Tech-Trader News
Closing Comments from TheTechTrader.comClosing Technical Comments
Distinct Four-Wave Decline
The stock market indices suffered a down day today, and although they started with a brief flurry to the upside, that was about it. They sold off quickly in the morning, tested support and bounced and then consolidated, with the S&P 500 acting a bit better than the Nasdaq 100. But with Apple (AAPL) under pressure today, Nasdaq led the way down as they resumed their sell-off in the afternoon when they broke through the neckline support around the 1800 area on the NDX and 1108 on the SPX.
In the afternoon they sold off steadily to reach the 1866-67 zone on the NDX and near 1103 on the SPX. In the last half hour they bounced back to pare the losses, but still ended up down on the day.
Net on the day, the Dow was down 39.81 at 10,497.88, the S&P 500 down 7.71 at 1106.13, and the Nasdaq 100 down 16.19 at 1872.62.
Advance/declines were almost exactly 2 to 1 negative on the New York Stock Exchange, and up/down volume just under 3 to 1 negative on light total volume of just over 1 billion shares today. Advance/declines were 2 1/2 to 1 negative on Nasdaq, and the up/down volume was about 2 1/2 to 1 negative as well on just over 1.8 billion shares.
TheTechTrader.com board was mostly narrowly mixed, but the majority of stocks were on the downside, except for the ultra-shorts. However, portfolio position L & L Energy, Inc. (LLEN) had an excellent day, up 1.08 at 11.16 on nearly 1.5 million shares, breaking the stock out to new 3-month highs.
In addition, Silicon Image Inc. (SIMG) jumped 1.00 to 4.35, with a solid percentage gain, and the Direxion Daily Small Cap Bear 3X Shares (TZA) was up 1.47 at 31.65. Other than that, there were no other point-plus gainers on the board.
On the downside, Westport Innovations Inc. (WPRT) lost 2.36 at 18.63, OmniVision Technologies Inc. (OVTI) 1.32 at 23.03, Dendreon Corp. (DNDN) 1.47 at 33.39, Cree Inc. (CREE) 1.42 at 71.61, Cirrus Logic Inc. (CRUS) 1.10 at 19.17, and Apple Inc. (AAPL) 3.12 at 260.96. The big loser today was Google Inc. (GOOG), down 8.28 at 484.35.
Stepping back and reviewing the hourly chart patterns, the indices had a distinct 4-wave decline today and came off the lows in the last half hour, but it was definitely a negative day for the indices. Support now resides around 1860-65 zone on the NDX, and around the 1096-98 zone on the SPX. We’ll see if that’s able to hold tomorrow.
TheTechTrader will be on vacation until Thursday, August 5.
Good Trading!
Harry
Mixed, Consolidation Session
The stock market indices started out with a bang, gapping up and running to new rally highs that touched 1900 on the Nasdaq 100 and near 1121 on the S&P 500. They then had a strong 3-wave sell-off after the Consumer Confidence Index came out negatively, dropping to 1880 on the NDX and 1110 on the SPX.
They bounced, took back about 50% of the losses, and then retested. When that was successful, they managed to firm up in the afternoon, but in the last half hour they pulled back once again and closed narrowly mixed on the session.
Net on the day, the Dow was up just 12.26 at 10,537.69, the S&P 500 was down 1.17 at 1113.84, and the Nasdaq 100 was down 1.54 at 1888.81.
Advance/declines, however, were negative by 360 issues on the New York Stock Exchange, and by about 380 issues on Nasdaq. Up/down volume was about 6 to 5 negative on New York with total volume of 1.1 billion. Nasdaq was about 2 to 1 negative with total volume of just under 2 billion.
TheTechTrader.com board was mostly lower today by about 2 to 1. Leading the way to the upside was Apple Inc. (AAPL), up 4.80 at 264.08, and Google Inc. (GOOG), up 3.66 at 492.63.
The only other point-plus gainer on the board was Transocean Ltd. (RIG) up 1.10 at 47.17.
Fractional gainers were mostly very small fractional and not much to speak of.
On the downside, Amazon.com Inc. (AMZN) lost 1.27 to 117.13, Cree Inc. (CREE) 2.60 at 73.03, Dendreon Corp. (DNDN) 1.58 to 34.86, IDT Corporation (IDT) 1.19 to 17.63, and OmniVision Technologies Inc. (OVTI) 1.15 to 24.35.
In addition, junior solar Trina Solar Ltd. (TSL) was down 1.20 at 23.05.
Stepping back and reviewing the hourly chart patterns, the indices gapped up at the opening, sold off sharply in the morning, and then bounced around, vacillating in a fairly narrow range on the SPX and a little wider on the NDX. Nevertheless, it was a mixed day, more of a consolidation-type day, but support managed to hold despite the appearance of what looks like 2-day head-and-shoulders tops forming.
We’ll see which way they go tomorrow.
Good Trading!
Harry
Strong Start to the Week
The stock market indices started out with a very strong session to begin the week. At the get-go they did back off to test, but immediately held and then came on strong in a 3-wave rally that took the indices up to new rally highs at 1887 on the Nasdaq 100 and 1113 on the S&P 500. A 3-wave decline pulled them back, but it was orderly and held support, and in the last hour they bounced back to set new highs for the entire move at just over 1890 on the NDX, and right at 1115 on the SPX. They closed right at the highs for the day going away.
Net on the day, the Dow was up 100.81 at 10,525.43, the S&P 500 closed up 12.35 at 1115.01, and the Nasdaq 100 up 15.02 at 1890.40.
Advance/declines were 4 to 1 positive on the New York Stock Exchange and 3 to 1 positive on Nasdaq. Up/down volume was 7 to 1 positive on New York with total volume just under 1 billion. Nasdaq traded just over 2.1 billion, with a nearly 9 to 1 positive volume ratio.
TheTechTrader.com board, as a result, was active and higher. Leading the way today, Momenta Pharmaceuticals Inc. (MNTA) was up 4.41 at 26.11, Onyx Pharmaceuticals Inc. (ONXX) 4.54 at 26.04, Cree Inc. (CREE) 3.45 to 75.63, Valassis Communications Inc. (VCI) 1.74 to 32.79, OmniVision Technologies Inc. (OVTI) 1.64 to 25.50, IDT Corporation (IDT) 1.55 to 18.82, Dendreon Corp. (DNDN) 1.77 to 36.44, and BP Exploration plc (BP) 1.79 at 38.65. Those were the point-plus gainers on our board today.
In addition, fractional gainers included ADTRAN Inc. (ADTN) up 63 cents at 32.92, Acme Packet, Inc. (APKT) 71 cents at 33.08, Arena Pharmaceuticals, Inc. (ARNA) up 43 cents at 6.34, Cirrus Logic Inc. (CRUS) 72 cents at 20.54, RINO International Corporation (RINO) 43 cents at 14.79, and Westport Innovations Inc. (WPRT) 56 cents at 20.81.
On the downside, in the ultra-short ETF section, the Direxion Daily Small Cap Bear 3X Shares (TZA) got slammed by 2.20 to 29.88. The iPath S&P 500 VIX Short-Term Futures ETN (VXX) lost 83 cents at 22.82, and the Direxion Daily Emrg Mkts Bear 3X Shares (EDZ) 81 cents at 35.52.
The Ultra-long Direxion Daily Financial Bull 3X Shares (FAS) was up 96 cents at 22.94.
Stepping back and reviewing the hourly chart patterns, the indices were up in the morning, consolidated intraday, backed off early afternoon, then came on strong at the close to have a very strong start to the week.
We’ll see if we get any follow-through tomorrow.
Good Trading!
Harry
Excellent Day for the Bulls
The indices had an excellent day for the bulls, as they gapped up big, blew through initial resistance and kept running, reaching 1870 on the Nasdaq 100 and 1097 area on the S&P 500. Over the next few hours, they pulled back, bounced again, couldn't get through, and then backed off late in the session, but in the last 15-20 minutes came on again to finish with strong gains.
Net on the day, the Dow was up 201.77 at 10,322.30, the S&P 500 up 24.08 at 1093.67, and the Nasdaq 100 up 45.80 at 1863.10.
Advance declines were 6 1/2 to 1 positive on New York on volume of under 1.2 billion, but the plurality of up volume to down volume was 10 to 1 positive. Nasdaq advance-declines were about 5 to 1 positive, but up/down volume was more than 6 to 1 positive on 2.2 billion shares traded.
TheTechTrader.com board was nearly all higher, with just a couple stocks down. Transocean (RIG) dropped 1.08 to 46.67 and Goldman Sachs (GS) lost 44 cents to 146.55. But that was it.
Leading the way to the upside, Google (GOOG) was up 7.31 to 484.81, Apple (AAPL) 4.78 to 259.02, Isilon Systems (ISLN) up 2.82 to 16.38, Cree Inc. (CREE) 3.82 to 70.88, Amazon (AMZN) 2.64 to 120.07, Adtran (ADTN) up 1.24 to 32.08, Acme Packet (APKT) 1.66 to 31.58, China Agritech (CAGC) 1.02 to 11.84, IBM 2.20 to 127.47, IDT Corp. (IDT) up 1.55 to 16.90, OmniVision (OVTI) 1.39 to 23.55, Valassis Communications (VCI) 2.17 to 30.55, andWestport Innovations (WPRT) up 1 to 18.90.
In addition, the Direxion Daily Financial Bull 3X Shares (FAS) was up 1.69 to 21.49.
On the downside, the ultrashort ETFs got hammered, as would be expected. The Direxion Daily Small Cap Bear 3X Shares (TZA) dropped 4.15 to 34.62, Direxion Daily Emerging Markets (EDZ) 3.53 to 37.11, the Direxion Daily Large Cap Bear 3X Shares (BGZ) 1.09 at 14.96, and te Direxion Daily Financial Bear 3X Shares (FAZ) 1.36 to 14.62, with the iPath S&P 500 VIX Short-Term Futures ETN (VXX) down 1.33 to 24.07.
Stepping back and reviewing the hourly chart patterns, the indices made key moves today, but did not get confirmation from the S&P 500. The Nasdaq 100 took out the highs from the last couple weeks, reaching up to 1870 twice today, but couldn’t get through there. The SPX reached as high as 1097.50, but was unable to get through the1099-1100 range.
We’ll be watching to see if we can get a follow-through tomorrow.
Good trading!
Harry
Sharp Rollover on Bernanke Warning
The stock market indices started the day with a big gap up, but that was it for the day in terms of the highs. They came down sharply, tested support, and did manage to hold by mid-morning and rally into early afternoon, but the S&P 500 failed to take out the 1085 intraday resistance level as the Nasdaq 100 made nominal new highs. That resulted in a sharp rollover after Ben Bernanke spoke about his concerns about the economy.
The indices then dropped sharply, with the NDX dropping from 1848 down to 1813, and the SPX dropping from 1085 down to 1065. They did bounce in the last 30-40 minutes but only in a consolidation mode, and ended up not far off the session lows, particularly on Nasdaq.
Net on the day at, the Dow was down 109.43 at 10,120.53, the S&P 500 down 13.89 at 1069.59, and the Nasdaq 100 down 23.37 at 1817.30.
Advance/declines were around 2 to 1 negative on the New York Stock Exchange, and 3 to 1 negative on Nasdaq. Up/down volume was 4 1/2 to 1 negative on New York with total volume of just under 1.2 billion. Nasdaq traded 2.25 billion, but had a nearly 6 to 1 negative ratio of declining volume over advancing volume.
TheTechTrader.com board, as a result, was mostly down today, other than the ultra-short ETFs. The lone major exception was Apple Inc. (AAPL), which after earnings gapped up sharply and ran strongly, but gave back a large chunk of that, closing 11 points off its high, still up 2.35 on the day at 254.24.
Other gainers of note: Dendreon Corp. (DNDN) advanced 73 cents at 32.56, BP Exploration plc (BP) 93 cents at 36.13, and Pactiv Corp. (PTV) 32 cents at 29.49, along with Power-One Inc. (PWER) up 22 cents at 9.45. Those were the only gainers in our stock section.
The ultra-shorts ETFs were firm. The Direxion Daily Small Cap Bear 3X Shares (TZA) was up 1.92 at 38.77, the Direxion Daily Emrg Mkts Bear 3X Shares (EDZ) up 1.11 at 40.64, the Direxion Daily Financial Bear 3X Shares (FAZ) 73 cents at 15.98, the Direxion Daily Large Cap Bear 3X Shares (BGZ) 58 cents at 16.05, and the iPath S&P 500 VIX Short-Term Futures ETN (VXX) 23 cents at 25.40.
Stepping back and reviewing the hourly chart patterns, the indices had a 3-step decline and by mid-morning were at the morning session lows. They bounced back by mid-day to recover about half of their losses, but the S&P 500 failed to breakout and confirm nominal rally highs on the NDX. So they rolled over sharply after the Bernanke speech, and closed down near the session lows with a pretty ugly pattern.
We'll see how it goes tomorrow, but today was not a good day for the bulls.
Good Trading!
Harry
Indices Bounce Back from Morning Sell-Off to Close Ahead
The stock market indices started out the day in sharply lower fashion with a big gap down as the futures were lower before the opening. But they quickly stabilized and then took off. Within the first hour and a half they had reached key resistance at 1810 on the Nasdaq 100 and just under 1070 on the S&P 500, and backed off to form bull flags.
When it was apparent that they weren’t going to rollover, they ran sharply higher again, and by mid-afternoon had reached 1828 NDX and 1078 SPX. Another bull flag ensued, and they ran sharply into the close.
Net on the day, the Dow was up 75.53 at 10,229.96, 220 points off the low. The S&P 500 was up 12.23 at 1083.48, 27 points off its low. Nasdaq 100 was a whopping 56 points off its low, up 21.39 at 1840.67.
Advance/declines were better than 4 to 1 positive on the New York Stock Exchange, and up/down volume was about 5 1/2 to 1 positive with total volume of 1.15 billion shares traded. Advance/declines on Nasdaq were about 2 1/2 to 1 positive and up/down volume was just about 3 to 1 positive on total volume of over 1.9 billion.
TheTechTrader.com board, as a result, was mostly higher, except for the ultra-shorts, obviously. Leading the way, Google Inc. (GOOG) advanced 15.41 to 481.59, and Apple Inc. (AAPL) 6.31 to 251.89, closing almost 12 points off its low. A big reversal there ahead of its earnings tonight. Goldman Sachs (GS) jumped 3.23 to 148.91, about 7 1/2 points off its low.
So, there were big reversals in the large-cap market leaders today.
Cree Inc. (CREE) was another point-plus gainer, up 1.71 at 68.61. Large fractional gainers included Acme Packet, Inc. (APKT) up 83 cents at 30.68, more than 2 points off its low today. China Agritech Inc. (CAGC) was up 60 cents at 11.11, China Automotive Systems Inc. (CAAS) 58 cents at 17.48, and China TransInfo Technology Corp. (CTFO) 14 cents at 7.43 in a generally firmer Chinese group today.
In addition, L & L Energy, Inc. (LLEN) gained 66 cents at 10.32, Isilon Systems, Inc. (ISLN) 62 cents at 14.43, IDT Corporation (IDT) 78 cents at 15.62, Cirrus Logic Inc. (CRUS) 66 cents at 18.15, and Power-One Inc. (PWER) 41 cents at 9.23.
RINO International Corporation (RINO) jumped 66 cents at 13.54, and Valassis Communications Inc. (VCI) snapped back 91 cents at 29.47. Trina Solar Ltd. (TSL), our favorite junior solar, rose 62 cents to 23.70.
On the downside, International Business Machines Corp. (IBM) lost 3.24 to 126.55 after reporting earnings, but was well off its low.
The ultra-short ETFs suffered today with the Direxion Daily Emrg Mkts Bear 3X Shares (EDZ) down 2.95 at 39.53, the Direxion Daily Small Cap Bear 3X Shares (TZA) down 2.02 at 36.85, and the iPath S&P 500 VIX Short-Term Futures ETN (VXX) down 1.36 at 25.17.
Stepping back and reviewing the hourly chart patterns, the indices were down sharply at the opening, then had a strong 5-wave advance throughout the rest of the session that brought them way back into sharply positive territory today, taking out two layers of resistance along the way.
It was an impressive showing for the bulls today, and we’ll see if they can follow-through tomorrow.
Good Trading!
Harry
Sloppy Session Ends Higher
The stock market indices had an up-day to start the week, but the path was sloppy. They started off with some gains and then sold off sharply to new lows for the entire pullback, reaching 1795 on the Nasdaq 100 and 1061 on the S&P 500. At that point they started a 5-wave advance that last several hours until late into the day, reaching new session highs with about 30-40 minutes to go. They pulled back sharply, and then bounced into the close again.
Net on the day at the end of the day, the Dow was up 56.53 at 10,154.43, the S&P 500 up 6.37 at 1071.25, and Nasdaq 100 managed to gain 15.80 at 1819.28.
Advance/declines were nearly 2 to 1 positive on New York Stock Exchange, but on Nasdaq they were just 3 to 2 positive. Up/down volume was 2 to 1 positive on New York with total volume under a billion at 940 million. Up/down volume on Nasdaq was 2 to 1 positive as well with total volume at just over 1.7 billion.
TheTechTrader.com board, as a result, was mixed, but there were several substantial gainers. Leading the way, Google Inc. (GOOG) jumped 6.58 at 466.18, Cree Inc. (CREE) 1.78 at 66.90, and Amazon.com Inc. (AMZN) 1.45 at 119.94.
Other gainers of note: Cirrus Logic Inc. (CRUS) advanced 33 cents at 17.49, RealD INC. (RLD) 34 cents at 19.85, and Trina Solar Ltd. (TSL) in the solar energy group 82 cents at 23.08.
Most other stocks on the upside gained just very small fractions today.
On the downside, Apple Inc. (AAPL) lost 4.32 at 245.58, BP Exploration plc (BP) 1.35 at 35.75 on heavy volume, and Transocean Ltd. (RIG) 4.00 at 48.08 in that same sector.
Ultra-short ETF Direxion Daily Emrg Mkts Bear 3X Shares (EDZ) lost 1.78 at 42.48.
Other stocks of note on the downside were Goldman Sachs (GS) down 49 cents at 145.68, IDT Corporation (IDT) 49 cents at 14.84, and Valassis Communications Inc. (VCI) 83 cents at 28.56.
In the ultra-short ETF sector the iPath S&P 500 VIX Short-Term Futures ETN (VXX) lost 84 cents at 26.53, and the Direxion Daily Small Cap Bear 3X Shares (TZA) 40 cents at 38.87, along with the Direxion Daily Large Cap Bear 3X Shares (BGZ) down 30 cents at 16.00 even.
Stepping back and reviewing the hourly chart patterns, the indices were up early, pulled back sharply in the morning, and then stair-stepped their way higher over the next several hours to new highs for the day before a late pullback brought them off their highs, only to bounce again into the close to finish positive on the session.
It was generally a positive start to the week but somewhat suspect as the overall patterns appear to be consolidation patterns ahead of more potential downside. We’ll see if the hold of today’s lows was significant or not.
Good Trading!
Harry
Hammered Hard
The stock market indices got hammered hard on Friday, closing near the lows for the day going away. The day started out with a big gap down and then a big sell of early on. They rallied back to resistance, failed, and began a slow but steady decline that lasted all session and ended at the session lows.
Net on the day, the Dow closed just under 10,100, down 261.41 at 10,097.90. The S&P 500 was down a hefty 31.60 at 1064.88, and the Nasdaq 100 a whopping 52.76 at 1803.48.
Advance/declines were 4 to 1 negative on the New York Stock Exchange. Up/down volume was about 22 to 1 negative with total volume of about 1.5 billion traded. Nasdaq’s advance/declines and up/down volume were even worse, with 2343 issues down and 316 issues up, more than 7 to 1 negative. Up/down volume was more than 2 billion on the downside, 145 million on the upside, about a 15 to 1 negative ratio.
So, it was nasty day today on Wall Street.
TheTechTrader.com board, as a result, was very negative. Leading the way down was Google Inc. (GOOG) with reported earnings that disappointed Wall Street, down 34.41 at 459.61.
Other losses of note were Transocean Ltd. (RIG), down 2.62 at 52.98, BP Exploration plc (BP) 1.82 at 37.10, Amazon.com Inc. (AMZN) 3.57 at 118.49, and Apple Inc. (AAPL) 1.55 at 249.90.
Valassis Communications Inc. (VCI) was down 1.40 at 29.39, RINO International Corporation (RINO) 1.03 at 13.02, Dendreon Corp. (DNDN) 1.16 at 31.29, Cree Inc. (CREE) 3.15 at 65.12, and China Automotive Systems Inc. (CAAS), in a weak Chinese sector, down 1.27 at 17.14. Acme Packet, Inc. (APKT) lost 2.08 at 29.75. In addition, the ETF ultra-long for financials, Direxion Daily Financial Bull 3X Shares (FAS) was down 2.80 at 20.14.
On the plus side, the highlight for the day was new issue RealD (RLD), which jumped 3 1/2 points after its IPO, up 3.51 to 19.51.
In addition, several ETFs were very strong today, including Direxion Daily Small Cap Bear 3X Shares (TZA) up 3.82 at 39.27, Direxion Daily Emrg Mkts Bear 3X Shares (EDZ) up 3.64 at 44.26, Direxion Daily Large Cap Bear 3X Shares (BGZ) 1.27 at 16.30, Direxion Daily Financial Bear 3X Shares (FAZ) 1.71 at 15.81, and iPath S&P 500 VIX Short-Term Futures ETN (VXX) 1.67 at 27.37.
Stepping back and reviewing the hourly chart patterns, the indices were down from the get-go and sharply so in the morning. The angle of decent eased a bit, but still continued lower all day and closed near the session lows in a very bad day on Wall Street.
Good Trading!
Harry
Indices Rally Back to Close Narrowly Mixed
The stock market indices ended mixed today, but had a volatile path to get there. They started the day out moving down, bounced a little bit, and then moved sharply lower, taking out key support on the indices, but secondary support held. They bounced back in a steady 5-wave advance and pulled back sharply until the last hour. However, in the last 30 minutes or so, they came on strongly and spiked up on news that BP Exploration plc (BP) had potentially capped their oil well spill and that Goldman Sachs (GS) was going to settle with the SEC.
Large-cap, high tech stocks led the way higher, but did not manage to close positively today. As a result the indices ended mixed.
Net on the day at the end of the day, the Dow was down 7.41 at 10,359.31, the S&P 500 up just 1.31 at 1096.48, and Nasdaq 100 up just 2.83 at 1856.24.
Advance/declines were 15 to 14 negative on the New York Stock Exchange, but 2 to 1 negative on Nasdaq. Up/down volume was near flat on New York and 5 to 4 positive on Nasdaq.
TheTechTrader.com board, as a result, was very mixed. Leading the way, Goldman Sachs (GS) was up 6.16 at 145.22, and traded near 148 in the aftermarket. Google Inc. (GOOG) was up 2.68 at 494.02, but traded 16 points lower in the aftermarket after releasing earnings. Transocean Ltd. (RIG) gained 2.34 at 54.70 and BP Exploration plc (BP) 2.74 at 38.92, as a result of the news that no new oil is flowing into the Gulf.
Other stocks of note, portfolio position Westport Innovations Inc. (WPRT) rose 85 cents to 18.80, and L & L Energy, Inc. (LLEN) added 28 cents to 10.30, after releasing excellent earnings.
In the ultra-short ETF sector, the Direxion Daily Small Cap Bear 3X Shares (TZA) jumped 96 cents to 35.45 along with the Direxion Daily Emrg Mkts Bear 3X Shares (EDZ) that jumped 63 cents to 40.62.
On the downside, the only point-plus losers today included Dendreon Corp. (DNDN) down 1.54 at 32.45, Amazon.com Inc. (AMZN) down 1.24 at 122.06, and Apple Inc. (AAPL) down 1.28 at 251.45.
Large fractional losers included OmniVision Technologies Inc. (OVTI), which gave back 80 cents to 22.17. IDT Corporation (IDT) lost 61 cents at 15.69, Cree Inc. (CREE) 73 cents at 68.27, and Valassis Communications Inc. (VCI) 76 cents at 30.79.
Stepping back and reviewing the hourly chart patterns, the indices were down early in the morning, rallied back to retest the highs, and then backed off sharply, but with a half hour to go came on again very sharply and then closed at the session highs going away. Only a last 5-minute slight pullback prevented them from closing at the exact tick high for the day.
The indices gave a good accounting of themselves, holding the moving averages on the hourly charts and closing back up near the rally highs. We’ll see if any further upside can be gotten, but the S&P 500 still has formidable resistance at the 1099-1100 range to contend with, which it backed off from late in the session.
Good Trading!
Harry
Mixed, Narrow Close to Choppy Session
The stock market indices ended near the zero-line today and were mixed and choppy. The day started out with a move up off the opening, followed by a quick pullback that held support, and then they were off to the races again. The indices had a sharp move on the Nasdaq 100, twice making new rally highs, but the S&P 500 did not cooperate and could not even get over yesterday's late high.
At that point the negative divergence resulted in a rollover pullback that saw the NDX drop from 1864 down to 1841. The SPX dropped from 1099 down to 1087.50. They did bounce in the afternoon, got to resistance and backed off, but then came on again in the last 10-15 minutes to close near the afternoon highs, but only mixed on the session.
Net on the day, the Dow was up just 3.70 at 10,366.72, the S&P 500 was actually down 17 cents at 1095.17, and Nasdaq 100 was up 8.38 at 1853.41.
Advance/declines moved negatively in the afternoon and stayed that way with a 16 to 13 negative plurality on New York Stock Exchange and about a 15 to 11 negative ratio on Nasdaq. Total volume was about 1 billion on New York with about a 3 to 2 negative ratio. Up/down volume on Nasdaq was 1.3 million issues to the upside and 820 issues down, about a 13 to 8 positive ratio, on total volume of 2.1 billion.
So, it was a mixed session, to say the least, and as a result the vast majority of stocks on TheTechTrader.com board were narrowly mixed. There were very few point-plus changes today, but among those were Acme Packet, Inc. (APKT), reaching an all-time new high today, up 1.72 at 31.86. Trina Solar Ltd. (TSL) was up 1.02 at 21.80, and portfolio position Westport Innovations Inc. (WPRT) up 1.15 at 17.95.
Google Inc. (GOOG) jumped 2.14 to 491.34, but most of the other large-cap stocks were narrowly changed. Apple Inc. (AAPL) was up just 93 cents today, and Amazon.com Inc. (AMZN) was off 35 cents, so you can see very narrow changes, even in the larger higher-priced stocks.
The only point-plus loser on the board today was Goldman Sachs (GS), down 1.19 to 139.06.
Other stocks of note on the plus side include Isilon Systems, Inc. (ISLN) up 61 cents to 14.59, Keryx Biopharmaceuticals Inc. (KERX) up 55 cents to 4.11 on 7 million today, L&L Energy, Inc. (LLEN) 42 cents to 10.02, OmniVision Technologies Inc. (OVTI) 52 cents to 22.97, and RINO International Corporation (RINO) 47 cents to 14.41.
New portfolio position iPath S&P 500 VIX Short-Term Futures ETN (VXX) was up 93 cents at 25.93, while the Direxion Daily Financial Bear 3X Shares (FAZ) was up 29 cents at 14.03.
Stepping back and reviewing the hourly chart patterns, the indices were up in the morning, down mid-day, and back up in the afternoon to close near mixed on the day. The positive thing about the day is that price and moving average support on the hourly charts held key levels.
We'll see if they can extend this tomorrow or whether those support levels that held today finally do give way and we pull back a little more.
Good Trading!
Harry
Indices Extend Rally
The stock market indices had a stellar day on Tuesday and extended the rally sharply. The day started out with a gap up. They pulled back, backed and filled, and then popped until mid-day to the morning highs at 1844 on the Nasdaq 100 and the 1097 area on the S&P 500.
Over the next couple hours they pulled back in a slow, orderly looking flag-type pattern, and then came on again in the afternoon to new highs, above 1850 NDX and just under 1100 SPX. In the last 10 minutes they backed off rather sharply and took back a small chunk of the gains, but still ended up with a big gain on the day.
Net on the day, the Dow was up another 146.75 at 10,363.02, although the high for today was over 10,400. The S&P 500 was up 16.59 at 1095.34, about 4 points off its high, and the NDX up 24.00 at 1845.03, about 6 points off its high.
Advance/declines, however, were sharply higher by about 7 to 1 on the New York Stock Exchange and about 7 to 1 on Nasdaq as well. Up/down volume was about 11 to 1 positive on New York with total volume of about 1.1 billion shares today, and about 12 to 1 positive on New York with about 2 1/4 billion shares traded.
TheTechTrader.com board, as a result, had a very big day today. Most of the stocks on the board were up, other than Apple Inc. (AAPL), which had more negative news and dropped 5 1/2 points today on 42 million shares.
Other losses included Transocean Ltd. (RIG), down 2.07 at 51.99, but BP Exploration plc (BP) managed to gain 12 cents at 36.88, about a point off its high.
Leading the way on the upside, Google Inc. (GOOG) was up 13.37 at 489.20. Amazon.com Inc. (AMZN) gained 4.14 at 123.65, and Goldman Sachs (GS) was up 3.00 even at 140.25. One of the stars of the day today was Ivanhoe Mines Ltd. (IVN), up 2.02 at 16.45.
Other point-plus gainers of note were California Pizza Kitchen Inc. (CPKI) up 1.32 at 16.04, China Automotive Systems Inc. (CAAS) up 1.20 at 18.40, and Dendreon Corp. (DNDN) up 1.28 at 33.73.
China TransInfo Technology Corp. (CTFO) was a stand out in the low-priced sector, up 1.46 at 7.19, with a big percentage gain. VIVUS Inc. (VVUS) was also a star today, up 1.79 at 12.44 on nearly 31 million. Valassis Communications Inc. (VCI) gained 1.84 to 31.84 today.
Among issues on the downside, the ultrashort ETFs had a very bad day today, with the Direxion Daily Small Cap Bear 3X Shares (TZA) dropping 3.57 to 34.21, Direxion Daily Emrg Mkts Bear 3X Shares (EDZ) down 1.55 to 39.77, and Direxion Daily Financial Bear 3X Shares (FAZ) dropping 1.04 to 13.74.
Stepping back and reviewing the hourly chart patterns, the indices had a 5-wave rally today, interrupted by consolidations in the morning and mid-day, and a late pullback as well, but for the most part the indices were up very nicely with confirming indicators today. The key to today’s action was late in the day the indices backed off from its major declining topsline, which could lead to further downside.
We’ll see how it goes tomorrow.
Good Trading!
Harry
Rally Loses Steam in Narrow Up-Session
The stock market indices managed to eke out a gain today, but the path to those gains was a little choppy.
The day started out with a sharp move higher. The Nasdaq 100 got to 1831.62 and the S&P 500 got up to 1080.78, and then they sold off sharply to new lows for the day. But they held right at support near 1810 NDX and 1070 SPX, and then began a move back upward. By mid-afternoon they stalled and ground back and forth, firming up a little bit in the last half hour to close in the plus column.
Net on the day, the Dow was up another 18.24 at 10,216.27, the S&P 500 up only 79 cents at 1078.75, and the NDX up 6.24 at 1821.03.
Technicals were negative by 19 to 11 on declines versus advances on the New York Stock Exchange and by more than 1000 on Nasdaq at 1856 losing issues to 811 winners. However, up/down volume was only 4 to 3 negative on New York with total volume under 3/4 of a billion. Very light today. Nasdaq volume was positive by 10 to 7 with nearly 1.75 billion traded. So, it was a mixed session today.
TheTechTrader.com board, as a result, was mixed today. Most of the stocks were very narrowly changed today, but the majority of them were on the downside. However, there were several point-plus gainers today. Leading the way today was InfoLogix, Inc. (IFLG), which jumped 1.37 at 6.17, a substantial percentage gain there.
Larger-cap stocks included Google Inc. (GOOG) up 8.34 to 475.83, Amazon.com Inc. (AMZN) up 2.25 to 119.51, BP Exploration plc (BP) up 2.71 to 36.76, Transocean Ltd. (RIG) up 2.23 to 54.06, and Cree Inc. (CREE) up 1.05 to 67.17.
Two of the ultra-short ETFs actually gained today. The Direxion Daily Emrg Mkts Bear 3X Shares (EDZ) was up 1.10 at 41.32 and the Direxion Daily Small Cap Bear 3X Shares (TZA) up 1.17 at 37.78.
On the downside, loss leaders included Apple Inc. (AAPL) down 2.34 at 257.29, as consumer reports failed to recommend their new iPhone. The only other point-plus loser was Valassis Communications Inc. (VCI), down 1.89 at 30.10.
Stepping back and reviewing the hourly chart patterns, the indices were up sharply at the opening, down sharply by mid-morning, and then had a slow grind back up the rest of the day to bring the indices just back up to the plus column. With technicals as negatively confirming as they were today, the market appears to be losing momentum and could back off more substantially over the next couple days to retest.
Good Trading!
Harry
Indices Close at Rally High
The stock market indices spent most of the day consolidating, and by mid-afternoon were in an extremely narrow coiling-type action. But that did resolve itself to the upside, and they rallied into the close and closed at the session and weekly highs as well as rally highs.
Net on the day, the Dow was up another 58.73 at 10,197.73, just a few points off its high. The S&P 500 was up 7.68 at 1077.93, just a fraction off its high. The Nasdaq 100 was up 16.48 at 1814.79, just fractions off its high as well.
So, it was a solid day for the indices today.
Advance/declines were 4 to 1 positive on the New York Stock Exchange and a little more than 3 to 1 positive on Nasdaq. Up/down volume was about 4 to 1 positive on New York and a little less than 3 to 1 positive on Nasdaq. Total volume on New York was a light 870 million shares and Nasdaq traded 1.6 billion shares today.
TheTechTrader.com board, as a result, was mostly higher. Leading the way were large-cap tech stocks. Google Inc. (GOOG) was up 10.93 at 467.49, Goldman Sachs (GS) up 2.60 at 138.06, and Apple Inc. (AAPL) up 1.53 at 259.62.
Low-price techs had some movers today. Delcath Systems Inc. (DCTH) was up 1.83 at 7.68 on nearly 8 million, and Nanometrics Incorporated (NANO) jumped 1.02 to 9.71 on 3 1/4 million. Acme Packet, Inc. (APKT) rose 1.05 to 29.45, Amazon.com Inc. (AMZN) also gained 1.04 at 117.26, and IDT Corporation (IDT) advanced 1.02 at 16.02.
Other gainers of note, the ETF Direxion Daily Financial Bull 3X Shares (FAS) jumped 1.01 to 22.05. Isilon Systems, Inc. (ISLN) gained 60 cents to 14.20, OmniVision Technologies Inc. (OVTI) 76 cents to 23.44, RINO International Corporation (RINO) 55 cents to 13.86, Origin Agritech Limited (SEED) 64 cents to 7.90, and Westport Innovations Inc. (WPRT) 38 cents to 16.48.
Stepping back and reviewing the hourly chart patterns, the indices were up early, but then consolidated for several hours, coiling and narrowing until finally by mid-afternoon they began to break out. Then in the last hour and a half or so they rallied to close out the session at the weekly highs.
It was a very nice way to end the week for the bulls.
Good Trading!
Harry
Snapback Rally Continues
The stock market indices had another excellent up-day today, although the road to those gains was a bit choppy. The session started with a gap up and a nice follow-through of yesterday’s gains. However, the indices pulled back immediately and started a morning decline. After reaching as high as nearly 1806 on the Nasdaq 100, the index got down below 1780, while the S&P 500 went from 1071 down to about the 1059 area. They then bounced mid-day, but could not get through initial resistance, backed off to retest, but that was successful, and then towards the last hour and a half they came on again, closing at the afternoon highs and not far from the session highs on the SPX and a little below them on the NDX.
Net on the day, the Dow was up another 120.71 at 10,138.99, the S&P 500 up 9.98 at 1070.25, and the Nasdaq 100 8.59 at 1798.31.
Advance/declines were better than 3 to 1 positive on the New York Stock Exchange and a little more than 2 to 1 positive on Nasdaq. Up/down volume was 4 1/2 to 1 positive on New York and about 3 to 1 positive on Nasdaq. Total volume on New York was under 1.2 billion and Nasdaq traded just a little over 2 billion shares today.
TheTechTrader.com board, as a result of today’s action, was mostly higher. Leading the way today were some of the large-cap stocks like Google Inc. (GOOG), up 6.36 at 456.56, and Amazon.com Inc. (AMZN), up 2.79 to 116.22. Dendreon Corp. (DNDN) snapped back 1.21 at 30.30, and VIVUS Inc. (VVUS) advanced 1.02 to 11.69 on heavy volume.
Other stocks of note, portfolio position L&L Energy, Inc. (LLEN) gained 58 cents to 9.34, RINO International Corporation (RINO) gained 35 cents to 13.31, Trina Solar Ltd. (TSL) 41 cents to 20.96, Isilon Systems, Inc. (ISLN) 67 cents to 13.60, portfolio position IDT Corporation (IDT) 47 cents to 15.00, China Agritech Inc. (CAGC) 55 cents to 11.19, China Automotive Systems Inc. (CAAS) 41 cents to 17.21, and Amylin Pharmaceuticals, Inc. (AMLN) 43 cents to 18.95.
The ultra-long ETF Direxion Daily Financial Bull 3X Shares (FAS) gained 46 cents to 21.04.
The rest of the ETFs had a down day, with the Direxion Daily Small Cap Bear 3X Shares (TZA) leading the way. After a reverse 5 to 1 split, the TZA closed down 1.85 at 38.35. The iPath S&P 500 VIX Short-Term Futures ETN (VXX) was down 66 cents at 26.24, and the Direxion Daily Financial Bear 3X Shares (FAZ) down 36 cents at 15.52.
Stepping back and reviewing the hourly chart patterns, the indices opened strong, but then stair-stepped their way lower in a 5-wave decline that eventually bottomed with a late morning bottom and an afternoon double-bottom that resulted in a late surge up near the session highs on the S&P 500.
Another strong close for the indices today as the snapback rally continues.
Good trading!
Harry
Indices Explode Higher
As the second day of this shortened trading week, today could be considered “turnaround Tuesday.” The stock market indices opened strong and kept running all day. Only a mid-morning consolidation, and a bullish one at that, prevented the indices from going straight up all session. At the end of the day the indices exploded into the close and closed above 10,000 on the Dow.
Net on the day, the Dow closed above 10,000 at 10.018.29, up 274.66. The S&P 500 was up 32.21 at 1060.27, just pennies off its high, and the Nasdaq 100 up 54.09 at 1789.72, also just pennies off its high.
Advance/declines were about 6 to 1 positive on the New York Stock Exchange and 21 to 6 positive on Nasdaq. Up/down volume was 20 to 1 positive on New York with total volume of about 1.3 billion traded and 19 to 2 positive on Nasdaq with total volume of 2.1 billion. A very impressive day today.
TheTechTrader.com board, as a result, was nearly all higher. Every stock on the board was up today, except for NexMed, Inc. (NEXMD), which had a big day yesterday and got some profit-taking today, closing at 3.20, down 63 cents.
Big caps had a monster day, with Google Inc. (GOOG) up 14.13 at 450.20, Apple Inc. (AAPL) 10.14 at 258.67, Cree Inc. (CREE) 5.11 at 66.07, Amazon.com Inc. (AMZN) 3.37 at 113.43, and Goldman Sachs (GS) 3.57 at 135.83. Transocean Ltd. (RIG) jumped nearly 3.00 today, closing up 2.99 at 51.14, and OmniVision Technologies Inc. (OVTI) had an excellent day, up 2.39 at 23.18.
Other point-plus gainers included Acme Packet, Inc. (APKT) up 1.89 at 28.49, Brigham Exploration Co. (BEXP) jumped 1.06 at 15.93, BP Exploration plc (BP) 1.28 at 33.19, and Cirrus Logic Inc. (CRUS) 1.67 at 17.29.
Dendreon Corp. (DNDN) snapped back from 25.78 to 29.38 and closed at 29.09, up 1.78, a big reversal day at 3.50 off its low.
Trina Solar Ltd. (TSL) was up 1.25 at 20.55, and Valassis Communications Inc. (VCI) up 2.02 at 31.10 rounded out the gainers.
Ultra-long Direxion Daily Financial Bull 3X Shares (FAS) also gained 2.27 at 20.58.
On the downside, other than NEXMD, only the ultra-short ETFs had a tough day. Direxion Daily Financial Bear 3X Shares (FAZ) dropped 2.25 at 15.89, Direxion Daily Emrg Mkts Bear 3X Shares (EDZ) 2.96 at 42.44, the iPath S&P 500 VIX Short-Term Futures ETN (VXX) 1.80 at 26.90, and the Direxion Daily Large Cap Bear 3X Shares (BGZ) 1.79 at 16.67. The Direxion Daily Small Cap Bear 3X Shares (TZA) lost 93 cents at 8.04.
Stepping back and reviewing the hourly chart patterns, the indices gapped up at the opening and ran up sharply higher in a 5-wave advance until mid-morning when they paused to refresh. At that point, by mid-day, they broke out again and ran harder even in the afternoon, especially in the last hour and a half where they exploded sharply higher into the close. They blew through resistance levels all day in a very impressive day technically.
We’ll see what kind of follow-through, if any, we get tomorrow. It certainly looks like they turned around, at least for a few days.
Good Trading!
Harry
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CNN-Money Markets
Latest stock market news from Wall Street - CNNMoney.comFrom CNN and Money magazine, CNNMoney.com combines business news and in-depth market analysis with practical advice and answers to personal finance questions.
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Economic news - CNNMoney.comFrom CNN and Money magazine, CNNMoney.com combines business news and in-depth market analysis with practical advice and answers to personal finance questions.
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ABC News
Business and financial news - CNNMoney.comFrom CNN and Money magazine, CNNMoney.com combines business news and in-depth market analysis with practical advice and answers to personal finance questions.
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Yahoo! News: Business NewsBusiness News
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Fast Company News
Fast CompanyFoursquare's Business Chief on Revenue Plans, Google AdWords, and Why Markete...
Despite research showing location based services are little-used and largely unknown, Foursquare's head of development sees big growth and innovation on the horizon.
"We could imagine something akin to a Google AdWords-like model, where merchants can have featured placement based on latitude and longitude, time of the day, or day of the week," says Tristan Walker, head of business development for Foursquare. "We're still exploring, and encouraging all retailers to get on our platform and help us find the product that we could actually charge for."
I spoke with Walker yesterday following the release of a report on location-based apps by Forrester Research. The study found that just 4% of online adults in the U.S. have ever used services like Foursquare and Gowalla, and that 84% of respondents were not even familiar with geo-location apps. Forrester recommends that major marketers should hold off on "check-in" services until they become more popular.
Walker disagrees. "It may be a fair comment on how there needs to be more education around what geo-location can mean in general," he says. "But here's an opportunity for marketers to lead--to take a burgeoning space and do some really exciting things with it." And Walker points out that Foursquare is growing, too. More than 2.3 million users now check-in roughly 1 million times per day, and a "pretty high percentage" of users check-in more than once per week, despite Forrester's conclusion that only 1% update that often. Moreover, while the report claimed 80% of location-based service users were male, Walker said Foursquare's male-female ratio was approaching 60-40, and moving "closer and closer toward parity."
But numbers aren't the only thing that should appeal to marketers. "I don't think we need huge scale to be successful. It's not only about reach, it's about engagement. Foursquare allows consumers to build an even deeper affinity for brands," says Walker, citing successful Foursquare partnerships with Bravo and Starbucks. "Services like Twitter and Facebook have shown that brands can engage with consumers in really interesting ways online, and Foursquare is well poised to take all that engagement offline, providing brands with tools to lead their consumers to do things, as opposed to just suggest."
Walker isn't shy about Foursquare's lack of a comprehensive plan for revenue, and he shouldn't be. Most start-ups out there are trying to figure out how to make money in social media, even as the market's popularity soars (see: Twitter). "We're focused right now on making the experience better," he says. "How can we charge for that? We don't know."
Ideas for revenue streams are so far "pie-in-the-sky," according to Walker, but that doesn't mean Foursquare isn't working toward a financially-viable future. The service already charges for sponsored-badge integrations, and in addition to a potential Google AdWords-like service, Walker foresees a time when the New York-based start-up might "charge for really robust analytics that haven't been served before." "We're hoping to offer retailers tools to aid consumer retention and acquisition," he explains. "So, telling them a little more about their loyal customers--that is, who checks in, when, where, how soon, how often, where they go before, where they go after. And on the acquisition side, geo-tag specials that can entice new consumers."
So is geo-location the future of social media? Walker thinks so. And it that's true, don't expect Foursquare to be the only player on the field. Look for competitors such as Google, Twitter and Facebook in the market, too.
PeerIndex, Social Influence Tool, the Google Vanity Search For Tweeters
The idea of former Reuters Innovation boss Azeem Azhar, PeerIndex is a Twitter-centric tool that measures your social network standing and influence on the Web. It launched in beta yesterday, and is the kind of thing that will, first of all, redirect 20 minutes of your time as you go through all the names of your colleagues and friends. This, friends, is the 140-character version of the Google vanity search.
It works by identifying "from millions of users the opinion leaders from the merely opinionated," according to Azhar, and can separate a person's different spheres of excellence--for example, Fast Company's very own Kit Eaton is in the top 1% of authorities on Apple Inc. PeerIndex has a bunch of backers that include former Economist editor Bill Emmott (both of the above, surely).
At the moment it seems weighted toward business and tech topics. For example, while tweeter extraordinaire Stephen Fry is featured, he's not ranked so far. And they haven't even heard of Lady Gaga yet, merely her imitators, but there's probably still tweakage of the algorithm going on. For the moment PeerIndex seems to be after commentators and writers, using their social profiles on Facebook and LinkedIn, but it relies heaviest on the word of the bird.
In an interview with PaidContent:UK yesterday, Azhar also called the site a "speakers bureau" with one of its aims being to hook up influencers with the brands they're hot on. The vanity side to PeerIndex will ensure that people come flocking; money will be made, however, from a premium service which offers brand marketeers and bigwigs in the communications industry custom categories.
Once fully tweaked and glitches ironed out, you can see this becoming an obsession for the mouthy brigade of the online community, probably forcing them to up their game--and their tweet rate. One thing that's worth predicting if PeerIndex takes off: Twitter's outgoings will increase as they are forced to buy more servers.
Who Spewed It: Amazon CEO Jeff Bezos Edition
Amazon's CEO Jeff Bezos is many things: Successful, certainly, and enigmatic for sure. He's also responsible for some fabulous sound-bite-like quotes. (And he's not the only one on Amazon's executive team who can be a little over-enthusiastic: Amazon's Steve Kassel has been telling the media that by next year, "we will sell more Kindle books than paperback books.")
Do you know Bezos well enough to work out which of these quotes are his and which are from another CEO?
On e-reader technology:
"Rapid screen updates required for animation create eyestrain.""E-readers will outsell iPads. It?s got a backlit screen, and it?s too expensive to give one to everyone in your house."Amusingly, Jeff's quote is the first one--and it reveals he's not looked into the science of the matter much. Quote two is by E-ink's CEO, Russ Wilcox. His business may be bound to Amazon's success, but maybe he should read the iPad sales figures?
On advertising:
"The next big wave in advertising is the mobile internet.""We don?t make money when we sell things; we make money when we help people make purchase decisions."No prizes here: Bezos' is behind the second quote, made when defending the unusual choice to let negative reviews stay on Amazon.com. Google's Eric Schmidt is responsible for the first one, and it highlights how differently both companies treat (and exploit) advertising.
On the future of publishing:
"There's a dispute in the [news] industry about subscriptions versus advertising. We want to enable both, and let users choose.""Advertising is the price you pay for having an unremarkable product or service."The first quote is Google's Eric Schmidt again, talking about how publishing's earning mechanisms may change in the digital future. The odd attitude to promotion in quote two is Bezos himself, who evidently intends to let the Kindle promote itself.
On the future of interactive books:
"You are not going to improve Hemingway by adding video snippets.""It doesn?t matter how good or bad the product is, the fact is that people don?t read anymore.""Print is dead."Quote one is Bezos--speaking to the Wall Street Journal about the future of interactive books, and presumably as a slight against the kind of amazing interactive books and magazines that are slowly turning up on the iPad. To say nothing of the bright future of interactive infographics in newspapers. Quote two is Steve Jobs himself, on the future of books of all sorts, before Apple launched iBooks. Quote three? Egon from Ghostbusters. We couldn't resist.
On tablet PCs:
"The question has arisen lately, is there room for a third category of device, something between a laptop and a phone?""There are going to be 100 companies making LCD [screen] tablets, why would we want to be 101?"Quote one is Steve Jobs again, banging on about his fabulous new category product. The second quote is Bezos, banging on about the army of tablet clones that'll chase down the iPad, and calmly ignoring the army of e-reader clones that're chasing down the Kindle.
How did you do? Bezos is surprisingly hard to pick out sometimes, even when he does spout phrases that seem a little tangential to real life. Perhaps he needs to borrow some of Steve Jobs' "Reality Distortion Field."
To keep up with this news, follow me, Kit Eaton, on Twitter.
E-Reader "Race to the Bottom" Given Extra Boost by Amazon, Copia?
We've called out the e-reader "race to the bottom" in terms of pricing before, noting that it may be a feature of the short lifespan these single-purpose gadgets may have on the average electric store's shelves. Now Amazon's dropping the Kindle price even more.
The new Wi-fi-only Kindle costs a mere $140, $40 less than the Kindle 2's most recent price, and it's definitely a "breakthrough" price for the world's most famous e-reader, which puts it right at the top end of many folks impulse-buy bracket, particularly if you're talking about gifts, or the back-to-school purchasing period.
But it's not alone, and many budget e-readers, lacking Amazon's huge Kindle e-publishing ecosystem, are pushing toward similar prices. Amazon's big competition in the market, Barnes and Noble, are doing so too. And now there's news that a company called Copia, a DMC Worldwide subsidiary, will be offering a 5-inch screen color e-reader at a mere $99 when its products hit the market later in 2010. That's going to smart, since the Kindle is resolutely grayscale, and $99 is below that fictional $100 mental price barrier between something that seems expensive, and something that really doesn't.
The Wall Street Journal notes that it's Apple's aggressive pricing on the iPad that's behind some of this. Before the device launched, skeptics argued it would cost close to $1,000, citing manufacturing costs and the famous, if misleading, "Apple Tax." When the iPad's entry price of just $500 was announced, it shook the mobile device world--and Amazon especially, since the figure wasn't so very far from the then price of its big Kindle DX e-reader, which can do so much less than Apple's gadget. The newspaper even cites a report by researcher company Forrester, which suggests that the price war between e-readers (our famous race to the bottom) will continue to be influenced by evolutions in the tablet market.
So, just as we suspected, the race to the bottom is on, and Amazon's along for the ride. Will it doom the e-reader totally, so much that in a couple of years they'll be extinct? No. It may doom them to being a solely niche-device though, bringing their e-ink displays to situations that most benefit from them, while the tablet PCs mop up the rest of the slate-format e-reader market.
To keep up with this news, follow me, Kit Eaton, on Twitter.
Is Solar Power Now Cheaper Than Nuclear Energy?
Solar power took a big step toward becoming the alternative energy of choice with this week's news that energy from sunlight might be cheaper than nuclear power. The analysis, which comes from a Duke University report entitled Solar and Nuclear Costs: The Historic Crossover, claims that, "Electricity from new solar installations is now cheaper than electricity from proposed new nuclear plants" in North Carolina.
The reason, according to the study, is a dramatic drop of the price of solar in recent years combined with an increase in the price of nuclear. In 2002, construction cost estimates for new nuclear power plants were in the $3 billion per reactor range. As new design and engineering problems emerge, construction costs continue to rise--now nuclear plants are estimated to cost $10 billion per reactor. And price isn't even the half of it. The study (PDF) reasons:
Solar electricity has numerous advantages other than cost. Rooftop solar can be installed in a few days. Small incremental gains in total generating capacity start producing electricity immediately. One does not have to wait ten years for huge blocks of new capacity to come online. Solar panels leave no radioactive wastes. They do not consume billions of gallons of cooling water each year. There are no national security issues with solar installations. An accident would be a small local affair, not a catastrophe.This doesn't mean that we should completely ditch nuclear power. The Duke analysis argues that solar's status as an intermittent power source (it only works when the sun shines) is irrelevant because of smart grid technologies that optimize the energy mix. And the upfront costs for nuclear are astronomical compared to the cost of implementing, say, a rooftop solar system, but the fact remains that nuclear plants can pump out energy 24 hours a day. Solar plants can't. A long-lasting nuclear plant will most likely generate more energy per dollar invested than a solar plant ever could.
Solar should always be considered first, to be sure--one report estimates that construction of 100 new nuclear reactors would cost taxpayers an extra $1.9 trillion to $4.4 trillion over the 40-year life of the devices. But writing off any reliable, clean energy source would be a mistake.
Ariel Schwartz can be reached on Twitter or by email.
Culinology: Behind Frito-Lay's Zesty, Tangy, Fiery Innovations
"Consumers have a lot of curiosity about our products," says Cathy Dial, head of consumer affairs at Frito-Lay. "They want to know where we get the ideas for our flavors." With flavors that range from zesty taco and fiery habanero, to sizzlin' picante and cheeseburger (seriously), who hasn't pondered what culinary mastermind is behind Frito-Lay's wild-tasting chips and snacks.
Meet Stephen Kalil, executive research chef at the Frito-Lay Culinary Innovation Center. Kalil has been in the business over 20 years, and is now "tasked with bringing culinary excellence" to the snack factory and integrating that with excellence in food science." "We're leveraging a discipline that we call culinology," he told Lay's lovers in a recently released video.
According to the experienced corporate chef, culinology is a blending of the culinary arts and food technology that enables Frito-Lay to bake the best damn flavors out there. Kalil focuses in on Lay's new Tangy Carolina BBQ potato chips, which he says was a product of serious research into regional cuisine. "That flavor was inspired by a traditional Carolina BBQ pulled-pork sandwich," he says. "[We] held that up as a culinary gold standard." What's more, food science enabled a lower sodium count, so chip-lovers can munch more and more on their "flavor adventures."
Check out the video below to see more of Frito-Lay's Innovation Center and to hear Dial and Kalil chat more about "culinology." Easily the best part is the 50 angles of Dial experiencing the Carolina BBQ chip like it's some Michelin-starred gastronomical wonder. I guess that's what you get for investing in "culinology." Nom, nom.
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DoSomething Winner Returns to Save His Stricken Hometown
After he graduated, development major Mark Rembert applied for the Peace Corps, thinking he could help developing countries strengthen their communities. But when his hometown's largest employer shut its doors, Rembert found that rural Ohio needed him most.
DoSomething, headed by Fast Company columnist Nancy Lublin, has recognized five young social entrepreneurs with $10,000 grants--and one with a prize of $100,000. Fast Company will profile one of these enterprising youth each day this week. Click here to read the other winners' stories.
Getting into the Peace Corps is no small matter. The application process is arduous, and has become more competitive. In the fall of 2008, the Peace Corps said yes to Ohio native and recent Haverford College graduate Mark Rembert. Then 23, the activist and economic-development major was looking forward to traveling to Ecuador, where he would pursue field work helping rural villages with asset-development. But news from his native Ohio sent him in a totally different direction. That November, Rembert read that DHL, the largest employer in his hometown of Wilmington, in rural Clinton County, was shutting down. An estimated 8,200 residents in Clinton County would soon lose their jobs.
Instead of flying to Ecuador, Rembert went home. "When your community has 18% unemployment, its hard to justify going to [Latin America] to help out," Rembert says. In Wilmington, he found Taylor Stuckert, another would-be Peace Corps recruit, and together, they started Energize Clinton County (ECC), a not-for-profit devoted to creating green jobs, investing in sustainable energy, and marketing local industries and businesses. His initiative earned him a $10,000 DoSomething award, money that he says will be plowed back into the community.
With ECC, Rembert and Stuckert are doing the same thing they would have in the Peace Corps: They have helped a rural community take advantage of resources it already had. Though Clinton County had been buoyed for years by the massive DHL facility, Rembert saw that his region had many other strengths it had previously ignored, including a charming downtown, an abundance of farmland, and the benefit of Ohio's tax incentives for green businesses.
Forming a group of town leaders charged with understanding the red tape for green industries, ECC designated Wilmington a Green Enterprise Zone, the first of its kind in the nation. The move--part marketing strategy and part zoning ordinance--has helped Wilmington secure Energy Efficiency and Conservation Block Grants from the federal government's Recovery and Reinvestment Act. These in turn have served to attract private capital from solar energy companies in his small town. Part of Rembert's job is simply to understand how Wilmington's utilities work, to make the job easier for investors, he says: "We spend a lot of time working with utilities, so that when [solar] companies come to town we can tell them where to go."
Recently, ECC's efforts landed Clinton County a Purchase Power Agreement with Gaia Energy USA to install solar panels on the county jail. Gaia will provide more than $300,000 in capital investment to install 65 kilowatts of panels. Once installed, the panels could help the county save more than $25,000 a year on energy costs. Meanwhile a project is being seriously explored to make poetic use of the abandoned DHL facility by installing solar farms on its roofs, while another will use farmland in the county for utility scale solar fields. If successful, the latter would count as one of the largest solar power sources east of the Mississippi.
To spur green-job creation through construction, ECC has also focused on retrofitting buildings. The organization solicited help from a professor at nearby Dayton University to supply line-by-line energy audits on town buildings. The service is key to helping businesses and public works invest in retrofitting, which saves money and creates construction jobs. "Since you can't see energy and you can't see the money leaving your building, it's really difficult to convince people to invest [in retrofitting]," Rembert says. "When we're armed with data, it has a huge impact."
ECC has also designed an easy-to use and professional-looking online portal that promotes 170 locally owned businesses and sends out a weekly email newsletter read by 1,000 people every week. Thanks to a renewed involvement, the downtown commerce area has been completely tranformed. "When we were growing up, downtown was dead. We went to the strip, to Walmart--that's where everyone was. Now everyone wants to be downtown," says Rembert.
He senses that young American designers, economists, and urban planners have shown a renewed interest in rural areas, where projects are easier to initiate and have a much larger impact than in dense and highly regulated city centers. His own ECC is a remarkable case study of development and planning skills, which he intended for use in Third World countries, at work domestically. "We ended up realizing that a lot of the principles used in the Peace Corps--community asset based-development--were what was need in Wilmington."
His epiphany and his subsequent follow-through earned him not just the $10,000 prize but also a trophy given to him live on VH1 by none other than Megan Fox, who grew up in eastern Tennessee. "I think she's really passionate about rural America," Rembert says. Always on-message, he believes he was especially lucky to have been paired with the actress--for exposure's sake: "We have no doubt," he says, "that our video has been viewed many, many times."
More winners' stories: Micaela Connery: Knocking Down Barriers With the Power of Performance Jacqueline Murekatete: Genocide Survivor Embraces Her Ordeal to Educate Others Will Perez: Med Student Pioneers ?Political Medicine? in Rural Haiti
X Prize Foundation Unveils $1.4 Million Oil Cleanup X Challenge
The X Prize Foundation first announced plans for a million dollar oil spill X Challenge last month. Today, the foundation revealed the details of the $1.4 million Oil Cleanup X Challenge, which asks entrants to clean up the Gulf oil disaster. It's a "flash prize", according to Peter Diamandis, Founder & Chairman of the X PRIZE Foundation. That means entrants need to work quickly, for obvious reasons.
The competition, which is funded entirely by Wendy Schmidt of the Schmidt Marine Science Research Institute, will offer $1 million to the first place winner, $300,000 to the second place idea, and $100,000 to the third place winner. Entrants will be judged on a number of factors, including cost, environmental impact, scalability, oil recovery rate, and efficiency. Scaled versions of the best ideas will be built and tested in a head-to-head competition at the National Oil Spill Response Research & Renewable Energy Test Facility (OHMSETT) in Leonardo, New Jersey.
The winning idea won't just be kept in a lab--the X Prize Foundation is working with companies like Shell to bring solutions to the marketplace, and fast. Check out the video below for more details about the upcoming prize, and preregister your X Challenge team here.
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Ariel Schwartz can be reached on Twitter or by email.
Hackapalooza: ATM Spews Cash, Android App Swipes User Data, Digital Game Badg...
News from this year's Black Hat conference is already hitting the wires, but here are a few extra gems for you, all about hacking ATMs and how Apple's closed-door App Store now seems a really neat idea after a malicious Android app has struck.
Cash Waterfall
The efforts of a researcher dubbed Barnaby Jack to demonstrate an ATM hack deserves particular attention, since Jack actually "performed" the hack live on stage at Black Hat, on two different ATM types, no less. It was actually due to be performed last year, but it's such a contentious issue that an ATM manufacturer objected enough to raise the matter with Jack's then-employer. This year, working for a different firm, he was free to show exactly how easy the hack was.
And it's shockingly easy, it would seem: No theatrics with stolen fork-lift trucks or backhoes to snatch ATMs out of glass store frontages are needed. All you do is bust into the ATM's chassis with a low-security universal key, locate the USB port that's typically used to service the machine, and shove in a USB data key loaded with the rootkit hacking code on it, and watch the money spew forth. Obviously the magical hacking trickery is in the details of this code, but the hack works on Windows CE-based hardware, so there must be millions of snippets of sample code strewn around the darker corners of the Internet, thanks to Windows' long history of use.
Apparently Windows CE machines on ARM or XScale chipsets are vulnerable, and once in the hacker can do pretty much anything (the ATM's core is just a PC after all) like showing movies or, in Jack's case, scrolling the word "Jackpot!" as the device throws money out.
How can ATM makers react? By slapping damn big locks on the metal chassis for a start. The particular makers affected by Jack's hack are probably already secure, since in the best habits of a community-minded hacker he alerted them to the details before demonstrating how.
Android Attack
Mobile security firm Lookout also has bad hacking news, but this time it's too late to take protective action: A malicious Android app, that was supposedly an innocuous screen wallpaper app giving users cutesy photos, was actually a sophisticated cover. The real purpose of the app from Jackeey Wallpaper wasn't to plaster your Android phone with Star Wars backdrops, but to sniff out your private data. This is stuff like your browsing history, SMSs, and even really personal stuff like your voicemail password. All the data was then surreptitiously fired off to a site in China to be used for who-knows-what nefarious purposes.
Advice for anyone who thinks they may be affected is probably to keep an eye on your phone bills, change all your passwords, and keep your Android version fresh. But this advice needs to be broadcast pretty widely: Lookout thinks that the app was downloaded anywhere between 1.1 million and 4.6 million times (the figure is rough as Android doesn't report exact data like this).
Malicious apps like this are actually fairly easy to get onto the Android platform, due to its open submissions policy, and though Google can do a good job of policing them after they've hit, it's obvious from this example that millions of people can be affected in the interim. Such sneakery is also possible on the Apple iPhone, but due to Apple's strict app approval policy, and the overall closed-door format of the iPhone in terms of code, it's much less likely to occur. Score one for Apple against the Android army!
Battling Badges
Apart from these serious bits of news, there's other, more positive stuff coming out of the hacker world, like the sneak peak of the DefCon 18 Ninja Party Badge. If its title befuddles you, then don't worry--it's a befuddling notion right from the get-go. The idea is that attendees of the Ninja Networks parties would get given a free lapel badge that's actually a sophisticated little mini-sized Android-powered computer, complete with LCD display. The circuitry carried a game that lets players wirelessly "fight" with other badge-holders, earning experience points as they do. The gizmos also interact with other pre-installed devices at the venue, giving the game a location-based angle, and there are reward lights that mimic the colors used for items in the online multiplayer-game World of Warcraft.
Why's this curio exciting, apart from for the people attending the event though? Because it's actually very sophisticated, was cooked up pretty quickly, and it gives a good indication of one direction for the future of computer gaming: As a hardware/software mashup that combines multiple play elements, including clever location-based stuff. The devices you use will probably be your smartphones, rather than dedicated hardware, but the overall gaming experience will be the same. It sounds like geeky fun.
To keep up with this news, follow me, Kit Eaton, on Twitter.
Enterprise Adds Electric Vehicle Rentals, WeCar Sharing, Massive Tree Planting
Say hello to electric car-renting-sharing fusion goodness.
Next time you stop by Enterprise Rent-A-Car, your vehicle rental may be electric and by the hour. These and other wide-sweeping company changes were announced earlier this week as part of a company overhaul.
Another new feature is car-sharing, similar to what is already offered by Hertz Connect and pioneer Zipcar:
?WeCar car-sharing technology--complemented by Enterprise Rent-A-Car's extensive local car rental network--provides an environmentally friendly transportation solution, whether it is for an hour, a day, a weekend or longer. Totally automated and membership-based, WeCar serves local businesses, universities, and government offices looking to enhance their fleet management operations and sustainability initiatives.?And if that?s not enough, the company planted 5 million trees this year. And they'll plant another 45 million in the next 50 years! Look out, Zipcar: As crunchy as you are, have you planted 5 million trees yet?
Google Teams Up With CIA, Invests in Analytics Firm
Wired's defense dude, Noah Schachtman, has a fascinating story about Google and the CIA being joint investors in a web monitoring firm. Both Google Ventures and In-Q-Tel, the CIA's investment arm, have injected sums (less than $10 million each) into Recorded Future, a company that goes through "tens of thousands" of websites and looks for related actions and conversations between, for example, Twitter accounts, blogs and websites, and analyzes them in order to spot events and trends as early on as possible.
Describing its analytics as "the ultimate tool for open-source intelligence," Recorded Future markets itself towards corporations and brands, but it's also got one very large foot in the counter-terrorism field--which is what makes it so attractive to In-Q-Tel. The firm's CEO is an ex Swedish Army Ranger who holds a PhD in Computer Science, and he says that what sets Recorded Future apart from other analytics firms is "you can actually predict the curve, in many cases."
As well as the "business intelligence" side to the firm, there's a real feeling of Minority Report, here. It sounds like the kind of tool that will be used to predict crimes and terrorist activity as well. Analytics are already being used by the Memphis Police Department, whose Operation Blue CRUSH uses predictive analytics by IBM.
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Now, at first glance, it looks like the hardest thing that Google is going to have to deal with is the way this (coincidental, or accidental, surely) hook-up with the CIA looks. The PR is going to be mighty tricky--I mean, try explaining this to Consumer Watchdog's John Simpson, as the potential for consumer data leaks is significant, not to mention Google's increasing presence in governmental bodies. Now that yet another connection has been established between the "one-trick pony" (as Schmidt described Google to the Wall Street Journal yesterday) there may be calls to establish a Chinese wall so that Google's user data isn't shared with the guys with earpieces. That is, assuming that the two investors are actually using the service rather than just being vanilla investors.
Not only is the White House close to Eric Schmidt, Google's CEO, but it's leaning towards the idea of granting the FBI powers to force firms such as ISPs to hand over an individual's data. However, for all the intelligence agencies' fanatical interest in technological tools that, while plowing through the idea of individual privacy, seem (to them) to be the only way of tackling the increasing security issues both at home and abroad, there is one thing to remember, as Charles Homan's piece in Foreign Policy this week shows.
For all the hi-tech know-how, the only way of really proving that the intel gathered is bona fide is common sense. And, rather like FIFA's stance on technology in football (although the CIA is much more pro than Sepp Blatter ever will be) the ultimate decision needs to be made by an individual, not an algorithm. Gut instinct still trumps tech.
E-Commerce Security Is Broken, Vulnerable, Says Hacker Conference Founder
Lots of code excitement will spring from the Black Hat hacker conference this week, but already a huge controversy is erupting: Black Hat's founder thinks SSL--the security code making much of online commerce safe--is broken.
SSL, Secure Sockets Layer (and its successor Transport Layer Security) is a Net-based security protocol that ensures communications between computers is safe and unhackable--essentially so that no one can "listen in." It works like this: A server and computer connect together and say hello, digitally. This bit is unsecured. The two machines exchange a "key" which unlocks a private line that only they can communicate on.
These private exchanges are the basis of safe e-shopping, including credit card transactions. On the server side the site's owners can be certain they're speaking to a genuine customer, who's data can be trusted (to an extent).
So when Black Hat's keynote speaker Jeff Moss, founder of Black Hat and DEFCON, says that "SSL is broken," it's big news. Moss alleges that it's been 13 years since the first hacker conference, and that it's still not safe to do e-commerce. Moss wasn't much more specific than that, but the implication is that hackers can easily breach SSL, and thus expose millions of supposedly secure transactions to potential thieves. Back in December 2008, for example, a group of hackers used the astonishing number-crunching powers of 200 PS3 games consoles to hack SSL, and in early 2009 hackers created fake "certificates" that would make an SSL interchange appear secure, even if it actually wasn't. It's been a while since these exploits, and as we know hackers continually refine their methods, so it's plausible that much simpler exploits have been crafted in the interim.
The implications for e-commerce, and even businesses who rely on SSL code to make their communications safe, are potentially enormous. But is Moss right? V3.co.uk reports that security specialist Dan Kaminsky disagreed, and noted that there was still room to find some use from SSL--implying that clever code could still be secure, despite SSL's weakness.
From a user point of view, there's probably no need to panic right now. But the risk is that a sophisticated, coordinated hack (perhaps resembling the clever exploit the let Chinese hackers break Google's systems) could result in mass theft of user data. The risk is small, but Black Hat exists to break news of potentially serious problems like this so that coders can fix the problems.
To keep up with this news, follow me, Kit Eaton, on Twitter.
Samsung Champions the Environment, Disses the Elderly
Samsung's CSR program needs to brush up on its elderly appeal.
South Korea's Samsung announced yesterday the results of billions of dollars in large-scale investments in eco-friendly products and business practices, thereby ensuring a healthier future for its domestic society. What did the leading company in Korea forget? Their elderly.
We all love a good story about the world becoming greener. But South Korea has a pressing "aging" problem, with scores of people entering their elderly years in the near future. A recent article in the Japan Times notes that South Korea's baby boomers account for 14.6 percent of the total population. They start to turn 55--the retirement age in many big corporations--this year. Roughly 300,000 to 400,000 salaried workers in this generation are expected to leave the workforce each year over the next nine years. That challenge goes sorely unacknowledged when the focus is frenetically on now, now, now. And investments in sustainable business primarily benefit the young, who have many years ahead of them.
By 2050, the median age in Korea is projected to be 57 years, according to an article written by Dr. Thomas R. Klassen of York University, "making it the most elderly nation in the world. In contrast, at present, Japan has the oldest median age at 43 years, while Korea?s stands at 37 years.?
The one area in which the two issues--environmental responsibility and looking after the elderly--may work together is in the area of employment, if the elderly choose to stay employed. Here?s what the company announced in the R&D and manufacturing category:
?Samsung invested a total of 1.01 trillion Korean won (about US $865 million) in environmentally friendly product development and green manufacturing sites in 2009. Of this, 570 billion won (about US $488 million) was invested in development of energy-efficient technologies, environmentally friendly materials and renewable energy projects, and 440 billion won (about US $377 million) was put into pollutant-reducing and energy-efficient manufacturing facilities. Samsung also announced plans in May to invest a total of 6 trillion won (about US $5.1 billion) through 2020 in the development of its solar cell business, as part of a new focus on renewable energy.?South Korea and the U.S. share in their baby boomer challenges, what with everyone screaming and pulling their hair out in the U.S. over the future of Social Security. But why fret over Social Security? Let?s just keep the elderly working longer and focus on the greener tomorrow for all our little ones!
Peace Dividend Trust Finds New Business Frontiers ... in Afghanistan
WikiLeaks be damned, former Afghanistan diplomat Scott Gilmore cuts out middle men in international aid and brings global trade to a country often considered war-torn.
Scott Gilmore started the Peace Dividend Trust and the Peace Dividend Marketplace as a way to cut out middle men in the international aid industry and to connect local suppliers with international buyers. As business and international aid continue to dance and intermingle, a subject covered extensively by the likes of AidWatch and NextBillion.net, Gilmore has squeezed unprecedented potential out of what some might consider one of the the least likely trade nations on the planet: Afghanistan. He talked to FastCompany.com about the Peace Dividend Trust and Marketplace and why his approach isn't as absurd as some might think.
What is the Peace Dividend Trust and the Peace Dividend Marketplace? PDT is a charity founded by a group of aid workers, diplomats, entrepreneurs and peacekeepers who were frustrated at how the strategic impact of aid was being severely hampered by the inefficiencies of the nuts and bolts of missions (like procurement, planning, HR, etc). PDT's mission is to rethink and change the way aid and peacekeeping is delivered. We do this by finding, testing, and implementing new operational ideas for improving aid. Some have described us as a do tank or an "aid lab." Currently we are 150 people working in six countries with HQ in NYC.
The Peace Dividend Marketplace is a unique project that we originally piloted in Afghanistan but which is now in Haiti, Timor, and soon Liberia. We launched it to address the problem that on average only 5-25% of aid budgets actually enter the local economy. The rest is spent on flying in goods or hiring international staff. The project creates a path of least resistance between international procurement officers and local vendors by delivering 5 services:
Training local entrepreneurs on how to find and bid on international contracts Translating and distributing international tenders locally Maintaining an online database of local entrepreneurs who we have personally verified Matchmaking large scale international procurement needs (like bottled water for a big UN mission) to local vendors Advocating for the concept of buying local with our "Buy Local - Build Afghanistan (or Timor or Haiti) campaignsResults to date have been extraordinary. In Afghanistan we have redirected over $485m of new spending into the local economy, money that otherwise would have been spent in Dubai or Europe. As a result, we were awarded the Skoll Award for Social Entrepreneurship this year, which came with a $750k prize.
How did you get involved in Afghanistan?After helping the UN to measure the local economic impact of all its aid missions, senior UN staff in Kabul asked us in 2006 to help them find ways to find and use Afghan entrepreneurs. This idea was soon embraced by the U.S. government in their Afghan First policies and later by other donors, too.
I, personally, first became involved in 2002 as a Canadian diplomat who was responsible for Canada's South Asian interests and oversaw the team that opened our first embassy there in 2003.
What's your take on WikiLeaks?It is fascinating reading, and provides a massive set of examples to illustrate the staggering challenges facing the international community there. For those working on Afghanistan daily, and working outside of the wire or outside of the bubble in Kabul, however, there are few overall surprises.
Skeptics would say doing business in Afghanistan is absurd. What's your answer?Afghanistan has been a trading nation, sitting right in the midst of global trading crossroads, for thousands of years. It has a very entrepreneurial culture and a business community that has survived decades of war. As a result, it is one of those places where there is a real vibrant business culture like Hong Kong or Singapore. I like to tell people that if you gave me a random list of goods or services, I can find them quicker in downtown Kabul than I can in midtown Manhattan. Doing business in Afghanistan is far from absurd. And in fact, from a political perspective, given that economic growth and stability are the only ways out of this conflict, it is the most sane thing we can do.
Seventh Generation's Jeffrey Hollender Explains Why He's Working With Walmart
Earlier this week we discussed the recent announcement that Seventh Generation is teaming up with Walmart in a strategic partnership that will see the green cleaning brand sell products in 1,500 Walmart stores. It's the most unlikely of alliances, considering that Seventh Generation's co-founder has said in the past that "hell would freeze over before Seventh Generation would ever do business with Walmart." But at the same time, the partnership has been a long time coming, Jeffrey Hollender explains to FastCompany.com.
"They aren't the same company they were when I said what I said," Hollender concedes. "I'm the first one to admit that I was naive in thinking it was impossible for them to change."
Hollender's thinking has slowly changed since meeting with former Walmart CEO Lee Scott in 2005. At the time, Walmart was "fundamentally unwilling to engage in dialogue with its critics." But thanks to guidance from Seventh Generation and a slew of other organizations, Walmart has slowly come around--and in many cases, it has bested its competitors in the sustainability arena.
"I think that the fact that we were as persistent for so many years being engaged with helping [Walmart] become more sustainable helped contribute to positive change, which led to us reexamining and ultimately changing our perspective," Hollender says.
Walmart still has a long way to go, of course. The company's Sustainability Consortium is a start, but Hollender has plenty of other ideas on his wish list. "I think there are huge opportunities for them to push companies to not include chemicals that are proven to be unsafe," Hollender says. Walmart could also stand to improve its abysmal labor practices.
But as Hollender explains, the Walmart of today is hardly recognizable compared to the Walmart of, say, 2006. "Our conclusion is that they are doing more than most. When we see a potential partner exhibit the amount of change that they've exhibited over the past three years or so, it warrants you to reevaluate your position."
Ariel Schwartz can be reached on Twitter or by email.
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Wired News
Wired: Tech BizDispatches from Silicon Valley.
Twitter Convert Kanye West Changes His Rap
Rapper Kanye West, who might be more famous for his controversial pronouncements over the years than for his music, would seem the perfect candidate for starting a Twitter account, but rejected the notion. However, he changed his mind by starting an account and rapping at Twitter's headquarters on Wednesday.
Let the Little Guys Get In on Pre-IPO
The rich are adding to their millions with pre-IPO stock, but today's internet stock rockets are social networks built by their members -- so shouldn?t Regular Joes get a cut, too?
What's the Fastest and Best ISP in Your City? Look It Up Here
Rankings of the best and fastest ISPs in U.S. cities are now available, thanks to stats from Speedtest.net. And while the country is far from leading the world, the nation's tubes aren't nearly as bad as many suspect.
Letter From Silicon Valley: Doing the Math on Android vs. Apple
The fight between Google and Apple is not over phones: It's a software-platform war. The trouble with this horse race is that one horse's progress is measured in meters and the other in yards. The comparison between Android and the iPhone is meaningless.
@Twitter Users #Fail as Branding Automatons
Just about everything people say on Twitter is public, offering marketers a rare chance to listen in on what folks are saying about their brands, and to trumpet their messages to the masses. But Twitter users fail spectacularly when it comes to disseminating branding messages to each other.
Low-Tech Shatner Eyes Twitter, Says What The "$#*!"
LOS ANGELES - William Shatner confesses he has problems with the digital age. At 79, he doesn't use Twitter and can't remember computer passwords. So what is the Sci Fi icon doing in the first TV series dreamed up from a Twitter account?
Report: Mobile Geo-Marketing Not Where It's At, Yet
Marketers should avoid advertising on Foursquare and other location-based social networks because not enough people use them, according to a Forrester Research report.
Ask.com Returns To Answering Questions, Web 2.0 Style
Starting Tuesday, the search site that refuses to die is re-re-inventing itself as a question answering service. This time Ask.com is adding a Web 2.0 twist on its origins as a site that promised to understand what you were asking and provide the one right answer.
iPad Owners Are 'Selfish Elites.' Critics Are 'Independent Geeks.' Discuss.
According to a survey of more than 20,000 internet users, iPad owners are uncaring elites, while those who denigrate the device lack sex appeal. That's about what our personal anecdotal experience has been ...
Results Show Interactive Old Spice Ads Work
Sales of Old Spice have more than doubled since the brand launched its viral video sensation featuring Isaiah Mustafa addressing his viewers directly in near-real-time.
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QQQQ DayTrading Notes
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My Twitter Weekly Digest for 2010-05-30
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