Portfolio Manager's Commentary on Investing and Trading in the U.S. Financial Markets
Tuesday, August 11, 2009
Links of Interest
Market Performance Summary
Style Performance
Sector Performance
WSJ Data Center
Top 20 Biz Stories
IBD Breaking News
Movers & Shakers
Upgrades/Downgrades
In Play
NYSE Unusual Volume
NASDAQ Unusual Volume
Hot Spots
Option Dragon
NASDAQ 100 Heatmap
Chart Toppers
Real-Time Intraday Quote/Chart
HFR Global Hedge Fund Indices
Monday, August 10, 2009
Tuesday Watch
Late-Night Headlines
Bloomberg:
- The euro is poised to test support levels of $1.4077 and $1.4007 after its “poor weekly close” against the dollar, according to a Citigroup Inc. technical analysis report. “Euro-dollar is at risk of at least testing the 55-day moving average at $1.4077,” technical strategists Tom Fitzpatrick in NY and Shyam Devani in
Wall Street Journal:
- The brutal recession is opening up the landscape to vulture investors as never before. New data show that distressed-debt deals -- in which creditors use their debt positions to seize ownership of troubled companies -- are running close to double the pace of 2008. Some 140 of the deals have been struck during 2009, compared with 102 transactions for all of last year, according to data provider Dealogic. The deals are valued at $84.4 billion altogether, dwarfing the $20 billion figure from 2008.
- President Barack Obama will spend the week trying to convince Americans with health insurance that legislation in Congress would benefit them, holding three town-hall meetings, a venue where Democrats have faced loud complaints. The Democratic National Committee, taking its cues from the White House, said it is mobilizing supporters to attend local meetings that have been dominated by health-overhaul opponents. Organizing for America, Mr. Obama's grass-roots advocacy group, has started sending locally targeted emails to notify supporters when their lawmaker is holding an event in their town.
IBD:
CNNMoney.com:
Politico:
Reuters:
Financial Times:
TimesOnline:
MailOnline:
Late Buy/Sell Recommendations
Citigroup:
- Upgraded (CELL) to Buy, target $9.
- Upgraded (SAT) to Buy, target raised to $21, Added to Top Picks Live list.
Night Trading
Asian Indices are -.25% to +.50% on average.
Asia Ex-Japan Inv Grade CDS Index unch.
S&P 500 futures -.16%.
NASDAQ 100 futures -.17%.
Morning Preview
US AM Market Call
NASDAQ 100 Pre-Market Indicator/Heat Map
Pre-market Commentary
Pre-market Stock Quote/Chart
Global Commentary
WSJ Intl Markets Performance
Commodity Futures
Top 25 Stories
Top 20 Business Stories
Today in IBD
In Play
Bond Ticker
Economic Preview/Calendar
Earnings Calendar
Who’s Speaking?
Upgrades/Downgrades
Rasmussen Business/Economy Polling
Earnings of Note
Company/EPS Estimate
- (BOBE)/.52
- (CREE)/.16
- (CLWR)/-.34
- (WRC)/.48
- (FOSL)/.20
- (AMAT)/-.08
Economic Releases
8:30 am EST
- 2Q Preliminary Non-farm Productivity is estimated to rise 5.5% versus a 1.6% gain in 1Q.
- 2Q Preliminary Unit Labor Costs are estimated to fall 2.5% versus a 3.0% gain in 1Q.
10:00 am EST
- Wholesale Inventories for June are estimated to fall .9% versus a .8% decline in May.
Upcoming Splits
- None of note
Other Potential Market Movers
- The weekly retail sales reports, IDB/TIPP Economic Optimism Index, ABC Consumer Confidence reading, Pacific Crest Tech Forum, CanaccordAdams Growth Conference, Oppenheimer Communications/Tech/Internet Conference, Morgan Keegan Security/Safety/Defense Conference, Morgan Keegan Tech Conference and the Jeffries Industrial Summit could also impact trading today.
BOTTOM LINE: Asian indices are slightly higher, boosted by technology and insurance shares in the region. I expect
Stocks Finish Lower, Weighed Down by REIT, Airline, Homebuilder and Steel Shares
Market Summary
Top 20 Biz Stories
Today’s Movers
Market Performance Summary
WSJ Data Center
Sector Performance
ETF Performance
Style Performance
Commodity Futures
S&P 500 Gallery View
Timely Economic Charts
GuruFocus.com
PM Market Call
After-hours Commentary
After-hours Movers
After-hours Real-Time Stock Bid/Ask
After-hours Stock Quote
After-hours Stock Chart
In Play
Stocks Lower into Final Hour on Profit-Taking, More Shorting, China Bubble Worries
Today's Headlines
Bloomberg:
- Freddie Mac, the mortgage-finance company under government control being supported by taxpayers, said the collapse of lender Taylor, Bean & Whitaker Mortgage Corp. may cause it “significant” losses. Taylor Bearn, the 12th-largest US mortgage originator, shuttered its lending business last week after being suspended by US agencies and Freddie Mac. The Federal Housing Administration cited possible financial-statement fraud.
Wall Street Journal:
CNBC:
New York Post:
NY Times:
Securities Industry News:
Wealth Bulletin:
JLMPacificEpoch:
LA Times:
Rassmussen:
Politico:
AP:
Frankfurter Rundschau:
Bear Radar
Style Underperformer:
Large-Cap Growth (-.32%)
Sector Underperformers:
Homebuilders (-2.78%), Steel (-2.55%) and REITs (-2.43%)
Stocks Falling on Unusual Volume:
LLY, RTP, RIMM, BBL, VNDA, TNDM, SXCI, PFWD, MBLX, HANS, OCN, NRT and IFN
Stocks With Unusual Put Option Activity:
1) CBS 2) STT 3) VIA/B 4) SOHU 5) HK