How to Spot a Potential Point of No Return

Yesterday we mentioned the big spasm of “end of the world” analyst notes, as suddenly more and more people on Wall Street conclude that Europe is really going to blow it and collapse.

So, how to know if this is really going to come to pass?

In his note cheerily titled US and Europe: At the Point of No Return?, Nomura’s George Goncalves offers some clues.

Pessimistic Path: There are plenty of doomsday scenarios thus we won‟t list them all.  However if the worst case scenario were to unfold we believe that there would be some early warning signals from the money markets because the Fed liquidity from old QEs would dry up quickly for EU banks.  If we were to see 10s break 1.90 in a meaningful way, we would go neutral as the next stop would be 1.40%. Such a move could happen quickly on a panic trade.

In the pessimistic case, the Fed at a minimum would come in with an intra-meeting ease via QE3 and cutting FX line charges in half, especially if ECB started easing too, in our view.  Given the nonlinearity of market risks, we understand why investors are on the sidelines, but we also believe that rates won‟t stay at a new low if the worst case pans out because authorities will respond in force. In fact we now
believe the Fed will be proactive and do QE3 next year.  Good Luck.

The other thing is to just keep an eye on various measures of banks’ willingness to lend to each other. We went over several of them (like the TED Spread, LIBOR/OIS), the other day.

10s breaking 190

[youtube://http//www.youtube.com/watch?v=VBntXr1QFnU&feature=related 450 300]

BigGovernment.com has obtained records of Massachusetts Democrat Senator John Kerry and his wife Teresa Heinz’s stock portfolios that show almost perfectly timed pharmaceutical stock trades during the Obamacare debate, which fattened their already enormous personal fortune.

The documents further support allegations of suspicious trading leveled during Sunday’s 60 Minutes report about the explosive new book by investigative reporter and Breitbart News editor Peter Schweizer, Throw Them All Out.

Sen. John Kerry’s position on the powerful Senate Finance Committee’s Health Subcommittee gives him direct access to critical information regarding health care policy. In July 2009, pharmaceutical industry representatives met with key members of Congress to flesh out the Obamacare bill. Then, in November 2009, with the bill’s passage was looking more likely, the Kerrys’ portfolios reflect a drug stock buying spree.

First, $750,000 worth of stock in drug maker Teva Pharmaceuticals was added to their portfolios at around $50 a share. Once Obamacare passed, the value of the stock rose to $62 per share. Subsequently, in 2010, a portion of Teva holdings was dumped from the Kerry portfolio, resulting in tens of thousands of dollars in capital gains (exact profits are unclear because politicians are only required to report ranges, not exact dollar amounts).

Next, at least $200,000 of stock in medical device manufacturer ResMed was purchased in the $20 to $25 per share range. After Obamacare passed, ResMed jumped to $34, an increase of as much as 71%. “ResMed was a winner in the health care reform legislation—as Reuters declared—thanks in part to John Kerry’s efforts,” says Schweizer. The reason: earlier versions of the Obamacare bill would have slapped companies like ResMed with an “industry fee” tax. Kerry opposed the higher taxes on medical device companies and helped delay the taxes until 2013.

Next, between $250,000 and $500,000 worth Thermo Fisher Scientific were added to the Kerry family portfolios at around $35 per share. After Obamacare’s passage, the stock skyrocketed to more than $50 a share.

Even as their portfolios reflected aggressive purchasing of drug company stocks, Sen. Kerry was dumping investments in health insurance companies. At the end of June 2009, all United Health shares were unloaded from their portfolios. Their Wellpoint stocks were also sold. Six weeks later, he then introduced an amendment to tax generous health care plans, a move sure to hurt companies like United Health and Wellpoint.

To read the rest and see Kerry’s actual trades, go here.

Via WattsUpWithThat

Guest Post by Willis Eschenbach

Sounds like a scam, huh? But it’s real. Let me explain how people (no, not you or me, don’t be foolish) can make a guaranteed 29% return on their investment. However, to make it clear, I’ll need to take a short digression. I ran across a National Geographic article on where the world gets its electricity. Here are their figures:

Figure 1. World electricity production by fuel type. Renewables (defined by AGW activists as solar-, geothermal-, wind-, and biomass-generated electricity, but not hydroelectricity) are 2.7% of the total electricity use. Data from National Geographic 

You can see why the AGW supporters’ heads are exploding as the Durban climate party approaches. It is obvious from the chart that years and years of subsidies and tax breaks and IPCC reports and various urgings by well-meaning but clueless pundits and billions in wasted taxpayer dollars have not succeeded in getting renewables up to even 3% of the total electricity generated. Less than 3%. It must drive them round the twist to contemplate their stunning lack of success at making water flow uphill.

Despite that history, you know how they say on those TV commercials, “But wait! There’s even more!”? In this case, it’s “But wait! There’s even less!”

And I don’t mean just a bit of money to get them over the hump. Huge subsidies. Because of the total failure of renewables to penetrate the market, the AGW supporters are desperately throwing money at renewable technologies. The New York Times showed a graphic for one such power plant in California. Their graphic is reproduced below as Figure 3.

Figure 3. Federal and State Subsidies for the California Valley Solar Ranch.

Unfortunately, the Times didn’t really discuss the business implications of this chart, so let me remedy that omission.

First, how much money did the investors have to put in? Since the project will start earning money once the key is turned and the market is guaranteed, the investors only had to put up the total capital outlay of $1.6 billion. Less, of course, the generous government grant of nearly half a billion dollars. Total invested, therefore, is $1,170 million dollars.

On that money, the investors stand to make a net present value of $334 million dollars … which means that due to the screwing of the taxpayers and ratepayers, a few very wealthy investors are GUARANTEED A RETURN OF 29% ON THEIR INVESTMENT!!!

How is this fair in any sane universe? AGW supporters talk about the 1% having too much money, and here the same folks are shoveling the money into the one percenters’ pockets. The 1% weren’t rich enough already, so I have to foot the bill for them to get a GUARANTEED 29% RETURN on their investment?

Note also that a huge part of the money, some $462 billion dollars, is coming from the California electricity ratepayers, including yours truly, through increased charges for electricity. This means that these solar scam artists are being allowed to sell their power at 50% ABOVE MARKET PRICES!!! Not just a little bit above market. Fifty percent above the market price! Where is the California Public Utilities Commission whose job is to protect the consumer? Oh, I see … the are the ones who agreed to the 50% above market rate hike … for shame.

Read the rest here.

Shocking, breaking story here. The Times still craves a pro-Democratic Party movement so they’re beating this dying horse to…um…well, death.

Read the whole strained piece here (complete with unwarranted hope and disappointment):

In the wake of this week’s eviction of protesters from Zuccotti Park in New York and other urban campgrounds around the country, it’s tempting to dismiss the Occupy Wall Street movement as little more than a short-lived media phenomenon. The issues that spawned the movement — income inequality, money in politics and Wall Street’s influence — were being drowned out by debates over personal hygiene, noise and crime.

By Wednesday morning, when I dropped by the park, about 20 people, including some who looked disheveled and homeless, shared food and barely listened to a speaker with a graying ponytail who denounced New York as an “illegitimate police state.” Thursday’s “Day of Action” led to some more arrests, but it didn’t spawn the mass demonstrations some local politicians had predicted, let alone attract the throngs that the Tea Party mustered for a march on Washington in 2009.

But critics and supporters alike suggest that the influence of the movement could last decades, and that it might even evolve into a more potent force. “A lot of people brush off Occupy Wall Street as incoherent and inconsequential,” Michael Prell told me. “I disagree.”

Mr. Prell is a strategist for the Tea Party Patriots, a grass-roots organization that advocates Tea Party goals of fiscal responsibility, free markets and constitutionally limited government. He’s the author of “Underdogma,” a critique of left-wing anti-Americanism, which includes a chapter on the Berkeley Free Speech movement of the 1960s, which may be the closest historical parallel to the Occupy movement.

“They claim to stand up on behalf of the ‘little guy’ (the 99 percent), while raising a fist of protest against the big, rich, greedy and powerful 1 percent,” he said of the Occupy movement. “The parallels between Occupy Wall Street and the Berkeley Free Speech Movement are too clear to ignore — right down to the babbling incoherence of the participants. The lesson from Berkeley in the 1960s and the protest movement they spawned is: it doesn’t matter that they don’t make sense. What matters is they are tapping into a gut-level instinct that is alive, or lying dormant, in almost every human being. And, when they unleash the power of standing up for the powerless against the powerful — David vs. Goliath — the repercussions can ripple throughout our society for decades.”

MADRID (AP) — Carlos Slim, one of the world’s richest men, has bought 3.23 percent of Spanish-language media giant Grupo Prisa.

Spanish financial officials said Friday the Mexican businessman bought at least 14.7 million shares of the company this month for about euro11 billion ($14.8 billion).

Slim has also purchased 7.2 percent of the publisher of The New York Times in recent years.

Grupo Prisa operates newspapers, broadcasters and publishers in 22 countries.

Last year it received a cash injection from U.S.-based Liberty Acquisitions Holdings Corp. to refinance its $6.4 billion debt.

..

NOVI, Mich. (AP) — A program to make loan money more available to Michigan-based businesses is getting a boost from Fifth Third Bank, Gov. Rick Snyder announced Friday.

Snyder and an official with Cincinnati-based Fifth Third Bank say the bank has the capacity to make new loans totaling $2.5 billion to Michigan businesses in 2012. Word of the additional money was part of an update to the state’s Pure Michigan Business Connect program and brings the multi-year loan program’s capacity from $3 billion to $8 billion.

“It’s about Michigan’s comeback — it’s about job-creation,” Snyder said of the program, which launched about six months ago and involves about 700 state companies and organizations. He said program’s basic premise is “asking Michigan businesses to do business with one another.”

Snyder said the Fifth Third Bank’s 2012 participation is the largest commitment by a financial institution to date. David Girodat, president of Fifth Third Bank Eastern Michigan, said it means an additional $5 billion in access to loans, including another $2.5 billion available for consumers.

The program is a public-private initiative involving the Michigan Economic Development Corp., state agencies and major Michigan companies and organizations. The announcement was made in the Detroit suburb of Novi at the Global Access Exporter Forum.

Really, now the Republicans can’t even pass their own shit? When did they become so incapable?

Weak.

Sauce.

WASHINGTON (AP) — The House has rejected a proposal to amend the Constitution to require a balanced budget, seen by many as the only way to force lawmakers to hold the fiscal line and reverse the flow of federal red ink.

The 261-165 vote was 23 short of the two-thirds majority needed to advance a constitutional amendment. Democrats, swayed by the arguments of their leaders that a balanced budget requirement would force Congress to make devastating cuts to social programs, overwhelmingly voted against it.

Four Republicans joined the Democrats in opposing the measure.

RIO DE JANEIRO (AP) — An oil spill off Brazil’s coast could be “much bigger” than earlier estimated, the Rio de Janeiro state environment minister said Friday, and Federal Police said that oil company Chevron drilled deeper than allowed.

Minister Carlos Minc didn’t say how much oil has leaked from the site of a well owned by Chevron. The leak began Nov. 8 and some Brazilian officials say has not yet been contained.

The exact cause of the leak is not yet known, but a spokesman for Brazil’s Federal Police, which has opened an investigation into the spill, said that Chevron “drilled about 500 meters (1,640 feet) farther than they were licensed to do.”

The official spoke on condition of anonymity as he was not authorized to discuss the matter.

Minc is calling for more transparency on the part of Chevron.

Read here:

Public outrage over this news has spurred some members of Congress to take action. Two bills have been introduced in the Senate to prevent government officials from profiting on nonpublic information gained during the course of doing the peoples’ work.On Thursday, House Financial Services Committee Chairman Spencer Bachus agreed to hold a hearing on a House version of the legislation know as the STOCK Act — short for Stop Trading on Congressional Knowledge Act.

Bachus (R-AL) himself is a target in “Throw Them All Out” for shorting the market after privately meeting with Chairman Ben Bernanke and Treasury Secretary Henry Paulson in the wake of the 2008 financial crisis. Sen. Bachus fired back against Schweizer earlier this week: The book has “several major and serious untruths and outright factual errors about me,” he wrote in a letter to the publisher.

Other notables who have been cited for profiteering include, Rep. Nancy Pelosi (D-CA), Sen. John Kerry (D-MASS) and House Speaker John Boehner (R-OH). (See: OUTRAGE OF THE DAY: Insider Trading In Congress)

Schweizer, who joined The Daily Ticker’s Aaron Task in the accompanying video, does not believe any sort of law banning Congress from trading on inside information will do much good for two reasons: A sense of entitlement on the part of our elected officials and the fact that the SEC does not have the “guts” to enforce such a law.

Read here:

The austerity measures being rolled out in countries across Europe will have a devastating effect on the living standards of its population, an economist told CNBC Friday.

“These reforms are going to be devastatingly impacting on the population in these countries.

We are looking at a decade of lost living standards across most of Europe. The austerity measures are part of the solution but they are also going to deepen the downturn,” James Shugg, senior economist at Westpac, told CNBC.

He added that countries would be facing a prolonged period of hardship because tax revenues would also be hit.

“Europe needs to pull out all the stops and learn from its mistakes to ensure it can come through this with the least possible damage.

There is no easy solution to this, it will be hugely painful,” he said.

Waiters at some of New York’s swankiest eateries were part of a criminal crew that stole credit card information to create counterfeit cards — and then racked up some $600,000 in purchases, prosecutors revealed Friday.

Led by Luis Damian “DJ” Jacas, the crooks equipped waiters at Smith & Wollensky, The Capital Grille, Wolfgang’s Steakhouse and JoJo — and at two restaurants outside the city — with electronic “scimmers” to steal the info from at least 50 customers, the Manhattan District Attorney’s Office said.

Then Jacas used a “network of shoppers” to go on shopping sprees at high-end Manhattan stores like Chanel, Neiman Marcus, Cartier, Hermes of Paris, Bloomingdales, Bergdorf Goodman, Waldmann’s, London Jewelers, Burberry, Jimmy Choo, Lord & Taylor, prosecutors said.

They even used the phony American Express cards to refuel at Starbucks and also hit stores in Westchester County, Long Island, Boston, Chicago and Florida.

The ill-gotten goods were then fenced to “complicit customers” for cash, prosecutors said.

“The high-end targets of this case make it notable, but disturbingly this case is far from unique,” said District Attorney Cy Vance, whose 18-month joint investigation with the Secret Service ended Thursday with the arrests of 27 people.

The suspects were hit with 172 counts of felony enterprise corruption, conspiracy, grand larceny and other charges.

One of the key players in the ring was Brian Torrey, 34, of Bronxville, a longtime Smith & Wollensky waiter.

“Over 60 credit cards were stolen by Mr. Torrey,” Assistant District Attorney Kenneth Kern said.

Two of Jacas’ alleged fences, Eric Brahms, 42, and his wife, Emily, 30, both of Manhattan, were busted at Mt. Sinai Hospital while she was in labor, sources said.

Another alleged member of the ring, 46-year-old Anthony Coffarro, of Brooklyn, was apparently rousted from his bed and arrived at his arraignment Friday dressed in long johns.

The crimes charged in the indictments occurred between April 2010 and November 2011.

Jacas, 41, of Manhattan, also had phony drivers licenses made in the names of the customers whose credit card information was stolen, prosecutors said.

Jacas “oversaw and managed all aspects of the criminal operation,” prosecutors said. He directed his “shoppers” to buy watches, handbags, wallets and other easilly-fenced items.

In addition to the luxury items, investigators who raided the crews’ storage unit at Manhattan Mini Storage on East 62nd St. found a stash of expensive wine, more than $1 million in cash, the skimming devices and the equipment used to make the bogus credit cards and drivers licenses.

The American Express card holders victimized by the gang were not stuck with the bill, prosecutors said.

Read more: http://trade.cc/ijk

Cheers on your weekend 

It is beyond me how you would have lax security on an exchange….

Full article

DICK bove commentary

-CALLS-
OPTION    EXP.DATE       STRIKE PRC.     VOLUME        LAST S/PRC.    NET CHANGE
EMC        11/19/11          23.0000        4753            0.2800      dn 0.1700
KOG        3/17/12            2.5000        2860            5.6000      up 0.1000
AAPL       11/19/11         380.0000        1835            1.1300      dn 0.2500
GLD        12/17/11         168.0000        1575            4.3200      dn 0.1800
KO         12/17/11          67.5000        1410            1.2400      up 0.2300
HUN        11/19/11          10.0000        1187            0.8100      up 0.0100
HUN        12/17/11          10.0000        1187            1.1100      dn 0.2400
AAPL       11/19/11         385.0000         771            0.1800      dn 0.1200
TSO        12/17/11          24.0000         750            1.6600      up 0.0100
QCOM       12/17/11          57.5000         684            1.3600      dn 0.0900 

 -PUTS-
OPTION    EXP.DATE       STRIKE PRC.     VOLUME        LAST S/PRC.    NET CHANGE
CRM        11/19/11         120.0000        2030            5.0900      up 0.2600
GLD        12/17/11         167.0000        1580            4.4500      dn 0.3000
CRM        11/19/11         125.0000        1387            9.8500      up 2.8500
AAPL       11/19/11         375.0000        1339            0.8500      dn 0.6600
DB         11/19/11          37.5000        1169            1.1000      dn 0.7000
BAC        11/19/11           6.0000        1136            0.2300      up 0.0000
CRM        11/19/11         110.0000        1122            0.5700      dn 1.6100
AMR        12/17/11           2.0000        1000            0.4600      dn 0.0400
AMR        11/19/11           2.0000        1000            0.2600      dn 0.0800
CAT        11/25/11          92.5000         924            1.6300      dn 0.2000 

 -VOLUME-
 CALLS      PUTS           TOTAL
464229    259722          723951

-CALLS-
OPTION    EXP.DATE       STRIKE PRC.     VOLUME        LAST S/PRC.    NET CHANGE
AAPL       11/19/11        380.0000         366            1.1300      dn 0.2500
BAC        12/17/11          8.0000         257            0.0200      dn 0.0100
DELL       1/21/12          15.0000         250            1.0000      up 0.0300
INTC       1/21/12          30.0000         200            0.0600      dn 0.0100
DD         4/21/12          52.5000         184            1.5600      dn 0.1100
MSFT       1/21/12          26.0000         170            0.8700      dn 0.0700
AAPL       11/19/11        385.0000         156            0.2500      dn 0.0500
TGT        11/19/11         52.5000         126            0.2200      dn 0.0800
GLD        11/19/11        169.0000         121            0.1500      dn 0.2000
TBT        1/21/12          33.0000         110            0.0500      up 0.0000 

 -PUTS-
OPTION    EXP.DATE       STRIKE PRC.     VOLUME        LAST S/PRC.    NET CHANGE
BAC        12/17/11           6.0000         280            0.5600      up 0.0300
GLD        11/19/11         165.0000         278            0.1300      dn 0.2100
AAPL       11/19/11         360.0000         185            0.0400      dn 0.0600
AAPL       11/19/11         380.0000         177            2.3900      dn 2.0100
BAC        11/19/11           6.0000         175            0.2400      up 0.0200
CRM        11/19/11         115.0000         159            1.6500      dn 1.5000
HOT        11/19/11          48.0000         150            0.1200      dn 0.4600
AAPL       11/19/11         375.0000         145            0.8800      dn 0.9200
AAPL       11/19/11         370.0000         135            0.2300      dn 0.3500
BAC        1/21/12            4.0000         120            0.1500      up 0.0000 

 -VOLUME-
 CALLS      PUTS           TOTAL
22550       34681          57231

NYSE

New Highs 7 

COMPANY                       SYMBOL      HIGH                VOLUME 
-------                       ------      ----                ------ 
DCP Midstream Ptnrs           DPM         45.21               28,896 
Enbridge Inc                  ENB         35.82              153,301 
Gladstone Cap Corp. Pfd.      GLADpA      25.55                  750 
Guggenh Bond Mneg Dur Tr      GBAB        20.69                7,270 
Healthspring                  HS          54.75              106,381 
Invesco Qty Inv               IQT         13.52               11,972 
Kinder Morgan Mgmt            KMR         68.69               29,216 

New Lows 19 

COMPANY                       SYMBOL      LOW                 VOLUME 
-------                       ------      ----                ------ 
Avon Products                 AVP         16.68            2,013,298 
China Kanghui ADS             KH          14.88                9,036 
Christopher & Banks           CBK         2.79                22,452 
Computer Sciences             CSC         24.79              312,920 
Delphi Automotive             DLPH        21.01              350,422 
DigitalGlobe                  DGI         15.87               43,518 
Dole Food Co                  DOLE        9.17                99,659 
Elster Group SE ADS           ELT         13.29                5,600 
Forest Labs                   FRX         29.18              288,877 
Invacare Corp                 IVC         19.73               15,245 
Kenexa                        KNXA        23.84               20,907 
Meritor                       MTOR        5.56               578,124 
New York & Co                 NWY         2.25                27,991 
OM Group                      OMG         22.55               50,327 
Och-Ziff Capital Mgmt         OZM         7.56            15,506,393 
Old Republic Intl             ORI         7.57               271,848 
Sun Life Fincl                SLF         19.66               71,779 
Thermo Fisher Sci             TMO         46.25              773,319 
US Airways Grp                LCC         4.36               478,406

NASDAQ

New Highs 6 

COMPANY                       SYMBOL      HIGH                VOLUME 
-------                       ------      ----                ------ 
Altisource Ptfl Sol SA        ASPS        45.92               13,588 
Calavo Growers                CVGW        25.11               21,265 
HealthStream                  HSTM        17.28              469,708 
Hibbett Sports                HIBB        45.90              317,744 
Netlist                       NLST        3.95             1,360,537 
Ubiquiti Networks             UBNT        22.68               25,325 

New Lows 32 

COMPANY                       SYMBOL      LOW                 VOLUME 
-------                       ------      ----                ------ 
AutoNavi Holdings Ltd ADS     AMAP        10.76               78,846 
Avatar Hldgs                  AVTR        7.38                 5,644 
Bon-Ton Stores                BONT        3.00                27,384 
Casual Male Retail Group      CMRG        3.14                48,715 
Cornerstone Thera             CRTX        4.96                 4,259 
Ctripcom Intl                 CTRP        26.09              407,814 
Delcath Systems Inc           DCTH        2.78               177,336 
Dialogic                      DLGC        1.33                14,388 
eDiets.com                    DIET        0.54                 2,346 
Enzon Pharmaceuticals         ENZN        6.27                24,497 
G-III Apparel Group           GIII        20.15               32,715 
Hanwha SolarOne Co Ltd        HSOL        1.26               184,669 
Interactive Intelligence      ININ        23.24                9,652 
iShr MSCI Fr Est Fnl          FEFN        20.61                  100 
Myrexis                       MYRX        2.41                27,995 
Pan American Silver           PAAS        23.82              166,345 
Peregrine Pharma              PPHM        0.92                73,604 
Perry Ellis Intl              PERY        13.34              200,945 
Princeton National Bncp       PNBC        1.30                 1,025 
Pure Bioscience               PURE        0.51                10,500 
Quantum Fuel Sys Techs        QTWW        1.72                26,999 
Radisys                       RSYS        4.31                16,489 
Sangamo BioSciences           SGMO        2.83                65,817 
Savient Pharmaceuticals       SVNT        2.34               154,974 
Shoe Carnival                 SCVL        19.19               78,700 
TBS Intl  Cl A                TBSI        0.44                40,000 
TeleComm Systems  (Cl A)      TSYS        2.96                55,694 
Towerstream                   TWER        1.91               104,416 
TriQuint Semiconductor        TQNT        4.63               604,826 
Vertex Pharm                  VRTX        28.15              360,966 
Wet Seal  (Cl A)              WTSLA       3.06               156,337 
XenoPort                      XNPT        4.74                18,169

Heat Map

A/D Line

Money Flows 

ISSUE GAINERS                 SYMBOL   EXCH   LAST PRICE   MONEY FLOW    RATIO 
                                                          (in millions) 
Chevron                        CVX     NYSE      101.48      +115.9       6.12 
Procter & Gamble               PG      NYSE       63.44      +100.0      13.96 
Johnson & Johnson              JNJ     NYSE       63.83       +97.7       9.92 
AT&T                           T       NYSE       28.67       +96.2      18.73 
Coca-Cola                      KO      NYSE       67.54       +94.4       8.57 
Philip Morris Intl             PM      NYSE       73.00       +78.3       7.43 
Verizon Communications         VZ      NYSE       36.54       +63.7      17.98 
Qualcomm                       QCOM    NASD       56.21       +62.6       2.87 
McDonald's                     MCD     NYSE       92.61       +61.6       8.69 
Schlumberger                   SLB     NYSE       72.21       +58.3       4.61 
Abbott Labs                    ABT     NYSE       53.83       +52.2      12.61 
Occidental Pete                OXY     NYSE       95.28       +45.0       5.28 
Hewlett-Packard                HPQ     NYSE       28.01       +43.8       2.93 
Caterpillar                    CAT     NYSE       94.16       +41.9       3.39 
Comcast                        CMCSA   NASD       21.45       +40.1       9.97 
Kraft Foods                    KFT     NYSE       35.02       +35.8      14.90 
Altria Group Inc               MO      NYSE       27.77       +32.2       9.01 
CVS Caremark                   CVS     NYSE       38.40       +30.4       8.20 
VISA  (Cl A)                   V       NYSE       90.82       +29.9       6.68 
EMC Corp                       EMC     NYSE       23.27       +29.0       7.74 

ISSUE DECLINERS               SYMBOL   EXCH   LAST PRICE   MONEY FLOW    RATIO 
                                                          (in millions) 
Apple                          AAPL    NASD      378.01      -264.1       0.49 
ExxonMobil                     XOM     NYSE       78.48      -206.9       0.12 
Microsoft                      MSFT    NASD       25.23      -135.1       0.12 
IBM                            IBM     NYSE      186.22      -133.6       0.12 
Google                         GOOG    NASD      603.33      -109.2       0.47 
Intel                          INTC    NASD       24.19      -106.2       0.11 
Oracle                         ORCL    NASD       30.38       -97.0       0.11 
Pfizer                         PFE     NYSE       19.54       -92.0       0.08 
Cisco Systems                  CSCO    NASD       18.35       -77.4       0.08 
Wells Fargo                    WFC     NYSE       24.80       -74.2       0.12 
Berkshire Hathaway B           BRK/B   NYSE       74.90       -72.8       0.12 
Amazoncom                      AMZN    NASD      203.22       -65.6       0.47 
Citigroup                      C       NYSE       26.15       -63.5       0.30 
PepsiCo                        PEP     NYSE       63.48       -60.8       0.24 
Merck                          MRK     NYSE       35.20       -57.7       0.13 
ConocoPhillips                 COP     NYSE       69.86       -53.7       0.11 
United Technologies            UTX     NYSE       75.85       -41.2       0.12 
Disney                         DIS     NYSE       35.49       -38.2       0.07 
United Parcel Service B        UPS     NYSE       69.13       -38.1       0.10 
3M                             MMM     NYSE       80.39       -37.4       0.13

[youtube://http://www.youtube.com/watch?v=SJk-9fP9nV0 450 300]