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HALFTIME REPORT: MARKET ON EDGE
It appears traders have hit the “pause” button, unsure which direction they should move. By lunchtime both the Dow [.DJIA
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] and S&P 500 [.SPX
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] were in negative territory, though declines were relatively modest.
Financials including Bank of America [BAC
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] were among the biggest drags of the day with investors booking profits on worries that last week’s run higher may not be sustainable.
Also, the technology-heavy Nasdaq [.NCOMP
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] lost ground, with big-cap tech stock Apple [AAPL
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] leading the decline.
But investors were also pouring over bullish comments from the widely followed Rochdale Securities analyst Richard Bove who raised his price targets on Goldman Sachs [GS
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] and Morgan Stanley [MS
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] .
"The world has changed dramatically in the past two months. The month of April was a substantial improvement for financial companies compared to a very dismal March. May is better than April," the veteran banking analyst wrote in a note to clients.
He raised his price target on Goldman Sachs' stock to $200 from $152 and that on Morgan Stanley to $35 from $30.
Are we in for a rebound or breakdown?
Instant Insights from the Fast Money Traders
I think this market is getting long in the tooth, muses Fast Money trader Guy Adami. If the S&P 500 [.SPX
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] closes below 900 on Tuesday it sets us up for 875.
I’m keeping an eye on the SPDR’s [SPY
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], adds Jeff Tomasulo of SMB Capital. If they can stay above $90, that’s a good sign.
I think we’re looking at a market in need of a catalyst, adds technical analyst Dan Fitzpatrick of StockMarketMentor.com. We’re starting to get classic rotation into sectors that haven’t done so well, such as Pharma [XLV
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].
The decline in short interest on the S&P combined with the decline in the Vix [VIX
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] makes me bullish on S&P over the next few months, adds Jared Levy of Peak6 Investments. I’d play it with by selling the 82 puts in the SPY.
If you’re looking for a bank trade, look at Wells Fargo [WFC
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], adds Adami. If it dips down to $22 on its secondary I think you can dip a toe, he counsels.
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WRETCHED RETAIL
Investors don’t seem to be in the market for retail stocks. On Tuesday, Macy’s [M
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], Target [TGT
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] and Sears [SHLD
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] were all trading lower ahead of earnings due later this week.
A lot of these names are in danger of breaking much like the overall S&P, muses Jeff Macke. I would protect profits.
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TECH IN FOCUS
Technology [XLK
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] appears to be pulling back sharply on Tuesday with the chip sector under considerable pressure. Should you buy the dip?
Every time Intel [INTC
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] has traded down to $15 it’s bounced, reminds Guy Adami. But the real trade is long IBM [IBM
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]. I think it’s a $120 stock and a buy on any pullback.
If Intel break $15 I would expect to see a lot of heaviness, adds Dan Fitzpatrick.
- Your First Move For Monday November 16th
- Web Extra: Where Will The Next Bull Come From?
- Burned by Yahoo!, Disney and More
- The Latest Picks That Paid – Friday November 13th
- Pops & Drops: Dow Chemical, Macy's...
- Chartology – Can Stocks Break Above 1100?
- Fast Action: Using Options To Play Housing Bottom
- Bold Call Of The Day – Microsoft
- Hold 'Em Or Fold 'Em
- Off The Record w/ Charlie Gasparino: Bank of America
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Tomasulo Owns (GS)
Tomasulo Owns (MS)
Adami Owns (GS)
Adami Owns (C)
Adami Owns (INTC)
CNBC.com with wires
Data is a real-time snapshot *Data is delayed at least 15 minutes