
	
	Since I have no idea how DeMark followers interpret these signals (if I&#39;m not mistaken, Tom DeMark suggested a "13" Sell signal about four weeks ago when SPX was around 1470, and then conditioned it on it exceeding 1472, hitting a recovery high above 1475, and then spurting up to 1492, and despite doing all that, the market continues up), to me ]]>
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<title><![CDATA[Dun & Bradstreet: The Wrecking of a Balance Sheet]]></title>
<link>
			http://www.minyanville.com/trading-and-investing/earnings/articles/Dun-2526-Bradstreet253A-The-Wrecking-of/2/12/2013/id/48065</link>
<pubDate>
			Tue, 12 Feb 2013 12:35:00EST
</pubDate>
<guid isPermaLink="true">
			http://www.minyanville.com/trading-and-investing/earnings/articles/Dun-2526-Bradstreet253A-The-Wrecking-of/2/12/2013/id/48065</guid>
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<![CDATA[If you want to take a peek at how to destroy a balance sheet for the sake of propping up your stock price, look no further than Dun & Bradstreet (NYSE:DNB). The quarterly results were as ugly as I expected. In the face of a predictably withering business, the company is wasting its money buying back its stock near all-time highs. While its Q4 full balance sheet was not included in the press release, its long-term debt jumped $270 million, presumably from utilizing its revolver.

I&#39;m not doctrinally against using debt to buy back stock (although I recognize that broad ]]>
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	<![CDATA[If you want to take a peek at how to destroy a balance sheet for the sake of propping up your stock price, look no further than Dun & Bradstreet (NYSE:DNB). The quarterly results were as ugly as I expected. In the face of a predictably withering business, the company is wasting its money buying back its stock near all-time highs. While its Q4 full balance sheet was not included in the press release, its long-term debt jumped $270 million, presumably from utilizing its revolver.

I&#39;m not doctrinally against using debt to buy back stock (although I recognize that broad ]]>
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<title><![CDATA[As VMware Grows Up, EMC's Value May Finally Shine Through]]></title>
<link>
			http://www.minyanville.com/sectors/technology/articles/As-VMware-Grows-Up-EMC2527s-Value/2/5/2013/id/47881</link>
<pubDate>
			Tue, 5 Feb 2013 09:08:00EST
</pubDate>
<guid isPermaLink="true">
			http://www.minyanville.com/sectors/technology/articles/As-VMware-Grows-Up-EMC2527s-Value/2/5/2013/id/47881</guid>
<description>
<![CDATA[Over the last three years I could have repeatedly looked at EMC Corp.&#39;s (NYSE:EMC) 78% stake in VMware (NYSE:VMW) and thought that isolating the value of EMC's business by going long EMC and shorting VMW was a no-brainer.  After all, how could I go wrong shorting a crazy expensive stock when I could turn around and buy back 78% of it on the "cheap"?  As Wall Street often has it, let me count the ways and the times I would have been wrong.  Through 2010, as the poster child for "cloud infrastructure" spending, VMW's parabolic growth rate entitled it to ]]>
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	<![CDATA[Over the last three years I could have repeatedly looked at EMC Corp.&#39;s (NYSE:EMC) 78% stake in VMware (NYSE:VMW) and thought that isolating the value of EMC's business by going long EMC and shorting VMW was a no-brainer.  After all, how could I go wrong shorting a crazy expensive stock when I could turn around and buy back 78% of it on the "cheap"?  As Wall Street often has it, let me count the ways and the times I would have been wrong.  Through 2010, as the poster child for "cloud infrastructure" spending, VMW's parabolic growth rate entitled it to ]]>
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<title><![CDATA[Dun & Bradstreet: Where Data Goes to Die]]></title>
<link>
			http://www.minyanville.com/sectors/technology/articles/Dun-2526-Bradstreet253A-Where-Data-Goes/1/10/2013/id/47290</link>
<pubDate>
			Thu, 10 Jan 2013 09:23:00EST
</pubDate>
<guid isPermaLink="true">
			http://www.minyanville.com/sectors/technology/articles/Dun-2526-Bradstreet253A-Where-Data-Goes/1/10/2013/id/47290</guid>
<description>
<![CDATA[A few weeks ago I tweeted about receiving several cold calls from Dun & Bradstreet (NYSE:DNB) over a period of several weeks. The obnoxiousness of the voice mails ("&hellip;if you do not get back to us with information about your company, it could seriously harm your business" kind of stuff) and the fact that the company had just ended an effort to sell itself, got me looking at what was going on. Here are some of the lowlights I found in the financials:

	
		As of last quarter DNB had cash assets of about $520 million, and cash liabilities -- including ]]>
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	<![CDATA[A few weeks ago I tweeted about receiving several cold calls from Dun & Bradstreet (NYSE:DNB) over a period of several weeks. The obnoxiousness of the voice mails ("&hellip;if you do not get back to us with information about your company, it could seriously harm your business" kind of stuff) and the fact that the company had just ended an effort to sell itself, got me looking at what was going on. Here are some of the lowlights I found in the financials:

	
		As of last quarter DNB had cash assets of about $520 million, and cash liabilities -- including ]]>
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