S&P 500 1,119.15 -.41%
NASDAQ 1,957.80 -.96%
Leading Sectors
Oil Service +.68%
Energy +.64%
Insurance +.21%
Lagging Sectors
Disk Drives -1.66%
Restaurants -1.88%
Airlines -2.70%
Other
Crude Oil 37.75 -1.13%
Natural Gas 5.66 -1.08%
Gold 413.50 +1.57%
Base Metals 112.72 +.56%
U.S. Dollar 87.50 -1.31%
10-Yr. Long-Bond Yield 3.73% +.55%
VIX 18.98 +4.80%
Put/Call .97 +21.25%
NYSE Arms 1.21 +80.60%
Market Movers
TASR +5.6% after announcing it is moving from the NASDAQ Small-cap Market to the NASDAQ.
DJO +9.1% after W.R. Hambrecht raised it to Buy, $27.50 target.
CSGS +16.2% after announcing new contract with Comcast and multiple upgrades.
NEM +4.0% on rising gold futures.
PLNR -18.7% after lowering 2Q forecast.
WGO -11.7% after just meeting 2Q estimates.
MLHR -7.5% after meeting 3Q and lowering 4Q estimates.
Economic Data
Producer Price Index up .6% in January, above expectations of a .4% rise.
PPI Ex Food & Energy up .3% in January, above expectations of a .1% rise.
Leading Indicators for Feb. unch. vs. expectations of a .1% rise.
Philadelphia Fed. for March 24.2 vs. expectations of 29.0.
Recommendations
Goldman Sachs projecting oil to fall under $30/bbl this spring resulting in a 10-15% correction in the integrated oil stocks. GS worried about the effects the Medicare Trustees' report will have on pharmaceutical stocks early next week. Citi Smith Barney raising JCP estimates, target $46. Citi recommending to buy homebuilders on weakness, favorites are CTX and LEN. TLAB, AVCI cut to Underweight at Morgan Stanley. MS bullish on semis and semi-equipment, favorites are INTC, BRCM, NVDA and NSM. MS raised MCHP to Overweight. JBL raised to Sector Outperform at CIBC. CSGS raised to Buy at Deutsche Bank. WAT raised to Buy at Merrill. FedEx raised to Overweight at Prudential. VSH raised to Strong Buy at Raymond James.
Mid-day News
U.S. stocks are weaker mid-day on disappointing economic data and Microsoft's problems with the European Union. Minnesota Governor Tim Pawlenty told CNBC his state wants drug companies to reduce prices because they aren't fair. Amerco CEO Schoen told CNBC the company's U-Haul truck-rental business should have a record year and is hiring across the country. Microsoft and EU regulators failed to agree on an antitrust settlement, opening the way for restrictions on its Windows product. The death toll from yesterday's hotel bombing in Baghdad was lowered to 7 from initial reports of 27. Pakistan President Musharraf said a "high-value" al-Qaeda target is surrounded at the border, CNN reported.
BOTTOM LINE: The Portfolio, which is currently positioned 100% net long, is down today as weakness in U.S. stocks is broad-based. I have not made any trades today. I will likely sell some longs in the afternoon on a break of today's lows. If the lows hold and the indices rally into the close, I will likely maintain 100% long exposure.
Thursday, March 18, 2004
Thursday Watch
Earnings Announcements
Company/Estimate
COMS/-.13
ADBE/.40
BKS/1.65
BBA/.32
LSCC/-.01
MWD/.96
NKE/.73
OMX/.91
PAYX/.21
SLR/-.02
WSM/.84
Splits
None of note.
Economic Data
Producer Price Index estimated +.4% in January vs. +.3% in December.
PPI Ex Food & Energy +.1% in January vs. -.1% in December.
Leading Indicators estimated up .1% in February vs. +.5% in January.
Philadelphia Fed. estimated at 29.0 in March vs. 31.4 in February.
Recommendations
None of note.
Late-Night News
Asian stocks are mostly higher, led by the 3% gain in Taiwan's TWSE Index, on strength in semiconductor shares. Corning, the world's largest market of glass used in flat-panel computer and tv displays, said shortages of the material may last until next year because of stronger-than-expected demand. The U.S. House of Representatives approved a resolution asserting that the world is safer because the Iraq war toppled Saddam Hussein, Bloomberg reported. The U.S. will designate Pakistan a major ally outside the North Atlantic Treaty Organization, Secretary of State Colin Powell said. Global supply chain problems caused by a shortage of new plants, pipelines and ships is contributing to keeping commodity prices high, the Wall Street Journal reported. Pfizer's cholesterol-lowering drug Lipitor got a boost from a study showing that it's better at preventing heart attacks than Bristol-Myers Pravachol, the Wall Street Journal reported.
Late-Night Trading
Asian Indices +1.0% to 3.0%.
S&P 500 indicated +.04%.
NASDAQ indicated -.07%.
BOTTOM LINE: The Portfolio is 100% net long as I look for a continuation of the recent rally in the short-term on better-than-expected earnings reports. However, a much higher-than-expected PPI could lead to temporary weakness.
Company/Estimate
COMS/-.13
ADBE/.40
BKS/1.65
BBA/.32
LSCC/-.01
MWD/.96
NKE/.73
OMX/.91
PAYX/.21
SLR/-.02
WSM/.84
Splits
None of note.
Economic Data
Producer Price Index estimated +.4% in January vs. +.3% in December.
PPI Ex Food & Energy +.1% in January vs. -.1% in December.
Leading Indicators estimated up .1% in February vs. +.5% in January.
Philadelphia Fed. estimated at 29.0 in March vs. 31.4 in February.
Recommendations
None of note.
Late-Night News
Asian stocks are mostly higher, led by the 3% gain in Taiwan's TWSE Index, on strength in semiconductor shares. Corning, the world's largest market of glass used in flat-panel computer and tv displays, said shortages of the material may last until next year because of stronger-than-expected demand. The U.S. House of Representatives approved a resolution asserting that the world is safer because the Iraq war toppled Saddam Hussein, Bloomberg reported. The U.S. will designate Pakistan a major ally outside the North Atlantic Treaty Organization, Secretary of State Colin Powell said. Global supply chain problems caused by a shortage of new plants, pipelines and ships is contributing to keeping commodity prices high, the Wall Street Journal reported. Pfizer's cholesterol-lowering drug Lipitor got a boost from a study showing that it's better at preventing heart attacks than Bristol-Myers Pravachol, the Wall Street Journal reported.
Late-Night Trading
Asian Indices +1.0% to 3.0%.
S&P 500 indicated +.04%.
NASDAQ indicated -.07%.
BOTTOM LINE: The Portfolio is 100% net long as I look for a continuation of the recent rally in the short-term on better-than-expected earnings reports. However, a much higher-than-expected PPI could lead to temporary weakness.
Wednesday, March 17, 2004
Wednesday Close
S&P 500 1,123.75.75 +1.17%
NASDAQ 1,976.76 +1.73%
Leading Sectors
Iron/Steel +4.05%
Airlines +3.40%
Biotech +2.82%
Lagging Sectors
HMO's +.39%
Drugs -.67%
Homebuilders -1.22%
Other
Crude Oil 38.19 +.03%
Natural Gas 5.74 +.31%
Gold 407.30 +.05%
Base Metals 112.09 +.56%
U.S. Dollar 88.66 +.08%
10-Yr. Long-Bond Yield 3.68% +.05%
VIX 18.11 -10.96%
Put/Call .80 -23.08%
NYSE Arms .67 -9.46%
After-hours Movers
TIBX +4.6% after beating 1Q earnings estimates.
PLNR -17.7% after lowering 2Q guidance.
ESMC -12.8% on announcing that it sold 800,000 shares in a private placement 32% below Wed. close.
MLHR -6.6% after meeting 3Q estimates and lowering 4Q guidance.
Recommendations
Goldman Sachs reiterated Outperform on PKG. TheStreet.com's Chris Edmonds thinks oil will fall to around $30/bbl in the next 3-6 months. CNBC had guests that were positive on VECO and FEIC, providers of the "picks and shovels" for nanotechnology.
After-hours News
U.S. stocks rallied today on strong earnings from economic bell-weather FedEx and strength in other cyclicals. Martha Stewart's daughter said she isn't interested in running her mother's company, CNNMoney.com reported. Crude oil futures closed above $38 a barrel for the first time since the 1990-91 Gulf War, after the U.S. Energy Dept. reported a decline in nationwide gasoline inventories. Afghanistan is aiming to hold presidential and parliamentary elections in the middle of the year, President Karzai said.
BOTTOM LINE: The Portfolio was up today as I added quite a few new long positions into the afternoon strength. The Portfolio is now 100% net long. The market's strength in the face of 13-year highs in the price of oil and a hotel bombing in Iraq was impressive. I am seeing a number of stocks stabilize and begin to break-out to the upside. It is too early to tell whether or not the recent correction is over, but signs are pointing to continued strength in the short-term. Most of the longs I added were beaten up technology and base metal stocks with exceptional fundamentals.
NASDAQ 1,976.76 +1.73%
Leading Sectors
Iron/Steel +4.05%
Airlines +3.40%
Biotech +2.82%
Lagging Sectors
HMO's +.39%
Drugs -.67%
Homebuilders -1.22%
Other
Crude Oil 38.19 +.03%
Natural Gas 5.74 +.31%
Gold 407.30 +.05%
Base Metals 112.09 +.56%
U.S. Dollar 88.66 +.08%
10-Yr. Long-Bond Yield 3.68% +.05%
VIX 18.11 -10.96%
Put/Call .80 -23.08%
NYSE Arms .67 -9.46%
After-hours Movers
TIBX +4.6% after beating 1Q earnings estimates.
PLNR -17.7% after lowering 2Q guidance.
ESMC -12.8% on announcing that it sold 800,000 shares in a private placement 32% below Wed. close.
MLHR -6.6% after meeting 3Q estimates and lowering 4Q guidance.
Recommendations
Goldman Sachs reiterated Outperform on PKG. TheStreet.com's Chris Edmonds thinks oil will fall to around $30/bbl in the next 3-6 months. CNBC had guests that were positive on VECO and FEIC, providers of the "picks and shovels" for nanotechnology.
After-hours News
U.S. stocks rallied today on strong earnings from economic bell-weather FedEx and strength in other cyclicals. Martha Stewart's daughter said she isn't interested in running her mother's company, CNNMoney.com reported. Crude oil futures closed above $38 a barrel for the first time since the 1990-91 Gulf War, after the U.S. Energy Dept. reported a decline in nationwide gasoline inventories. Afghanistan is aiming to hold presidential and parliamentary elections in the middle of the year, President Karzai said.
BOTTOM LINE: The Portfolio was up today as I added quite a few new long positions into the afternoon strength. The Portfolio is now 100% net long. The market's strength in the face of 13-year highs in the price of oil and a hotel bombing in Iraq was impressive. I am seeing a number of stocks stabilize and begin to break-out to the upside. It is too early to tell whether or not the recent correction is over, but signs are pointing to continued strength in the short-term. Most of the longs I added were beaten up technology and base metal stocks with exceptional fundamentals.
Mid-day Update
S&P 500 1,122.47 +1.06%
NASDAQ 1,971.94 +1.48%
Leading Sectors
Iron/Steel +3.72%
Airlines +2.86%
Internet +2.46%
Lagging Sectors
HMO's -.03%
Drugs -.76%
Homebuilders -1.97%
Other
Crude Oil 38.07 +1.52%
Natural Gas 5.73 +.74%
Gold 404.10 +.37%
Base Metals 112.09 +.56%
U.S. Dollar 88.71 +.14%
10-Yr. Long-Bond Yield 3.70% +.61%
VIX 18.48 -9.14%
Put/Call .89 -14.42%
NYSE Arms .72 -2.70%
Market Movers
MAMA +9.1% after First Berlin rated it Strong Buy with $12 target.
AOT +4.3% on $3.7B acquisition by FSH.
YHOO +4.3% after multiple analyst upgrades.
NVTL +17.3% on order from O2 Germany for its pc card modems.
PNR +6.4% after boosting 1Q and 04 estimates.
FDX +4.6% after reporting better-than-expected 3Q estimates.
SCHL -8.2% after missing 3Q estimates and lowering guidance.
CENF -29% after significantly lowering 1Q forecast.
CANI -19.9% after disappointing 4Q report.
Economic Data
Consumer Price Index for Feb. rose .3%, meeting expectations.
CPI Ex Food & Energy for Feb. rose .2% vs. expectations of a .1% rise.
Recommendations
YHOO raised to Buy at Citi Smith Barney. MMM raised to Buy at Citi, $88 target. WY raised to Buy at Citi, $71 target. Citi says KSS mgmt. most upbeat in a long time, reiterating 1M rating and $60 target. Citi raised LEH estimates and price target to $99. PLXS raised to Buy 2 at UBS. CYT raised to Buy at Deutshe Bank, $42 target. GCI raised to Overweight at Morgan Stanley, target $98. TXU raised to Buy at Merrill, $32 target. SMBI rated Buy at Merrill, $22 target. MTLG raised to Outperform at Raymond James, $28 target. Goldman Sachs reiterated Outperform on GDT. GS rated TRW Outperform, $28 target. GS reiterates Outperform on PEP.
Mid-day News
U.S. stocks are rallying mid-day as the CPI showed no signs of inflation and FedEx reported better-than-expected earnings. TheStreet.com reports that venture capitalists are pouring more money into late-stage investments, companies that are near an initial public offering, than at any time since the mid-80's. TheStreet.com also saying that the Put/Call ratio has had readings above 1.0 for 4 consecutive days, the first time this has happened since last May. Cisco CEO Chambers said CSCO will probably pay a dividend at some point. Goldman Sachs says a recent survey shows WalMart's food is 13% cheaper than 4 other major supermarket chains. John Ryding, chief market economist at Bear Stearns, and Paul McCulley, of PIMCO, told CNBC that the Fed is waiting for sustained improvement in job growth before considering a move to raise interest rates.
BOTTOM LINE: The Portfolio is up today as my shorts are even and my longs are up. I added a few tech longs this morning, bringing market exposure to 50%. I will likely add another 25% to long exposure this afternoon on any strength into the close. The market's action is impressive in the face of higher crude prices and a hotel bombing in Baghdad. If you haven't already glanced at the most comprehensive Iraqi poll to date, mentioned in last night's post, I would highly recommend it.
NASDAQ 1,971.94 +1.48%
Leading Sectors
Iron/Steel +3.72%
Airlines +2.86%
Internet +2.46%
Lagging Sectors
HMO's -.03%
Drugs -.76%
Homebuilders -1.97%
Other
Crude Oil 38.07 +1.52%
Natural Gas 5.73 +.74%
Gold 404.10 +.37%
Base Metals 112.09 +.56%
U.S. Dollar 88.71 +.14%
10-Yr. Long-Bond Yield 3.70% +.61%
VIX 18.48 -9.14%
Put/Call .89 -14.42%
NYSE Arms .72 -2.70%
Market Movers
MAMA +9.1% after First Berlin rated it Strong Buy with $12 target.
AOT +4.3% on $3.7B acquisition by FSH.
YHOO +4.3% after multiple analyst upgrades.
NVTL +17.3% on order from O2 Germany for its pc card modems.
PNR +6.4% after boosting 1Q and 04 estimates.
FDX +4.6% after reporting better-than-expected 3Q estimates.
SCHL -8.2% after missing 3Q estimates and lowering guidance.
CENF -29% after significantly lowering 1Q forecast.
CANI -19.9% after disappointing 4Q report.
Economic Data
Consumer Price Index for Feb. rose .3%, meeting expectations.
CPI Ex Food & Energy for Feb. rose .2% vs. expectations of a .1% rise.
Recommendations
YHOO raised to Buy at Citi Smith Barney. MMM raised to Buy at Citi, $88 target. WY raised to Buy at Citi, $71 target. Citi says KSS mgmt. most upbeat in a long time, reiterating 1M rating and $60 target. Citi raised LEH estimates and price target to $99. PLXS raised to Buy 2 at UBS. CYT raised to Buy at Deutshe Bank, $42 target. GCI raised to Overweight at Morgan Stanley, target $98. TXU raised to Buy at Merrill, $32 target. SMBI rated Buy at Merrill, $22 target. MTLG raised to Outperform at Raymond James, $28 target. Goldman Sachs reiterated Outperform on GDT. GS rated TRW Outperform, $28 target. GS reiterates Outperform on PEP.
Mid-day News
U.S. stocks are rallying mid-day as the CPI showed no signs of inflation and FedEx reported better-than-expected earnings. TheStreet.com reports that venture capitalists are pouring more money into late-stage investments, companies that are near an initial public offering, than at any time since the mid-80's. TheStreet.com also saying that the Put/Call ratio has had readings above 1.0 for 4 consecutive days, the first time this has happened since last May. Cisco CEO Chambers said CSCO will probably pay a dividend at some point. Goldman Sachs says a recent survey shows WalMart's food is 13% cheaper than 4 other major supermarket chains. John Ryding, chief market economist at Bear Stearns, and Paul McCulley, of PIMCO, told CNBC that the Fed is waiting for sustained improvement in job growth before considering a move to raise interest rates.
BOTTOM LINE: The Portfolio is up today as my shorts are even and my longs are up. I added a few tech longs this morning, bringing market exposure to 50%. I will likely add another 25% to long exposure this afternoon on any strength into the close. The market's action is impressive in the face of higher crude prices and a hotel bombing in Baghdad. If you haven't already glanced at the most comprehensive Iraqi poll to date, mentioned in last night's post, I would highly recommend it.
Wednesday Watch
Earnings Announcements
Company/Estimate
BSC/2.05
BMET/.33
BKST/2.32
FDX/.66
GME/.67
JBL/.22
TSA/1.06
Splits
CLZR 2-for-1
DCOM 3-for-2
Economic Data
Consumer Price Index estimated up .3% in Feb. vs. a .5% rise in Jan.
CPI Ex Food & Energy estimated up .1% in Feb. vs. a .2% rise in Jan.
Recommendations
Goldman Sachs reiterated Outperform on AMGN, BIIB and DNA. GS reiterated Outperform on NKE ahead of earnings on Thur. GS reiterating Outperform on RCL and CCL after attending State of the Industry panel at Seatrade.
Late-Night News
Asian stocks are mostly higher as a strengthening Japanese economy propelled the Nikkei, led by homebuilders, to a 2% gain. Yum! Brands, the operator of KFC and Pizza Hut, increased China sales by 31% to $1.1B last year, the Xinhua news agency said. The most comprehensive poll taken inside of Iraq has some very interesting and positive findings. A Chinese government official says the U.S. complaint over tax breaks for chipmakers is groundless.
Late-Night Trading
Asian market gains range from +.5% to +2.0%.
S&P 500 indicated +.14%.
NASDAQ indicated +.32%.
BOTTOM LINE: The late-day rally in the U.S. today may continue in the morning on strength in Asia. I will closely monitor the volume and breadth readings on any morning strength to decide whether or not to increase market exposure. The Portfolio is currently 25% net long. It will be interesting to see if the mainstream press burries the positive findings from the Iraqi poll on the back pages, tries to spin it in a negative way or actually makes an effort to report something very positive.
Company/Estimate
BSC/2.05
BMET/.33
BKST/2.32
FDX/.66
GME/.67
JBL/.22
TSA/1.06
Splits
CLZR 2-for-1
DCOM 3-for-2
Economic Data
Consumer Price Index estimated up .3% in Feb. vs. a .5% rise in Jan.
CPI Ex Food & Energy estimated up .1% in Feb. vs. a .2% rise in Jan.
Recommendations
Goldman Sachs reiterated Outperform on AMGN, BIIB and DNA. GS reiterated Outperform on NKE ahead of earnings on Thur. GS reiterating Outperform on RCL and CCL after attending State of the Industry panel at Seatrade.
Late-Night News
Asian stocks are mostly higher as a strengthening Japanese economy propelled the Nikkei, led by homebuilders, to a 2% gain. Yum! Brands, the operator of KFC and Pizza Hut, increased China sales by 31% to $1.1B last year, the Xinhua news agency said. The most comprehensive poll taken inside of Iraq has some very interesting and positive findings. A Chinese government official says the U.S. complaint over tax breaks for chipmakers is groundless.
Late-Night Trading
Asian market gains range from +.5% to +2.0%.
S&P 500 indicated +.14%.
NASDAQ indicated +.32%.
BOTTOM LINE: The late-day rally in the U.S. today may continue in the morning on strength in Asia. I will closely monitor the volume and breadth readings on any morning strength to decide whether or not to increase market exposure. The Portfolio is currently 25% net long. It will be interesting to see if the mainstream press burries the positive findings from the Iraqi poll on the back pages, tries to spin it in a negative way or actually makes an effort to report something very positive.
Tuesday, March 16, 2004
Tuesday Close
S&P 500 1,110.70 +.56%
NASDAQ 1,943.09 +.20%
Leading Sectors
Gaming +1.47%
Banks +1.24%
Insurance +1.15%
Lagging Sectors
Networking -.79%
Biotech -.85%
Oil Service -.87%
Other
Crude Oil 37.35 -.24%
Natural Gas 5.66 -1.01%
Gold 402.50 +.73%
Base Metals 111.47 +2.08%
U.S. Dollar 88.59 -.25%
10-Yr. Long-Bond Yield 3.68% -2.19%
VIX 20.34 -3.74%
Put/Call 1.04 +1.96%
NYSE Arms .74 -73.38%
After-hours Movers
MAMA +4.19% continuing to rise after Mark Cuban reported 6.3% stake.
ANPI -6.01% on disappointing 4Q earnings report.
BAMM +23% after significantly beating 4Q estimates.
Recommendations
INFY rated new Buy at Janney Montgomery Scott with a $98.00 target. Goldman Sachs initiating coverage of HS with Outperform and $21 target. GS reiterating Outperform on AET. GS reiterates Outperform on SVU. TheStreet.com has a positive article on homebuilding stocks, making the case for continued gains. TheStreet.com thinks the selling in Airlines is overdone.
After-hours News
U.S. stocks gained, led by financials, after the Fed reiterated it will be "patient" about raising interest rates. However, breadth wasn't good as a number of stocks declined in the oil service, technology and biotechnology sectors. After the close, Manpower said its recently released jobs survey says, "Based on the hiring intentions that were reported across a majority of the companies surveyed, it is clear that demand for their products and services has finally surpassed the capacity and productivity of the current workforce." Jim Cramer, of TheStreet.com, thinks there is much less corporate corruption and fraud now than in the 90's, as the feds shutting down Arthur Andersen was a watershed event. The Italian government plans to keep its troops in Iraq, the Financial Times reported. The U.S. government may lodge a complaint to the WTO, saying China is breaking trading rules by giving tax breaks to local chipmakers, the FT said. The Univ. of Mich. said the FBI is investigating "the unauthorized access and public release" of February's report. General Motors said its profit from ventures in China more than tripled to $437M last year as the company's market share in that nation increases, reported Bloomberg.
BOTTOM LINE: The Portfolio had a good day today, notwithstanding its relatively low market exposure of 25%. I did not trade, as I do not see substantial signs of a short-term bottom. "Triple Witching" option expiration on Friday may provide the catalyst for a decent bounce. However, I will not trade too aggressively on the long-side as it seems this correction has a bit further to go.
NASDAQ 1,943.09 +.20%
Leading Sectors
Gaming +1.47%
Banks +1.24%
Insurance +1.15%
Lagging Sectors
Networking -.79%
Biotech -.85%
Oil Service -.87%
Other
Crude Oil 37.35 -.24%
Natural Gas 5.66 -1.01%
Gold 402.50 +.73%
Base Metals 111.47 +2.08%
U.S. Dollar 88.59 -.25%
10-Yr. Long-Bond Yield 3.68% -2.19%
VIX 20.34 -3.74%
Put/Call 1.04 +1.96%
NYSE Arms .74 -73.38%
After-hours Movers
MAMA +4.19% continuing to rise after Mark Cuban reported 6.3% stake.
ANPI -6.01% on disappointing 4Q earnings report.
BAMM +23% after significantly beating 4Q estimates.
Recommendations
INFY rated new Buy at Janney Montgomery Scott with a $98.00 target. Goldman Sachs initiating coverage of HS with Outperform and $21 target. GS reiterating Outperform on AET. GS reiterates Outperform on SVU. TheStreet.com has a positive article on homebuilding stocks, making the case for continued gains. TheStreet.com thinks the selling in Airlines is overdone.
After-hours News
U.S. stocks gained, led by financials, after the Fed reiterated it will be "patient" about raising interest rates. However, breadth wasn't good as a number of stocks declined in the oil service, technology and biotechnology sectors. After the close, Manpower said its recently released jobs survey says, "Based on the hiring intentions that were reported across a majority of the companies surveyed, it is clear that demand for their products and services has finally surpassed the capacity and productivity of the current workforce." Jim Cramer, of TheStreet.com, thinks there is much less corporate corruption and fraud now than in the 90's, as the feds shutting down Arthur Andersen was a watershed event. The Italian government plans to keep its troops in Iraq, the Financial Times reported. The U.S. government may lodge a complaint to the WTO, saying China is breaking trading rules by giving tax breaks to local chipmakers, the FT said. The Univ. of Mich. said the FBI is investigating "the unauthorized access and public release" of February's report. General Motors said its profit from ventures in China more than tripled to $437M last year as the company's market share in that nation increases, reported Bloomberg.
BOTTOM LINE: The Portfolio had a good day today, notwithstanding its relatively low market exposure of 25%. I did not trade, as I do not see substantial signs of a short-term bottom. "Triple Witching" option expiration on Friday may provide the catalyst for a decent bounce. However, I will not trade too aggressively on the long-side as it seems this correction has a bit further to go.
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