Bear Radar

Style Underperformer:
Small-Cap Value (+.53%)

Sector Underperformers:
Education (-2.16%), Semis (-1.75%) and Homebuilders (-1.62%)

Stocks Falling on Unusual Volume:
ATPG, TDW, TSL, SI, CREE, VVUS, HITK, UEPS, VNDA, STLD, CTRP, BRC and AAP

Stocks With Unusual Put Option Activity:
1) HBAN 2) KEY 3) MGM 4) CLF 5) RF

Bull Radar

Style Outperformer:
Mid-Cap Growth (+.58%)

Sector Outperformers:
Airlines (+2.0%), Oil Service (+1.87%) and Steel (+1.51%)

Stocks Rising on Unusual Volume:
CLF, SGY, ROSE, CPX, IRE, SLB, EGO, CDE, TIE, QDEL, ARTC, CSTR, CNQR, INFA, CRXL, GOLD, ROSE, TTWO, AAWW, RYAAY, SBAC, LIHR, ATLS, CWEI, CISG, GRMN, RGLD, PAAS, FUQI, JBHT, RTI, CNP, FDX, ECA and CNK

Stocks With Unusual Call Option Activity:
1) OSIP 2) NSM 3) FDX 4) CBI 5) MGM

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Friday Watch

Late-Night Headlines
Bloomberg:

- Israeli Prime Minister Benjamin Netanyahu said that while he is ready to make sacrifices for the sake of peace with the Palestinians and Arabs, his government will “stand up” for the interests of the country. “We have proven again and again we are ready to compromise for peace,” Netanyahu said tonight in a speech in the Tel Aviv headquarters of his Likud party broadcast on Israeli television’s Channel 1 news. “But we will not delude ourselves -- we are not ready to be suckers.”

- John Mack, Morgan Stanley’s chairman and chief executive officer for more than four years, will hand off his CEO duties at the end of the year to Co- President James Gorman. The change will take effect on Jan. 1, the New York-based firm said in a statement. Walid Chammah, co-president of the firm with Gorman, will give up that role and remain chairman of Morgan Stanley International in London. Mack said he told the board 18 months ago that he would like to step down as CEO after he turns 65 in November and remain as chairman.

- Increasing taxes on oil and natural gas companies would have an “insignificant” effect on prices for consumers, the Treasury Department’s chief economist said. The government is looking to eliminate at least six industry tax credits that Krueger says add up to $30.6 billion for the next 10 fiscal years. President Barack Obama proposed doing away with the tax benefits in his budget plans for 2010. “The proposals are aimed at crippling our industry,” Larry Nichols, chief executive officer of Oklahoma City-based Devon Energy Corp. and chairman of the American Petroleum Institute, told the committee. “It will mean less jobs, less exploration, fewer wells and higher costs for the consumer.” The Senate could consider tax changes for the oil and gas industry as part of a broader energy and climate package, Senator Jeff Bingaman, a New Mexico Democrat and chairman of the subcommittee, said after the hearing. Repealing the tax provisions would result in lower U.S. production, said Kevin Book, a managing director of research at ClearView Energy Partners LLC in Washington. “Rescinding intangible drilling cost deductions and percentage depletion exemptions could have the effect of diminishing the working capital available to fund new and continuing domestic investment in oil and gas production,” Book told the subcommittee in prepared testimony.

- United Airlines parent UAL Corp. and US Airways Group Inc. led an index of U.S. carriers to the highest in more than seven months after a JPMorgan Chase & Co. analyst said travel and industry revenue may start rising. Demand may “bounce along until about January, at which time we do assume gradual improvement begins,” JPMorgan’s Jamie Baker wrote today in a note to clients. Revenue in July and August was “modestly ahead of initial forecasts,” he said. Baker boosted his rating on Chicago-based UAL to “overweight” from “underweight,” and on US Airways to “neutral” from “underweight.” United is the third-largest U.S. airline by traffic, and US Airways is No. 6. UAL jumped $1.15, or 18 percent, to $7.60 at 4 p.m. New York time in Nasdaq Stock Market composite trading for the biggest increase in five weeks, and Tempe, Arizona-based US Airways climbed 44 cents, or 12 percent, to $4.02 on the New York Stock Exchange.

- National Semiconductor Corp.(NSM), whose chips control power in electronic devices, reported a 63 percent drop in profit last quarter as the recession crimped orders. The company predicted a rebound in the current period, saying industrial demand for its chips is beginning to pick up. Yesterday, Texas Instruments Inc. raised its forecast for third-quarter sales and profit, also citing orders from industrial customers. Second-quarter revenue will grow as much as 8 percent from the current period to between $325 million and $340 million, the company said. Analysts in a Bloomberg survey had projected $317 million. “Demand was better than we expected, especially for our power management products going into broad industrial applications,” Chief Executive Officer Brian Halla said in the statement.
- Global stimulus measures to revive the worldwide economy may result in asset bubbles, according to the Conference Board. The risk of asset bubbles in Asia are greater than risks to growth, Gail Fosler, president of the Conference Board, said in a speech in Singapore today.

- China’s new lending unexpectedly increased in August and money supply rose by a record, fueling the nation’s recovery from the slowest economic expansion in almost a decade. Banks extended 410.4 billion yuan ($60.1 billion) of local- currency loans, up from 355.9 billion yuan in July and 271.54 billion yuan a year ago, the People’s Bank of China said today on its Web site. M2, the broadest measure of money supply, rose 28.53 percent, the bank also said. Today’s figures may pose a dilemma for policy makers seeking to sustain the economic pick-up without stoking asset- price inflation, and follow a warning yesterday by Bank of China Ltd. Vice President Zhu Min about the danger of “bubbles” in stocks and real estate.

- China’s industrial production grew at a faster pace in August, signaling a strengthening recovery in the world’s third-biggest economy. Output gained 12.3 percent from a year earlier, after climbing 10.8 percent in July, the statistics bureau said at a briefing in Beijing today. That compared with the 11.8 percent median estimate of 15 economists surveyed by Bloomberg News.

- China’s exports fell for a 10th straight month in August, weighing on the government’s efforts to spur growth in the world’s third-largest economy. The $103.7 billion figure for overseas shipments released by the customs bureau on its Web site today indicated a decline of about 23 percent from the previously published figure for a year earlier. The $88 billion of imports indicated a fall of about 17 percent and a trade surplus of about $15.7 billion.

Wall Street Journal:

- The uproar over former White House adviser Van Jones has heightened attention on the ranks of nonconfirmed policy "czars" within the Obama administration. The use of special White House advisers and the czar moniker itself go back decades, but government watchers say President Barack Obama has appointed an unusual number of senior coordinators, especially for a president so early in his administration. They have responsibilities ranging from health care and climate change to Afghanistan and the auto sector. Some Republicans, fanned by conservative commentators' warnings that these advisers constitute a shadow government, have seized on the czar issue to criticize Mr. Obama for trying to push policy initiatives outside normal bureaucratic channels. Republicans, including Tennessee Sen. Lamar Alexander and California Rep. Darrell Issa, say that the use of these special advisers has run amok, and that their powers should be curbed. The issue flared in recent weeks at dozens of congressional town-hall meetings. One concern about czars centers on the fact that many of these appointments aren't subject to confirmation by Congress. To have them running the government, rather than simply assisting the president, "is an affront to the Constitution," Mr. Alexander said. West Virginia Democratic Sen. Robert Byrd warned earlier this year that the growth of czars could sap congressional authority. The Obama administration has broadened the ranks of special advisers, in some cases giving large portfolios to officials who might have faced difficulties in a Senate confirmation process. Some Obama supporters acknowledge that a Senate vetting process would likely have uncovered earlier Mr. Jones's controversial past. Mr. Jones, who advised the White House on "green jobs," resigned Saturday amid a brewing backlash over inflammatory statements he made in previous speeches. Mr. Obama's choice of Carol Browner, a former Environmental Protection Agency chief, as his main White House energy adviser has in particular aroused suspicions from Republicans, who question whether her access to the president will mean she ends up usurping power from other agencies. Ms. Browner helped broker a fuel-standards deal between the administration and auto makers earlier this year, and has been a conspicuous presence in climate negotiations with Congress. Energy Secretary Steven Chu, meanwhile, has been largely tied up administering billions of dollars in stimulus projects. Other appointees are coming under fire from conservative commentators for positions they have taken in the past. Mark Lloyd, who hold the midlevel position of chief diversity officer at the Federal Communications Commission, has been critical of corporate-owned media. Cass Sunstein, a former Harvard Law professor picked to oversee government regulations within the Office of Management and Budget, won Senate confirmation Thursday after a months-long tussle. Mr. Sunstein has made the case for granting legal rights to domestic animals and clamping down on hunting. Messrs. Lloyd and Sunstein, through their offices, declined to comment. Political scholars say it's too early to tell whether the expansion in the ranks of government advisers is a temporary anomaly as the administration wrestles with a large array of challenges -- or represents a disturbing growth in executive-branch power. "We still need time to see which way this breaks," said Gary Bass, director of the nonpartisan OMB Watch. "If these advisers turn out to be highly controlling and unaccountable, that would be very troubling. But in a government that is so large, they could also play a key coordinating role, and that would be good."

- Auto dealers and the U.S. Chamber of Commerce have gone to federal court challenging the Environmental Protection Agency's decision to let California and other states regulate automobile greenhouse-gas emissions. The two industry groups fear that the EPA's decision will set a precedent for California to set stricter emission standards for a raft of different emitting sectors. Near failure and seeking billions of dollars in federal stimulus funding to stay afloat, auto manufacturers earlier this year agreed to not fight against a national emission standard the Obama administration vowed to implement. To set precedent and preserve California's ability to apply for tougher new auto-emission standards than the administration is currently drafting once they expire in 2017, the EPA granted California the right to move ahead on its own. With what is known as the California waiver, more than a dozen other states were ready to move ahead with identical standards. Auto companies are concerned both about the stricter standards that would make manufacturing more expensive and about having two different standards across the U.S. The petition for review in the D.C. federal court of appeals targets the Clean Air Act provision that allows California to appeal for a waiver to set its own environmental standards when there are compelling and extraordinary circumstances. The lawyers argue that the provision is only allowed to address local or regional concerns, but greenhouse-gas emissions are an international concern.

- On Wednesday the president told Congress "I will not stand by while the special interests use the same old tactics to keep things exactly the way they are." In fact, the administration is standing by to allow its most special, special interest to drive this debate. What the tort bar wants, the tort bar gets. Health insurers should be so lucky. The legal question has become the starkest symbol of a broken health discussion, and offers insight into this presidency. For Republicans, legal reform has become a litmus test, proof that Democrats have no interest in a deal, and therefore a reason to step back. For many Americans, legal reform has become proof that President Obama is more interested in an ideological triumph than his stated goal of lowering health costs. Tort reform is a policy no-brainer. Experts on left and right agree that defensive medicine—ordering tests and procedures solely to protect against Joe Lawyer—adds enormously to health costs. The estimated dollar benefits of reform range from a conservative $65 billion a year to perhaps $200 billion. In context, Mr. Obama's plan would cost about $100 billion annually. That the president won't embrace even modest change that would do so much, so quickly, to lower costs, has left Americans suspicious of his real ambitions.

- Looking for a hit device that can revive its struggling cellphone business, Motorola Inc.(MOT) unveiled its first handset powered by Google Inc.'s(GOOG) Android operating system. Motorola said its new Cliq, which has a touch screen and slide-out keyboard, will come with software that will aggregate contact information from various social networks and email accounts.

- President Barack Obama's nominee for the top international post at the Treasury Department has been sidetracked by a Senate committee's investigation into her personal tax returns. Lael Brainard, nominated in March as Under Secretary for International Affairs, is the latest Obama appointee to be tripped up by the Senate Finance Committee. Of particular concern is Ms. Brainard's use of a home-office tax deduction, according to people familiar with the inquiry. The delay in considering her nomination has left empty a treasury position responsible for negotiating with foreign governments as the U.S. gears up for the Group of 20 summit later this month, a meeting expected to focus heavily on financial regulation and economic stimulus programs. It is also reviving questions about whether a rigorous vetting process has gone too far and hobbled the administration. "We're into September and with no confirmed under secretary it seems to me that's a serious disadvantage," said John B. Taylor, a Stanford University professor who served in the post from 2001 to 2005.

- Russian Foreign Minister Sergei Lavrov made it clear Thursday that Moscow wouldn't back any new rounds of tough sanctions against Iran in the United Nations Security Council, and he dismissed a U.S. timetable for securing progress from Iran on ending its nuclear-fuel program. Mr. Lavrov's comments in Moscow cast doubt over the ability of the U.S. to succeed in an effort to secure international backing for new sanctions. They also appeared to end any hopes that the Obama administration's "reset" of troubled relations with Russia would lead to Moscow's support for one of the top U.S. foreign policy priorities. Just a day after U.S. officials warned that Iran may already have enough enriched uranium to make a bomb if processed further, Mr. Lavrov said negotiations should begin without any imposed timetable. He also said that even if Iran tried to make weapons-grade fuel it would be detected and there would be time to respond.

- President Barack Obama's insistence that a health-care overhaul wouldn't insure illegal immigrants was greeted by a shout of "You lie!" from Republican Rep. Joe Wilson of South Carolina. But the White House and Democrats in Congress don't agree on how the plan should exclude illegal immigrants, suggesting the truth of the matter is more complicated than indicated by either man. Democratic and Republican leaders both say illegal immigrants shouldn't receive government-funded insurance in any new health legislation, just as they are banned from receiving Medicare or nonemergency Medicaid. But lawmakers and the White House disagree on how to ensure that doesn't happen. According to an analysis last month by the Congressional Research Service, Congress's nonpartisan research body, the House version of an overhaul that was passed over the summer excludes illegal immigrants from a requirement that most uninsured people either purchase insurance or pay a tax.

MarketWatch.com:
- Treasury Secretary Timothy Geithner late Thursday responded to criticism of the Obama administration's bank bailout endeavors, addressing public frustration about billions in taxpayer dollars going to bankers. At the town hall, Geithner fielded questions from audience, some of whom expressed concern about bank executive and employee compensation, automotive bailouts and worries that China may stop buying Treasurys in response to rising U.S. deficits created, in part, by the financial rescue plan.

CNBC.com:
- Major investors are starting to question whether Beijing is telling the truth. "I think the story is getting harder and harder to believe," says widely followed billionaire investor and hedge fund manager Jim Chanos. "And I'm not the only guy crying about the data coming out of China. You are seeing a lot more articles being written about it, a lot more skeptical voices being heard about just how accurate some of this data showing this Chinese miracle. And the fact of the matter is I don't think it’s very accurate at all."

IBD:

- When you sell low, you better sell plenty. And sell smart. That could be the mantra for Owens & Minor (OMI), a supplier of basic consumable supplies to hospitals, surgical centers and clinics. The firm sells the unglamorous stuff, like sterile shower caps nurses and doctors wear in the operating room. Or three types of gloves, or gauze and biohazard waste bags.

Forbes:

- Dump FINRA And The SEC. Have they outlived their usefulness?

Fox News:

- The Senate on Wednesday voted to confirm President Obama's nominee for "regulatory czar," overcoming months of delay due to Republican concerns that he would push a radical animal rights agenda. Senators voted 57-40 to approve Harvard professor Cass Sunstein as the administrator of the Office of Information and Regulatory Affairs at the Office of Budget and Management. As regulatory czar, Sunstein will review and provide guidance for draft federal regulations at different federal agencies. It is a wide-ranging and largely unrestrained position in the executive branch. That's a large part of the reason Sunstein's positions on animal rights have become worrisome to his critics. Despite his assurances to the contrary, Sunstein has spoken stridently in favor of allowing people the right to bring suit on behalf of animals in animal cruelty cases and to restrict what he calls the more horrific practices associated with industrial breeding and processing of animals for food.

Politico:

- The communications director for the National Endowment for the Arts is no longer in his job amid a flap over suggestions he suggested artists work to further President Obama's legislative agenda. A conservative artist writing on the site Big Hollywood first complained that the official, later identified as Yosi Sargent, had been on a conference call with artists aimed at furthering President Obama's legislative agenda -- a bit of a no-no for the agency, which does its best to stay apolitical.

Reuters:

- U.S. President Barack Obama will give a speech about the financial crisis on Monday in New York, marking the anniversary of the collapse of Lehman Brothers, the White House said on Thursday. The fall of Lehman last year triggered a worldwide financial crisis and accelerated Obama's race to the presidency as the Democrat's cool reaction to the country's economic problems contrasted with a more scattered response from his Republican opponent, Senator John McCain.

- Contrite U.S. Securities and Exchange Commission officials apologized for bungling five probes that should have uncovered Bernard Madoff's $65 billion fraud and pledged to overhaul the way the agency operates. A scathing report issued last week by SEC Inspector General David Kotz found that the agency missed numerous red flags, did not properly follow up on leads and dismissed tips and complaints that might have uncovered Madoff's investment sham. At a congressional hearing to examine the SEC's shortcomings, top SEC officials said that in the Madoff case the agency failed in its "fundamental mission to protect investors." "It is a sobering and humbling experience," said the SEC's director of enforcement Robert Khuzami and John Walsh, the agency's acting director of exams and compliance, in joint testimony to Congress. "We deeply regret our failure to detect the Madoff fraud and pledge to continue to fix the problems that contributed to this failure," said Khuzami and Walsh, both of whom described reforms underway.

Financial Times:

- Gorgon, one of the world’s most ambitious and costly natural gas projects, will next week be given the official go-ahead when Chevron approves an investment of about A$42bn in the project off western Australia. The decision by the US’s second biggest energy group to develop the globally significant reserves contained in the Gorgon fields will refocus the liquefied natural gas industry on the Asia-Pacific region. It also heralds a shift in the hierarchy of Asia’s consumers of cleaner gas that will see China overtake Japan as the region’s dominant LNG buyer, a strategic position giving the country massive influence to negotiate gas prices and back new LNG projects. The competitive threat posed by Gorgon and other Asian projects may also force Qatar, the world’s biggest LNG supplier, to step up its expansion plans. The fruit of years of negotiations, Gorgon will also revolutionize the politics of energy in Asia, helping China and Japan loosen their dependence on coal, while catapulting Australia to the top ranks of the global LNG producers. That deal comes only weeks after ExxonMobil, which like Royal Dutch Shell owns 25 per cent of Gorgon, agreed to sell A$50bn worth of Gorgon LNG to PetroChina, at the time hailed as Australia’s largest trade deal. Customers in China, Japan, India and South Korea, all keen to secure their long-term energy needs, have now reached agreements to buy well over half of the 15m tons a year of LNG that Gorgon will produce by 2016. Chevron said it would sign further sales agreements in the “coming months”.

- In coming up with solutions that address the immediate crisis but fail to tackle dangerous systemic issues, the Group of 20’s emerging ideas on the banking industry bear a striking resemblance to the Americans’ response to the dotcom crash of 2001-02. Back then, the burst bubble exposed biased research and stock price manipulation on Wall Street and dubious accounting practices in US companies. Out came a new set of rules cleaning up the links between research analysts and investment bankers and laying a heavy hand on corporate chief executives.These measures extinguished the fire but neglected more fundamental problems. By the time the regulations were in place, the investment banks and elements of the corporate sector were already deeply involved in new and even more dangerous practices. We speak, of course, of the derivatives-based leverage of banks’ balance sheets that brought down a range of previously sound institutions, dragged the global economy into recession and ripped up accepted economic theories. We see exactly the same mistakes being made this time around. If effectively implemented (not the only possible outcome), the G20 finance ministers’ steer towards more and better capital, constraints on leverage and contingency plans for banking failures would help to avoid a repetition of the current crisis. But they are barely sufficient to give the financial services system the kind of radical overhaul it needs. That would entail tackling a defective business model. Banks are allowed to mix plain vanilla deposit-taking and lending with high-risk investment banking. They are allowed to act for clients on both sides of a trade and take a proprietary turn out of the middle. In capital markets transactions they are able to act for those seeking capital and those providing it. Conflict of interest is embedded and this is unfair on other market users. It is “heads we win, tails you lose” as the banks make off like bandits in the good times and become pious onlookers as the taxpayer foots the bill when it all goes wrong. Fixing the system requires this business model to be broken up and we would go beyond conventional Glass-Steagall type solutions.

Shanghai Securities News:

- Investor Jim Rogers said he’s holding back from further purchases of commodities after prices soared. Investors should wait for commodity prices to drop to buy for the long term, Rogers said at a forum in Guangzhou, Guangdong province. Rogers said he won’t buy properties in China now because they are too expensive, though rural real estates should yield “great returns” in the next 20 years.

Yonhap News:

- North Korea appears to have 10 nuclear weapons, although it is not clear if all are ready for military use, a report said Thursday.

Late Buy/Sell Recommendations
Citigroup:

- Reiterated Buy on (PCLN), target $185.

- Reiterated Buy on (CAG), added to Top Picks Live list, target $25.

- Reiterated Buy on (STLD), boosted target to $22.

- Reiterated Buy on (GLW), target $20.50.

- Reiterated Buy on (EQIX), target $105.

- Reiterated Buy on (HSY), target $48

- Reiterated Buy on (GS), raised estimates, boosted target to $215.

Crowell, Weedon:

- Rated (CMG) Buy, target $120.

- Rated (AAPL) Buy, target $205

Oppenheimer:

- Rated (BRCD) Outperform, target $10.

Night Trading
Asian Indices are +.25% to +1.0% on average.

Asia Ex-Japan Inv Grade CDS Index 121.50 -2.50 basis points.
S&P 500 futures -.06%.
NASDAQ 100 futures -.04%.

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Earnings of Note
Company/EPS Estimate
- (BRC)/.41

- (CPB)/.26

Economic Releases

8:30 am EST

- The Import Price Index for August is estimated to rise +1.0% versus a -.7% decline in July.

10:00 am EST

-.Wholesale Inventories for July are estimated to fall -1.0% versus a -1.7% decline in June.

- Preliminary Univ. of Mich. Consumer Confidence for September is estimated to rise to 67.5 versus 65.7 in August.

2:00 pm EST

- The Monthly Budget Deficit for August is estimated to widen to -$139.5B versus -$111.9B in July.

Upcoming Splits
- None of note

Other Potential Market Movers
- The Fed’s Evans speaking, Treasury’s Geithner speaking at town hall event, Thomas Weisel Healthcare Conference, BMO Capital Markets Real Estate Conference, Kaufman Brothers Investment Conference, Sidoti Investor Forum and the (HBC) analyst meeting could also impact trading today.

BOTTOM LINE: Asian indices are mostly higher, boosted by commodity and technology 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 at Session Highs, Boosted by Airline, HMO, Hospital, Networking and Gold Shares

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Stocks Surging into Final Hour on Technical Buying, Lower Long-Term Rates, Short-Covering, Diminishing Healthcare Reform Fears

BOTTOM LINE: The Portfolio is higher into the final hour on gains in my Technology longs, Biotech longs and Medical longs. I have not traded today, thus leaving the Portfolio 100% net long. The tone of the market is positive as the advance/decline line is higher, most sectors are rising and volume is heavy. Investor anxiety is very high. Today’s overall market action is bullish. The VIX is falling 2.67% and is high at 23.67. The ISE Sentiment Index is below average at 136.0 and the total put/call is above average at .91. Finally, the NYSE Arms has been running above average most of the day, hitting 1.51 at its intraday peak, and is currently .80. The Euro Financial Sector Credit Default Swap Index is falling 2.87% today to 77.33 basis points. This index is down from its record March 10th high of 208.75. The North American Investment Grade Credit Default Swap Index is falling 2.11% to 112.21 basis points. This index is also well below its Dec. 5^th record high of 285.99. The TED spread is falling .63% to 16 basis points. The TED spread is now down 447 basis points since its all-time high of 463 basis points on October 10th. The 2-year swap spread is falling 1.92% to 32.0 basis points. The Libor-OIS spread is falling 2.81% to 13 basis points. The 10-year TIPS spread, a good gauge of inflation expectations, is falling 7 basis points to 1.77%, which is down 90 basis points since July 7th. The 3-month T-Bill is yielding .14%, which is unch. today. Cyclical shares are especially strong today. The Transports are jumping 2.1%. Oil Service, Oil Tanker, Gold, Internet, Networking, Hospital, HMO and Airline stocks are also outperforming substantially, rising 2%+. The (XLF) opened lower and had been a drag on the averages earlier in the day, however it is trading at session highs and looks poised to regain upside traction. The AAII % Bulls fell to 37.0% this week, while the % Bears jumped to 44.0%, which is a large positive considering the major averages are at their highs for the year. The S&P 500 is currently trading almost 7 points above the 1,035 level that had been meaningful technical resistance over the last few weeks. A close above this level should lead to further near-term gains. One of my longs, (DISCA), is jumping 4% today to an ALL-TIME high. I still see more upside in the shares over both the near-term and long-term. Nikkei futures indicate an +57 open in Japan and DAX futures indicate an +13 open in Germany tomorrow. I expect US stocks to trade modestly higher into the close from current levels on diminishing economic fear, declining healthcare reform worries, short-covering, technical buying, falling long-term rates and investment manager performance anxiety.