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Halftime Report: Bulls Battle Bears For Control Of Market
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TECH LEADING MARKET HIGHER
The bulls and bears were fighting for control on the stock market with the Dow [.DJIA
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] and S&P 500 [.SPX
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] trading near break even around lunchtime.
Since reaching a low in early March, the Dow has gained more than 29 percent and the S&P 500 has risen nearly 35 percent. How should yoube positioned?
Instant Insights from the Fast Money Traders
The S&P 500, as well as many other indexes are up against they're 200-day moving average, reveals John Kosar of Asbury Research. That says to me the world is at an inflection point – and the market will soon decide if the larger downtrend is still in tact and going to catch fire again.
However, if the indexes are able to trade above their 200-day moving average it could trigger a lot more buyers, adds Dennis Gartman, author of The Gartman Letter.
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APPLE LEADING TECH HIGHER ONCE AGAIN
RBC Capital's Mike Abramsky came out with a new note reiterating his buy on Apple [AAPL
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] and his $165 target. He, like many others, expect new iPhones and lower prices at Apple's developer's conference on June 8.
In tech, I like Apple and RIMM [RIMM
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] counsels Jeff Tomasulo of SMB Capital. I'm a buyer on a pullback.
I think that trade is spot on, adds Dennis Gartman.
If you’re looking for a tech trade look at Intel [INTC
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], adds Guy Adami. It seems to me that $15 is a point of support. Also check out Red Hat [RHT
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] and NTAP [NTAP
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] – both could be takeover targets.
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TOPPING THE TAPE: HOMEBUILDERS
Investors spent Wednesday digesting a key report on the housing market; the National Association of Realtors said sales of existing homes in the United States rose 2.9 percent in April, climbing to an annual rate of 4.68 million units.
Analysts say the data suggests home sales are stabilizing but that inventories would keep pressure on house prices.
Consumers are clearly feeling better, muses Dennis gartman. We saw that from consumer confidence data out yesterday. I think the numbers are turning around – I think we’re coming out of recession.
For a trade, I’d keep an eye on Home Depot [HD
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], counsels Guy Adami. Around $23 it looks good to me. As for the homebuilders – I think they’re a lottery ticket.
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TREASURY 5-YR. AUCTION RESULTS
All eyes are on the 5-year Treasury [US@?US5YY
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] auction results released at 1 p.m. Wednesday. Clearly investors are worried about the appetite for Treasuries weakening, since so much of this comeback is riding on the government's continuing ability to spend.
The 2-year went well yesterday but it always goes well, explains Dennis Gartman. If we have a bad auction don’t be surprised if the market sells off.
If you think there’s an oversupply of money and that inflation will be an issue then I think the trade is long the TBT [TBT
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] on a pullback and long gold [US@GC.1
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] above $960.
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OIL & GAS PRICES CLIMBING
Oil prices [US@CL.1
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] rose to a six-month high above $63 a barrel on Wednesday after Saudi Arabia, OPEC's biggest member, said the global economy had strengthened enough to cope with oil at $75-$80 a barrel.
With oil at $63.50 we’re well above the 200-day moving average and that hasn’t happened since last September, explains Joe Terranova. I think the trade is to take some off the table. Keep exposure to energy by being long Hess [HES
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].
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- LinkedIn CEO Calms Post-Lockup Concerns
- Anthony Scaramucci: S&P 500 Stocks Still Cheap
- Home Builder Optimism Up, Industry Expert Says
- Chart Patterns Suggest Pullback at Hand
- UPDATE: Massive Trend Just Getting Underway in Financial Services: Finerman
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Trader disclosure: On May 27th, 2009, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders;
Gartman Owns (PBR)
Gartman Owns (SU)
Gartman Owns (GS)
Gartman Owns (LOW)
Gartman Is Short (GLD)
Gartman Is Short (XOM)
Tomasulo Owns (RIMM)
Tomasulo Owns (APPL)
Tomasulo Owns (SPY)
Adami Owns (GS)
Adami Owns (MSFT)
Adami Owns (INTC)
Adami Owns (C)
CNBC.com with wires
Data is a real-time snapshot *Data is delayed at least 15 minutes
