Joined Dec 4, 2012
319 Blog Posts

Daily Playbook: Fair Value Dragging Futures Lower

January 7, 2013

In After Hours Trading

Democrats and Republicans on weekend talk shows reverted back to prior stances on taxes and spending pre the cliff agreement.

What’s Happening This Morning

US futures: (S&P -1.75, DJI -14, NDX -3.0 with fair value higher) Asia mixed and Europe lower. Copper lower and gold higher with WTI Crude & Brent Oil Futures lower. $ is higher vs Euro, higher vs. Pound and lower vs. Yen. US ten-year Treasury Yield +.0123. Prices as of 7:55 a.m. EST.

Earnings Expected

TEAM earnings due after the close. Due out tomorrow morning MON IHS RPM AYI LNN SCHN.

Rags & Mags: Inside Wall Street

We are big fans of www.247wallst.com summary of the newspapers each day. Going forward we will link to their website so you can read their summary, Media Digest

Reported Earnings This Morning

CMC (+.23).

Data Points

Yesterday saw 2307 stocks rise and 699 fall on the NYSE. NASDAQ saw 1565 rise and 823 fall. The S&P 500 now back above its 50 day moving average and above the 200 day moving average. The 10 day spread moving average of breadth is positive. We are back to invested on the Madison Market Timing Indicator.



This is a very light week in terms of economic releases. We do not consider any of this week’s releases to be major releases.


President Obama is now back from the sun of Hawaii and the debate on the debt ceiling now kicks into gear.

Conference & Analyst Meetings

JP Morgan Healthcare Conference, Citibank Global Internet, Media and Telecom Conference and Macquarie Oil & Gas Explorers Conference.

Conference of Note

Consumer Electronics Show (CES) kicks off today in Las Vegas.

M & A News

Key Upgrades and Downgrades

Firm Upgrades Downgrades
JP Morgan AMAT
Goldman Sachs HXL BK
Morgan Stanley
Deutsche Bank
Citigroup KKPNY
Wachovia/Wells Fargo
Credit Suisse SCTY
Banc of America
Lazard INTC
Merrill Lynch MTD IFFNY
Jefferies CAJ WAG
Cantor Fitzgerlad EMC
Dahlman Rose
Sterne Agee
Stifel Nicolaus
Societe Generale
Keefe Bruyette
Friedman Billings
Robert W. Baird
Needham SCTY
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