Portfolio Manager's Commentary on Investing and Trading in the U.S. Financial Markets
Friday, July 31, 2009
Stocks Slightly Higher into Final Hour on Less Economic Fear, Short-Covering, Lower Long-Term Rates and More Earnings Optimism
Today's Headlines
Bloomberg:
Wall Street Journal:
NY Times:
Morningstar:
ocregister:
LA Times:
Washington Post:
NJ.com:
Rassmussen:
AllThingsDigital:
MoneyNews:
- A measure of future U.S. economic growth climbed higher in the latest week while its yearly growth rate hit a fresh five-year high, signaling a stronger recovery than originally forecast, a research group said on Friday. The Economic Cycle Research Institute, a New York-based independent forecasting group, said its Weekly Leading Index rose to 119.6 in the week ended July 24 from a downwardly revised 118.3 the previous week, which was originally reported at 118.4. The index's annualized growth rate continued to soar, reaching a new five-year high of 8.8 percent from 7.7 percent the prior week. ECRI Managing Director Lakshman Achuthan has said the recession is already beginning to wane, and that increased stimulus from Washington is not necessary for economic growth. "Not only is the U.S. recession set to end this summer, but the recovery is apt to be stronger than many expect."
Bear Radar
Style Underperformer:
Mid-Cap Growth (+.20%)
Sector Underperformers:
Gaming (-2.02%), Biotech (-.95%) and Alt Energy (-.87%)
Stocks Falling on Unusual Volume:
PBI, GENZ, STP, UTHR, DIS, SYNA, GPRO, HMSY, SNCR, CMED, VPRT, MPWR, GENZ, FSLR, ENER, DNB, CEC, PKI, E and AGP
Stocks With Unusual Put Option Activity:
1) SYNA 2) VIA/B 3) SWY 4) CMED 5) DIS
Bull Radar
Style Outperformer:
Small-Cap Value (+.78%)
Sector Outperformers:
Semis (+1.58%), Homebuilders (+1.53%) and Construction (+1.26%)
Stocks Rising on Unusual Volume:
IRE, TLEO, ITT, UBS, MFE, AIXG, WTFC, BBV, ING, LAD, ABG, HNP, STO, ABAX, OFIX, AMED, POWI, LHCG, GTIV, IRBT, FUQI, GXDX, VSEA, SIRO, RADS, MGLN, ASML, MSTR, BMRN, FORM, SONO, AFAM, SGY, BEC, SNA, WSH, SWM, DW and LAD
Stocks With Unusual Call Option Activity:
1) UTHR 2) ZMH 3) HUM 4) SYNA 5) CHKP
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
Thursday, July 30, 2009
Friday Watch
Late-Night Headlines
Bloomberg:
Wall Street Journal:
NY Times:
Politico:
Hedge Fund Law Blog:
- SEC Approves New Exam for “Limited Representative” Investment Bankers.
AP:
-
Shanghai Securities News:
-
-
Late Buy/Sell Recommendations
Citigroup:
- Reiterated Buy on (EXPE), target $25.
BMOCapital:
- Rated (PLCM) Outperform, target $28.
Night Trading
Asian Indices are +1.0% to +1.5% on average.
Asia Ex-Japan Inv Grade CDS Index unch.
S&P 500 futures +.19%.
NASDAQ 100 futures +.16%.
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
- (AGN)/.67
- (AEP).61
- (AN)/.24
- (CVX)/.95
- (CEG)/.76
- (D)/.64
- (HMSY)/.24
- (ITT)/.80
- (MDC)/-.58
- (TOT)/1.00
- (UTHR)/.55
- (WY)/-.71
Economic Releases
8:30 am EST
- 2Q Advance GDP is estimated to fall 1.5% versus a 5.5% decline in 1Q.
- 2Q Advance Personal Consumption is estimated to fall .5% versus a 1.4% increase in 1Q.
- 2Q Advance GDP Price Index is estimated to rise 1.0% versus a 2.8% gain in 1Q.
- 2Q Advance Core PCE is estimated to rise 2.3% versus a 1.6% gain in 1Q.
- 2Q Advance Employment Cost Index is estimated to rise .3% versus a .3% increase in 1Q.
9:45 am EST
- Chicago Purchasing Manager for July is estimated to rise to 43.0 versus a reading of 39.9 in June.
Upcoming Splits
- None of note
Other Potential Market Movers
- The NAPM-Milwaukee, (PLCE) shareholders meeting and the (ANR) stockholders meeting could also impact trading today.
BOTTOM LINE: Asian indices are higher, boosted by commodity and technolog shares in the region. I expect