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Upgrades and Downgrades This Morning


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


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

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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%,

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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.


Hey Greece Manamana….

[youtube:http://www.youtube.com/watch?v=ntNju2D4dIU 450 300] [youtube:http://www.youtube.com/watch?v=9Mjp8ox59WE 450 300]




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