Oversold bounce ?
Upgrades and Downgrades This Morning
Upgrades
ECA – EnCana upgraded to Outperform from Market Perform at BMO Capital
MOS – Mosaic upgraded to Buy from Neutral at Goldman
MU – Micron added to Most Preferred list at UBS
AGU – Agrium upgraded to Neutral from Sell at Goldman
SAFM – Sanderson Farms upgraded to Buy from Neutral at Goldman
OSK – Oshkosh Truck upgraded to Neutral from Reduce at Suntrust
ORCL – Oracle added to Conviction Buy List at Goldman
LVS – Las Vegas Sands added to U.S. 1 List at BofA/Merrill
SIRO – Sirona Dental Systems initiated with an Overweight at Morgan Stanley
Downgrades
FDX – FedEx downgraded to Neutral from Buy at BofA/Merrill
MU – Suncor Energy downgraded to Market Perform from Outperform at BMO Capital
LUV – Southwest Air downgraded to Market Perform from Outperform at Raymond James
NVS – Novartis AG downgraded to Neutral from Buy at BofA/Merrill
TFX – Teleflex initiated with an Equal Weight at Morgan Stanley
VRX – Valeant Pharmaceuticals initiated with an Equal Weight at Morgan Stanley
Comments »Gapping Up and Down This Morning
Gapping up
GLBL +52.6%, RXII +38%, MHP +2.2%, CAVM +8.1%, NKTR +4.7%, CCE +1.4%, BPAX +5.5%, NVDA +1.8%, SCCO +1.4%, WYNN +1.8%,
IDCC +0.7%, IDCC +1.6%, safe haven plays
Gapping down
The entire globe, BAC -3.2%, RDS.A -3.2%, RIO -3%, UBS -2.9%, DB -8%, JPM -2.9%, BHP -2.8%, AA -2.7%, TEF -2.7%, BBL -2.2%, HBC -1.9%, ING -7.5%, BBVA -7.1%, FRO -6.8%, STD -6.6%, ALU -5.1%, NOK -4.7%, C -4.3%, SDRL -4.1%, SNY -3.8%,
Comments »In Play and On the Wires
FLASH: China’s Government Says Inflation is Still too High; More Interest Rate Hikes to Come
That’s the second time Jim Cramer said to buy since China was done….
Comments »Harry Dent Calls For DOW 3k
Gold Unexpectedly Down Amid Global Debt Fears; Technical Analysis Suggests a Test of $1700 Before Resuming Bull Trend
FLASH: Italy’s Bond Yields Have Breached Margin Requirement Thresholds
Yields have pushed above the 450 mark which should begin triggering margin calls. That’s a spicy meatballe (sic) for breakfast…..
Comments »European Banks Have Reached Evaluation Levels Not Seen Since The Collapse of Lehman Bros.
Inflation Protected Bond Yields Fall Below That of Government
Jamie Dimon Calls New Banking Rules Anti American; Well How About Criminal Activity in the Banking System Jamie ?
Hey Jamie don’t forget the American tax payer bailed your bank out with a Bear Sterns cash infusion…not to mention every other too big to fail bank who ran this country into the ground. NOBODY WENT TO JAIL AND THAT IS ANTI AMERICAN.
Also remember that monopolies are anti capitalism !
Comments »Preliminary IMF Study Shows ECB May Be Short $273.2 Billion
Goldman’s Full Outlook Through 2012
Nikkei Steps Into a Murder Hole
Nikkei down a little over 2% for this week’s opening trade,
Spot gold trades higher, but pares gains quickly,
Euro weak out of the gate,
U.S. dollar up against most currencies except for the Yen
Brent and NYMEX crude down 1%+
U.S. futures off by 1% on Greek debt fears
Comments »BLUE BLAZER SPECIAL: Max Keiser Interviews KARL DENNINGER
Apple and Feta Shit Pie
So the S&P failed again at the 30 day moving average yesterday. We briefly jumped to 1204, but fell back to close lower on the day. For the plebs sake I was hoping a better than expected initial claims would help us with some follow through trying to produce a 3rd higher high.
The 30 moving average now stands at 1187 and is dropping like a stone.
It would have been nice to see a close above 1161 today; not that it is a crucial level, but that it represents an average price from which one could have some hopes for a rally.
The only thing the bulls have going for them is that the volume was not explosive to the downside today and that we did not close on the absolute lows of the day.
At any rate, this market is beyond technical analysis for the moment. I believe this to be the case as we can not know how good or bad it gets across the pond.
IMO Greece will have to default very soon. Today’s bond auction for Greece was pitiful. They only raised $3-$4 billion of the $9+ billion needed for short term paper. I do not have to discuss yields with you as you know they have blown out to insane levels.
Of course the Greek finance minster came out to reassure the market place that there would be not immediate default, but if the clam can lie and tell us things are contained, that the mortgage problem will not spread to the broader economy then I’m sure some feta cheese eating minister can tell us that everything is a okay.
Interbank lending in Europe has all but halted to a crawl. Expect a frozen market shortly.
All in all debt problems can not be solved with more debt. Especially in a region where there are no real printing presses for currency; such as we have here with the clam and criminal company.
Even if some miracle occurs for Greece we still have many PIIGS to worry about.
Expect a major down draft soon. Keep the powder dry as we should have a great buying opportunity coming up in the next two weeks of trade.
Also remember that this is now a trading environment. Your on the other side of the mountain. It shall remain so for perhaps a few years imo.
This is due to the weak consumer getting weaker, a tragedy called government, and the PIIGS problem is not going to go away for at least 2 years.
GLT
Hey Greece Manamana….
[youtube:http://www.youtube.com/watch?v=ntNju2D4dIU 450 300] [youtube:http://www.youtube.com/watch?v=9Mjp8ox59WE 450 300]
Comments »
Jim Rogers: “Do You Believe in the Tooth Fairy Too?”
In an CNBC interview, Jim Rogers said Bernanke was lying about intervening in the bond markets and suggested the Fed was artificially keeping rates low.
Comments »Warren Buffet’s Favorite Indicator Continues to Move South
Credit Suisse Downgrades U.S. GDP and Year End Target For the S&P
PIMCO’s Gross: QE1 and QE2 ‘Destroyed’ Credit Creation
Gross says its an argument over cost of credit vs creation of credit. Gross states “flattened yield curves destroy systemic leverage..”
Comments »
