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Just think if a couple of million more Peugeots or Renaults self immolated we could really have bad global warming. <g>
I was going to bring up that old adage "if the US gets a cold the [foreign country x] gets pneumonia" but it is hard to think of US not as a safe haven no matter the economic or political warts we have.
I guess I need to remember the "flight to quality" mantra if market gets a bout of dodgyness if recessionary fears mount for 2006 or if French alien discrimination riots spread to rest of EU forcing more foreign money here.
RE INTC
US is less then 20% of their sales now and Asia excluding Japan is now 52% of sales.
Strange day
Restless stocks like some of the homies, RIMM & GOOG are the handful of stocks trending higher. Otherwise, market pretty quiet today.
No maternity. In NJ, I don't think I've ever seen any plans quoted that way.
We have POS without dental or eyecare and a $10 drug card. They can go to anyone accepting Aetna without referrals but I think we are going to have to go to a slightly more restrictive doctor choice plan while keeping the drug copay since one employee has a husband who suffered a stoke and he gets multiple prescriptons and quarterly botox injections to reduce muscle rigidity.
I have to at least look at alternative companies. What company are you with that didn't raise rates. Family coverage is now $13K per year and eligible employee alone is $ 4,350
"rally first and peter out first" With this sideways chop we are having, you could preface any sector names into that statement.
I have to believe that more stocks are going to join computer hardware names like DELL HPQ IRF and MXIM at 52 week lows.
AET gave my company a 31% price hike on health care insurance for renewal.
BKX one of the strongest sectors today so DOW play with C & JPM as components has high likelihood of working. SOX and related semi material stocks getting trashed.
Next week going to be interesting.
SNDK one of few in semi space up today
In the good old days, 4-5 pt moves off the LOD were routine. Another pt or two and we will know.
RIMM up over $1 since your prognostication
Your my RIMM expert
I got itchy and sold NOV 60 PUTs thinking the worst is in and shorts got to cover soon. I think downside form legal headlines mostly played out.
Where to you see it going next.
I thought 2 weeks ago the McCellem SUM would bottom out at -900 right about now but this little rally that is breaking down now is just postponed that eventuality about another 2 weeks.
The new weeklies may make the pace of decline or following rally more pronounced since we are now going to have expiry settlement pressures every week instead of once a month.
The crap was pretty much slow but steady down from 11:30 on with no salvation from EOD short covering.
Like half the Justices don't carry Crackberry's already.
PS What's the downside; other handset mfg's sport P/E's of 20; RIMM is only 30 and still the market leader.
I am old enough to remember Watergate; if grand jury brings back charges, market goes down; if they don't, market goes up.
What up with RIMM halted again. I heard that NTP was given deadline to file their reply with new SC Judge Roberts this morning. This guy going to make RIMM rocket or brun.
Feels a little like a gap and crap possibilty exists.
What is your thoughts on how popular weeklys will be.
They sound very interesting.
GOOG is for real
but just about as real as YHOO which had a market cap greater then GOOG by $10-20B and QCOM had a market cap of $ 150B when it was going to $700 (or about $86.625 post 8/1 stock splits)
Now for the really silly facts
CSCO had a market cap of $500 B and JDSU had a market cap over $200 B at one time in late 1999.
I guess GOOG had a little more room to run before deflating
SNDK over 50 AH
One of my few longs.
Look at EBAY & AMGN
They pump them 2-3% today and wack em 4-5% after earnings.
Most companies haven't reported yet so the earnings season isn't looking too promising.
I saw tick of 1383.
S&P up 17 pts off low bottom may be in.
We had over 1+ trading days after yesterday's 1172 bottom and were only up 1% off it.
It is hard to say if majority are:
1 somewhat convinced on the long side
2 somewhat convinced on the short side
3 still thinking about ramifications of TNX at 4.5% and rising
4 just plain on the sidelines.
I am cogitating of the above but concentrating on 2nd and 3rd options.
Moves on individual large cap names not too convincing so far.
JNJ AMGN DNA & AIG leading the upside on the basically unchanged S&P
Well Welles I am going out on my limb on this one.
McClellen Summ needs to cross -900 before I go long. We are -500 and could lose another 50 every day so 7-9 trading sessions I will be in mood to go long. The time frame just happens to work out as week after OCT options expiry.
I am vaguely thinking a lot of people who wrote OCT covered calls will be selling new batch of NOV calls late next week thinking that market is all messed up and that income is better then more unrealized losses.
Market makers will pump prices late in the week after OCT expiry, charts will look oversold, people will cover shorts, mutual funds will join in not to miss EOY rally and then on top of that JohnqPublic with their covered calls going under water quickly they will buy calls so that they will on board "better late then never" on the mother lode of EOY rally.
We are entering the time of day where sellers are going to some lousy market orders filled.
PS if trinq only reached 2.0 today briefly in last 10 days, the bottom is not close IMO.
IMO
usually you get those big premarket declines that make you sick to your stomach if your long the market. Your only feeling felt is to sell your longs positions by 9:31 AM. Market usually rallies by 10:30-11 AM.
What a mess today.
I was short AAPL and looking at SNDK long since they took it down in sympathy AH. If MU could beat earnings with flash, SNDK will do OK after earnings announcement.
BKX close to new 52 W low.
I guess profit taking is getting close to panic levels.
KBH was up 2 pts early only up 29 cents now. It is hard to judge if it is good sign that it is up 29 on the day or if 85% of gains were wiped out by profit taking. Similar story for WFMI
Starting to feel like a low is setting in. Unless earnings astound people positively, looks like more lower lows lower high cycles will continue until EOY rally.
RIMM in trouble currently halted.
Why would yield curve have to invert if we don't have a recession coming in our near future. Congress has been totally unable to reign in spending since 9/11 and I do not see that condition changing soon. We are on pump-a-matic economy. Funded by no bid contracts, guaranteed double digit profits levels to the private sector for most government deficit spending. Game can continue until 30 year rates strangle most construction and capital spending.
TNX and TYX moving in lockstep with about 22 basis points spread.
How is your FEMA book of business going.
I was short bios and tech but held longs in energy 1 day too long.
-1000 tick was only briefly seen 3 days in from the 4th to 30th previous days of trading.
You have 38 posts on "triple bottom" according to the search function
That does not include any references today since they haven't show up on Ihub yet.
PS Trin may be useless but tick hitting -1000 for 3 days in a row is very indicative of extensive program selling.
The sky's not falling but it certainly feels like it.
I noticed today that Great Britain implicated Iran in attacks on British soldiers in the Basra area.
It is looking like it is put up or shut up time in Iraq/Iran theater. One would think that market would suffer short term with such worrisome world event unfolding.
Got N.O. on my mind since it is not coming back easily.
Eric Burdon "House of the Rising Sun"
"One foot is on the platform
and the other one on the train.
I'm going back to New Orleans
to wear that ball and chain.
Going back to New Orleans,
my race is almost run.
Going back to spend the rest of my days
beneath that Rising Sun."
Janis Joplin's "Me and Bobby McGee"
"Busted flat in Baton Rouge, waiting for a train
And I’s feeling nearly as faded as my jeans.
Bobby thumbed a diesel down just before it rained,
It rode us all the way to New Orleans.
I pulled my harpoon out of my dirty red bandanna,
I was playing soft while Bobby sang the blues.
Windshield wipers slapping time, I was holding Bobby’s hand in mine,
We sang every song that driver knew.
Freedom is just another word for nothing left to lose,
Nothing don’t mean nothing honey if it ain’t free, now now.
"
RE SNDK
It looks like close to dollar volume leader today. Do you think there is room for both MSFT and APPL for portable music devices.
PS BKX at LOD and leading decliners.
PPS
Tick -1000 feels like 2000 again.
By the way, what significant to the number 78 of ISM prices paid.
It got the market a little jiggy and market is getting used to higher energy costs and it's percentage of GDP, higher inflation and higher interest rates. Stock in sectors are moving accordingly.
I don't see any one running from this market yet.
PS got special deals on MSFT software earlier in quarter and more right near the end but nothing that indicates they are off from their forecasts.
We all see the same thing. Market has a tendency to go against what the majority consensus is.
Looking back on the last 3 months on S&P do you see pattern of higher lows which is leading us to a new higher high of 1250-55 within 2 weeks or is the double top in already and only direction is down due to new realities of:
energy prices staying up
and
the fast approaching Iraqi constitution referendum which shows all signs of being voted down and leading them into civil war and our troops coming under more fire.
RE TRAN
One of my customers said that he has harder time of late arranging trucking since government is sucking up trucks at $4-5 per mile for hurricane relief.
What has been you experience.
PS RIMM
Will it drop pre market after earnings and then drift much higher like last several quarters.