Portfolio Manager's Commentary on Investing and Trading in the U.S. Financial Markets
Friday, October 10, 2008
Stocks Slightly Higher into Final Hour on Bargain-Hunting, Short-Covering and Less Financial Sector Pessimism
Bull Radar
Style Outperformer:
Small-cap Value (-2.57%)
Sector Outperformers:
Banks (+3.12%), Airlines (+1.36%) and Computer Hardware (-.20%)
Stocks Rising on Unusual Volume:
BAC, JPM, AAPL, LGCY, UPL, TMX, HNP, DECK, BOBE, CTSH, EBAY, SRCL, LOGI, TISI, WRLD, HCSG, SQNM, WBSN, FFIN and SCHW
Stocks With Unusual Call Option Activity:
1) HA 2) SLM 3) NOK 4) OI 5) ACH
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Thursday, October 09, 2008
Friday Watch
- Russian billionaires from aluminum magnate Oleg Deripaska to soccer-club owner Roman Abramovich lost more than $230 billion in five months during the nation's worst financial crisis since the 1998 default on its debt. The combined wealth of Forbes magazine's 25 richest Russians tumbled 62 percent between May 19 and Oct. 6, based on declines in the equity value of traded companies and analysts' estimates of closely held assets they own. The loss is four times larger than the fortune of the world's wealthiest man, Warren Buffett.
- The global financial crisis has hurt the commodities industry in South Korea, Asia's fourth-largest economy, as banks reduce financing and the currency tumbles to the lowest in a decade. ``It's getting worse and worse as import costs are surging everyday because of the plunging won and expensive credit,'' Lee Won Jae, an analyst with SK Securities Co., said by phone from Seoul today. ``Local banks are reluctant to provide new financing for imports.''
- Barack Obama will broadcast a half-hour primetime special on Oct.
Reuters:
Xinhua:
The Economic Times:
- Shipping rates between Asia and
Late Buy/Sell Recommendations
- None of note
Night Trading
Asian Indices are -7.5% to -4.25% on average.
S&P 500 futures -3.24%.
NASDAQ 100 futures -2.59%.
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Company/EPS Estimate
- (PGR)/.34
- (GE)/.45
Economic Releases
8:30 am EST
- The Trade Deficit for August is estimated to shrink to -$59.0 billion versus -$62.2 billion in July.
- The Import Price Index for September is estimated to fall by -2.8% versus a -3.7% decline in August.
Upcoming Splits
- None of note
Other Potential Market Movers
- None of note
BOTTOM LINE: Asian indices are sharply lower, weighed down by financial and commodity stocks in the region. I expect
Stocks Finish at Session Lows, Weighed Down by Financial, Commodity, Gaming, Insurance and HMO Shares
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