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Quants Rule the World of Trading
Marc Faber: “Gold Is Quite Oversold. I Will Consider Buying Gold Over The Next Two Days”
Rogers: U.S. Dollar is No “Safe Haven”
Upgrades and Downgrades This Morning
Upgrades
TUDO – Tudou initiated with a Buy at Deutsche Bank
TX – Ternium S.A. upgraded to Buy from Neutral at Goldman
MLHR – Herman Miller upgraded to Strong Buy from Outperform at Raymond James
PNM – PNM Resources upgraded to Outperform from Market Perform at Wells Fargo
NVLS – Novellus upgraded to Neutral from Negative at Susquehanna
ABVT – Abovenet upgraded to Strong Buy from Outperform at Raymond James
OXY – Occidental Petro upgraded to Buy from Hold at Citigroup
GMCR – Green Mtn Coffee initiated with a Buy at Argus
ELT – Elster initiated with an Equal Weight at Morgan Stanley
GXP – Great Plains Engy added to Conviction Buy List at Goldman
RRTS – Roadrunner Transportation reinstated with a Buy at BB&T
NFLX – Netflix upgraded to Buy from Neutral at Merriman
NVE – NV Energy upgraded to Buy from Neutral at Goldman
AMD – Advanced Micro upgraded to Buy from Neutral at UBS
FWLT – Foster Wheeler upgraded to Outperform from Market Perform at BMO Capital
EL – Estee Lauder upgraded to Buy at Stifel Nicolaus
ALKS – Alkermes upgraded to Buy from Hold at Jefferies
ROSS – Ross Stores target raised to $92 at Ticonderoga
NVLS – Novellus upgraded to Neutral from Negative at Susquehanna
EXPE – Expedia upgraded to Overweight from Neutral at Piper Jaffray
UTX – United Tech upgraded to Overweight from Equal Weight at Morgan Stanley
Downgrades
FCX – Freeport-McMoRan tgt cut to $54 at Stifel
GR – Goodrich downgraded to Equal Weight from Overweight at Morgan Stanley
EE – El Paso Electric downgraded to Neutral from Buy at Goldman
ITRI – Itron initiated with an Overweight at Morgan Stanley
Comments »Gapping Up and Down This Morning
Gapping up
PT +4.2%, MELA +24.2%, NFLX +5.1%, EXPE +1.6%, OXY3.1%, BCS +6.8%, DB +6.7%, CS +5.7%,
RBS +5.2%, AEO +4.9%, UBS +4%, NOK +3.4%, MT +3.2%, HBC +1.2%, SNY +3.1%, NVS +2.2%,AMD +3.1%,
BAC +3%, JPM +2.1%, PUK +4.6%, BAC +3%, JPM +2.1%, MOS +1.2%, GIS +0.9%, NFLX +5.1%, EXPE +1.6%,
DCTH +12.9%, AEZS +7.9%, AEO +5.1%, CBLI +2.1%, OXY + 3.1%
Gapping down
MCP -2.6%, RIO -0.8%, EK -16%, SLV -6.6%, SLW -4.4%,
Comments »In Play and On the Wires
Marc Faber: Gold Could Fall to $1,100
France Says Banks are “Solid” and That There are No Plans to Recapitalize Institutions
Three Asian Markets Announce No Rate Hikes Given Global Slowdown; China Not One of Them
Hugh Hendry on the Sovereign Debt Crisis: “The problem is greater than the ability of the politicians to respond,”
Hugh has been spot on with his calls and now he states the problem is more than policy makers can deal with. Furthermore Greece, problem du jour, will have to solve the problem by “throwing the politicians out and rejecting the European ideal.”
Comments »Chancellor Osborne Says the Euro Crisis Must Be Fixed in Six Weeks
In six weeks there will be another G20 meeting in France.
I say the ECB should have already fixed the problem.
Interesting read and commentary out of the U.K.
Comments »Goldman’s Jim O’Neill: Don’t Even Think About The Words “Safe Haven”
Fine art, long term real estate holdings, cash flow positive companies for pennies on the dollar are just a few things that goes against this article.
Comments »U.S. Markets Flip Flop in the Calm Before the Storm
DOW currently up 50, Nasdaq up 27, & the S&P is up 10 bones. We have been red and green today.
Markets have shown a day of calm after a global sell off.
Art Cashin has been on point and today he described a snenario where we would see choppy trade followed by a final capitulation sell day and then the big rally the market seems to be hinting at.
Comments »Greek Finance Ministers Discus the Possibility of Default With a 50% Haircut to Bond holders
The idea is now more publicly palatable within the media and public discussions.
Comments »Warren Buffet’s Favorite Indicator Stops Going South and Produces Mixed Results
Interesting Chart Correlation of Today’s Equity Markets to 1946
Of course the past does not predicate the future, but sometimes you will see history repeating itself…
If we can draw anything; it may be a final bottom is very near.
Comments »Millions Shuttered Out of Mortgage Refinancing
Unfortunately, strict lending standards, little lending, and underwater properties kept over 2.5 million people from refinancing.
I have an idea; if we the tax payer are giving free money to the banks with low rates to which the banks buy treasuries and make free money how about letting the banks eat some of the losses in a underwater property.
When a property is foreclosed on the most the banks are making is 60 cents on the dollar. So why not help out your fellow citizens who are in turn keeping you in a survival zombie state of being.
Comments »Fitch: U.S. Money Market Funds Reduce Exposure to European Banks by 8%
Better reduce more as the ECB will not react until next month IF the crisis worsens
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