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Long the 2x NDX, SPX, RUT funds.
Reasons: seeing buy signals on my charts.
NotSoImportantReasons: I think the market will price in a good job reports number ahead of time.
Bought a little VG today as well. Chart looks tremendous.
With the sophisticated methods of trading in the world today and stock exchanges handling billions of dollars on a daily basis, looking back at the challenges faced by early traders and the development of the modern commercial system can be quite fascinating. Trade is likely as old as mankind itself, with commodities and services being bartered long before different forms of currency were created. Some experts, including well respected historian Peter Watson, are of the opinion that commerce likely began around 150,000 years ago. Certainly, trade has featured prominently throughout recorded human history.
The establishment of trade routes as far back as 3000 BC reveals that Sumerians in Mesopotamia (modern-day Iraq and northeastern Syria) traded with the inhabitants of the Indus Valley on the Indian Subcontinent. The ancient Phoenicians, who were located along the coastal regions of modern day Syria, Lebanon and Israel, developed a trade route across the sea, linking up with Mediterranean nations, even traveling as far as Britain to obtain tin which they used in the manufacture of bronze.
Tags: Trade, Trade Part
The market did nothing on Tuesday as the bulls tried to penetrate resistance while the bears were looking to hold ground. The bulls led the way at the open but sour economic news gave the bears some leverage. However, both sides seem tentative at these levels which is helping prove our theory right about a pending breakout or breakdown.
The Dow managed to squeeze out a 12 point gain and closed at 10,537. The index traded as high as 10,578 and briefly touched a low of 10,494 before ending higher for the 4th straight session. Our near-term target is 10,600 to the upside and support comes in at 10,400 and 10,200.
The S&P 500 slipped a point to settle at 1,113 and is still dancing with its 200-day moving average. The index reached 1,121 intra-day and we mentioned 1,125 would be the first wave of resistance it would have to clear. Support is still 1,100 then 1,070.
Finally, the Nasdaq stuck its head above the 2,300 level but finished with a loss of 8 points to 2,288. This was also the first wave of resistance we mentioned in our Weekly Wrap and a run to 2,350 could still be in the mix but so is 2,250 and 2,150 to the downside.
We haven’t talked about Best Buy (BBY, $35.45, down $1.45) in a while but it doesn’t mean we haven’t forgotten about the company. We normally like to trade call options on the stock and in March of this year we made our subscribers a sweet 177% return in one week. Of course, the stock was in an uptrend when we recommended the trade and eventually it hit a 52-week high of $48.83 in late April.
Shares broke below $40 just before they announced earnings in mid-June and haven’t recovered since. However, Best Buy is starting to look attractive despite yesterday’s 4% drop. The company won’t report earnings until mid-September and we have found some attractive LEAP options to take advantage of a possible move higher down the road. The 52-week low is $32.81 and there is major support in the $30 area on a longer-term chart so we could test these areas. If so, these options will get a little cheaper
As we head to press, Dow futures are down 23 points to 10,471 while the S&P 500 futures are off by 2 points to 1,109. Nasdaq 100 futures are lower
The police union in Bay Michigan has resorted to scare tactics threatening more violence and masked terrorists if the city suspends a handful of police officers.
Please consider Billboard Protest of Police Layoffs in Michigan Fuels Public Safety Debate
Police officers in Bay City, Mich., are being called domestic terrorists after renting billboard space to trumpet that the layoffs of five police officers in the town could lead to more shootings, stabbings, robberies and beatings.The police say they paid for the two billboards that went up last week to bring attention to the impasse in negotiations between its union and city officials, who are seeking a 10.8 percent reduction in labor costs from eight unions to tackle a $1.66 million budget deficit for the fiscal year that began July 1. The billboards also spotlight the city’s decision to replace the roof on city hall for $1.6 million.
“City Hall’s Roof Will Not Stop You From Getting: Beaten, Shot, Stabbed, Robbed. 5 Laid Off Bay City Cops Could Have!” one billboard reads.
The other one shows a masked gunman and reads, “POSSIBLE.
Tags: Scare Tactics, Tactics
A city official in Avon Lake, Ohio, apparently ran afoul of the city charter by working for the last 18 months without being properly bonded.
Tom DiLellio was appointed Avon Lake’s finance director in 2008 but didn’t purchase a surety bond valued at $200,000 until Wednesday, July 14. The Avon Lake city charter requires the finance director to be bonded before taking office.
Avon Lake’s mayor, Karl Zuber, told The Morning Journal that he thought DiLellio purchased a bond in January 2009, and said there will be “some kind of action against (DiLellio).”
City finance directors typically manage millions of dollars. Surety bonds are required to prevent embezzlement or other unethical acts. There is no evidence that DiLellio committed such an act, but one council member wants him suspended and another has called for his firing.
Image: dno1967
Sprint Nextel (S), the third-largest U.S. wireless carrier, reported second-quarter 2010 adjusted net loss per share of 15 cents, which surpassed the Zacks Consensus Estimate of a net loss of 19 cents. Adjusted earnings excluded a one-time tax related to non-cash charge of $302 million (10 cents per share). Sprint reported its second-quarter results before the market open on July 28.
On a GAAP basis, Sprint posted a net loss of $760 million (25 cents per share), 98% beyond the net loss of $384 million (13 cents) in the year-ago quarter.
Consolidated operating revenue dipped 1% year over year to $8.025 billion due to lower contributions from its wireline and post-paid wireless businesses, which were partially offset by higher revenues from prepaid service and equipment. However, the revenues were modestly higher than the Zacks Consensus Estimate of $8.018 billion.
Adjusted OIBDA (operating income/loss before depreciation, amortization, asset impairments and abandonments) fell 15% year over year to $1.5 billion.
Tags: 2010, Quarter 2010