Thursday, December 23, 2010

Thursday Watch


Evening Recommendations
Citigroup:
  • Reiterated Buy on (BBBY), target $59.
  • Reiterated Sell on (WAG), target $33.
Night Trading
  • Asian equity indices are -.25% to +.50% on average.
  • Asia Ex-Japan Investment Grade CDS Index 103.0 -1.5 basis points.
  • Asia Pacific Sovereign CDS Index 104.0 -1.25 basis points.
  • S&P 500 futures +.07%
  • NASDAQ 100 futures +.10%.
Morning Preview Links

Earnings of Note
Company/Estimate
  • (PNY)/-.09
Economic Releases
8:30 am EST
  • Durable Goods Orders for November are estimated to fall -.5% versus a -3.3% decline in October.
  • Durables Ext Transports for November are estimated to rise +1.8% versus a -2.7% decline in October.
  • Cap Goods Orders Non-defense Ex Air for November are estimated to rise +3.1% versus a -4.5% decline in October.
  • Personal Income for November is estimated to rise +.2% versus a +.5% gain in October.
  • Personal Spending for November is estimated to rise +.5% versus a +.4% gain in October.
  • PCE Core for November is estimated to rise +.1% versus unch. in October.
  • Initial Jobless Claims for last week are estimated at 420K versus 420K the prior week.
  • Continuing Claims are estimated to fall to 4100K versus 4135K prior.
9:55 am EST
  • Final Univ. of Mich. Consumer Confidence for December is estimated to rise to 74.5 versus a prior estimate of 74.2.
10:00 am EST
  • New Home Sales for November are estimated to rise to 300K versus 283K in October.
Upcoming Splits
  • (ABV) 5-for-1
Other Potential Market Movers
  • The weekly EIA natural gas inventory report could also impact trading today.
BOTTOM LINE: Asian indices are mostly higher, boosted by commodity and technology shares in the region. I expect US stocks to open mixed and to rally into the afternoon, finishing modestly higher. The Portfolio is 100% net long heading into the day.

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