Portfolio Manager's Commentary on Investing and Trading in the U.S. Financial Markets
Tuesday, June 30, 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, June 29, 2009
Tuesday Watch
Late-Night Headlines
Bloomberg:
Wall Street Journal:
Business Week:
- A European Central Bank report predicts that euro-zone banks could record as much as $398 billion in new writedowns by 2010.
Forbes:
Cnet news:
- E-mails indicate EPA suppressed report skeptical of global warming.
Reuters:
Electronic Times:
- LG Display may invest $1.6 billion in a new liquid-crystal-display production line. The world’s second-largest maker of LCDs said last week the company isn’t fully meeting customer orders for the screens because of higher-than-expected demand.
Late Buy/Sell Recommendations
- None of note
Night Trading
Asian Indices are -.25% to +1.50% on average.
Asia Ex-Japan Inv Grade CDS Index unch.
S&P 500 futures +.09%.
NASDAQ 100 futures +.10%.
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
- (SCHN)/.16
- (SNX)/.50
Economic Releases
9:45 am EST
- The Chicago Purchasing Manager for June is estimated to rise to 39.0 versus 34.9 in May.
10:00 am EST
- Consumer Confidence for June is estimated to rise to 55.3 versus 54.9 in May.
Upcoming Splits
- None of note
Other Potential Market Movers
- The Fed’s Bullard speaking, Fed’s Hoenig speaking, Fed’s Yellen speaking, S&P/CaseShiller Home Price Index, weekly retail sales reports, NAPM-Milwaukee, Goldman Sachs Data Center Conference, (TDG) analyst meeting, (BBBY) shareholders meeting and the (PBH) shareholders meeting could also impact trading today.
BOTTOM LINE: Asian indices are mostly higher, boosted by technology and commodity shares in the region. I expect US equities to open mixed and to rally into the afternoon, finishing modestly higher. The Portfolio is 100% net long heading into the day.
Stocks Finish Higher, Boosted by Financial, Homebuilding, Telecom, Software, Energy and Utility 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 Higher into Final Hour on Falling Credit Market Angst, Short-Covering, Less Financial Sector Pessimism
Today's Headlines
Bloomberg:
- Silver investors should sell into this year’s 25% rally before speculators trim their record holdings of the metal, Barclays Capital said. Silver held in Barclays Plc’s iShares Silver Trust, the biggest physically backed exchange-traded fund of the metal, rose to an all-time high this month. Including similar products by Zuercher Kantonalbank and ETF Securities Ltd., assets total 348.7 million ounces, more than a third of the world supply estimated at 832.6 million ounces in 2008 by researcher GFMS Ltd. “Silver has got an overhang of speculative interest,” Kevin Norrish, a Barclays Capital analyst, said in London. “Fundamentals are very poor. There is an awful lot of supply coming on stream.”
- Commodity Rally May Falter on Supply, Speculators.
- China’s Growth May Slip in 2010 on Stimulus Cap, Deutsche Says.
- US Dollar to Rise Most Since 1981, Best Predictor Says.
Wall Street Journal:
CNBC:
The Asset Magazine:
- Short sellers spark backlash.
paidContent.org:
Rassmussen:
La Lettre de L’Expansion:
- Michelin & Cie. Doesn’t expect an upturn in the production of tires for heavy vehicles before 2014 to 2016.
Caijing:
- China’s nonferrous metals industry is still facing overcapacity, citing Shang Fushan, vice chairman of the China Nonferrous Metals Industry Association. Overzealous local investment coupled with the failure to get rid of outdated plants has led to pressure from overcapacity, citing Shang. Local governments have been unwilling to shut the small and outdated operations and a small rise in prices has encouraged investment, swelling overcapacity, Shang was quoted as saying.
Chinamoney Magazine:
Bear Radar
Style Underperformer:
Small-cap Growth (+.21%)
Sector Underperformers:
Education (-2.13%), Road & Rail (-2.10%) and HMOs (-.70%)
Stocks Falling on Unusual Volume:
CBEY, SNDA, APOL, IPCM, PWRD, BIIB, CYOU, BWEN, ARL, ZN and WW
Stocks With Unusual Put Option Activity:
1) BIIB 2) AGU 3) MTB 4) SNY 5) ENER