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Market Update

Upgrades and Downgrades This Morning

Upgrades

CSX – CSX upgraded to Buy from Neutral at Sterne Agee

PEG – Public Service target raised to $39 at Ticonderoga

MFA – MFA Mortgage initiated with a Neutral at JP Morgan

CTXS – Citrix Systems initiated with Positive at Susquehanna

SPR – Spirit Aerosystems added to U.S. 1 List at BofA/Merrill

AWH – Allied World Assurance upgraded to Overweight from Neutral at JP Morgan

MWE – MarkWest Energy upgraded to Outperform from Market Perform at Wells Fargo

NLY – Annaly Capital Mgmt initiated with an Overweight at JP Morgan

APKT – Acme Packet upgraded to Outperform from Sector Perform at Pacific Crest

CRM – Salesforce.com upgraded to Buy from Neutral at Citigroup

SNN- Smith & Nephew upgraded to Outperform from Neutral at Exane BNP Paribas

TWTC – Time Warner Tcom upgraded to Overweight from Equal Weight at Morgan Stanley

CAT – Caterpillar added to Conviction Buy list at Goldman

CL – Colgate-Palmolive upgraded to Underperform from Sell at Credit Agricole

Downgrades

COG – Cabot Oil & Gas downgraded to Neutral from Buy at Pritchard

ET – Eaton Vance downgraded to Sell from Neutral at Citigroup

KSU – KC Southern downgraded to Neutral from Buy at Sterne Agee

TSN – Tyson Foods upgraded to Overweight from Neutral at JP Morgan

DSW – DSW downgraded to Neutral from Buy at Citigroup

CBS – CBS downgraded to Neutral from Buy at Nomura

DLB – Dolby Labs target lowered to $35 at Collins Stewart

TEF – Telefonica S.A. downgraded to Neutral from Overweight at JPMorgan

PFE – Pfizer downgraded to Market Perform from Outperform at Leerink Swann

CTRP – Ctrip.com downgraded to Neutral from Positive at Susquehanna

BCS – Barclays PLC downgraded to Sell from Neutral at Goldman

AMGN – Amgen downgraded to Market Perform from Outperform at Leerink Swann

EQT – EQT Corp. downgraded to Neutral from Buy at Pritchard

MDC – MDC Holdings upgraded to Buy from Neutral at Citigroup

HSY – Hershey Foods downgraded to Hold at Argus

RNOW – Rightnow Tech downgraded to Market Perform from Outperform at JMP Securities

GMCR – Green Mtn Coffee downgraded to Hold at Argus

Comments »

Gapping Up and Down This Morning

Gapping up 

IBM +0.9% , BA +2.7%,  GLW +1.7% , LYB +3.7%, ZIOP +18.6%, OBCI +17%, GRRF +9.4%,  MCP +1.6%,

Gapping down

RIO -0.9%, GLD -0.6%, BBL -0.5%, JKS -8.5%, AU -2.9%,  GOLD -1.9%, BHP -1.7%, GDX -1.1%, SLV -1%,

Comments »

Today’s Money Flows

MONEY FLOW - UPTICK/DOWNTICK TRADING DOLLAR VOLUME Nov 11,2011 02:05 PM 

       MARKET                    MONEY FLOW (in millions)    RATIO 
                                    TODAY     PREV DAY 
       DJIA                          -41.2       -515.4       0.98 
         Blocks                      -34.5       -463.0       0.86 
       Russell 2000                   +0.1       -986.9       1.00 
         Blocks                      -63.0       -662.4       0.71 
       S & P 500                     +14.1       +115.4       1.00 
         Blocks                       +6.2        +57.8       1.01 
       DJ U.S. Total Stock Market   +304.4       -836.4       1.01 
         Blocks                     +107.8       -597.8       1.06 

ISSUE GAINERS                 SYMBOL   EXCH   LAST PRICE   MONEY FLOW    RATIO 
                                                          (in millions) 
SPDR S&P 500                   SPY     ARCA      126.66      +174.7       1.14 
El Paso Corp                   EP      NYSE       24.85       +33.1       4.21 
Google                         GOOG    NASD      608.00       +29.9       1.08 
Schwab U.S. REIT               SCHH    ARCA       26.35       +18.5     113.89 
SPDR S&P O&G Exp & Prd         XOP     ARCA       55.90       +17.6       2.22 
Qualcomm                       QCOM    NASD       56.92       +16.6       1.27 
ExxonMobil                     XOM     NYSE       79.52       +16.6       1.21 
PS KBW Banks                   KBWB    ARCA       20.40       +15.5      28.19 
ML Retail HOLDRS Tr 12/41      RTH     ARCA      113.48       +15.4       2.40 
Marathon Petroleum             MPC     NYSE       38.52       +13.3       1.74 
Taiwan Semi Mfg                TSM     NYSE       12.97       +13.1       3.00 
iSh MSCI Chile Inv Mkt         ECH     ARCA       63.15       +12.7      12.63 
Comcast                        CMCSA   NASD       22.46       +12.5       1.49 
Microsoft                      MSFT    NASD       26.98       +12.0       1.17 
Valero Energy                  VLO     NYSE       25.09       +11.8       1.28 
Citigroup                      C       NYSE       29.40       +10.3       1.09 
AT&T                           T       NYSE       29.44       +10.3       1.35 
iShares EM Min Vol             EEMV    ARCA       52.03       +10.0     237.54 
Albemarle                      ALB     NYSE       53.91        +9.9       3.55 
iShrs Russell 2000 Growth      IWO     ARCA       85.56        +9.9       1.74 

ISSUE DECLINERS               SYMBOL   EXCH   LAST PRICE   MONEY FLOW    RATIO 
                                                          (in millions) 
Amgen                          AMGN    NASD       58.04       -24.8       0.50 
Chevron                        CVX     NYSE      106.93       -22.2       0.78 
SPDR S&P MidCap 400 ETF        MDY     ARCA      162.23       -20.7       0.77 
Cisco Systems                  CSCO    NASD       18.99       -15.8       0.88 
Brigham Exploration            BEXP    NASD       36.38       -13.7       0.30 
Coca-Cola                      KO      NYSE       68.20       -12.6       0.75 
Johnson & Johnson              JNJ     NYSE       65.39       -12.5       0.78 
iPath GSCI TR Index ETN        GSP     ARCA       34.54       -12.5       0.02 
SpectraEnergy                  SE      NYSE       29.20       -11.9       0.37 
ProShrsUltraShortSilver        ZSL     ARCA       11.20       -11.3       0.46 
Time Warner                    TWX     NYSE       35.20       -11.3       0.55 
Exelon                         EXC     NYSE       45.02       -10.8       0.53 
Schlumberger                   SLB     NYSE       76.77       -10.8       0.89 
iShrs Tr S&P 500 Growth        IVW     ARCA       68.33       -10.0       0.28 
iShr FTSE China 25             FXI     ARCA       37.83        -9.9       0.69 
ProShrs UltraShort S&P500      SDS     ARCA       19.66        -9.8       0.87 
Teva Pharmaceutical (ADS)      TEVA    NASD       40.49        -9.4       0.72 
iShrs Russell 2000             IWM     ARCA       74.31        -9.3       0.97 
pricelinecom                   PCLN    NASD      534.18        -9.3       0.95 
Disney                         DIS     NYSE       36.87        -9.2       0.92

Comments »

Today’s 52 Week Highs and Lows

New Highs 49 

COMPANY                       SYMBOL      HIGH                VOLUME 
-------                       ------      ----                ------ 
Airgas Inc                    ARG         73.41              278,839 
American Water Works Co       AWK         31.49              432,566 
AutoZone                      AZO         337.72             107,575 
B&G Foods                     BGS         22.12              114,015 
Cabot Oil & Gas               COG         90.00            1,520,798 
Constellation Energy Grp      CEG         40.97              832,801 
DWS Muni Inco                 KTF         13.08               71,600 
Duke Energy                   DUK         20.97            4,733,113 
FTI Consulting                FCN         43.10              347,834 
Fair Isaac                    FICO        35.84              446,845 
Generac Holdings              GNRC        25.46              115,059 
Gladstone Cap Corp. Pfd.      GLADpA      25.25                4,500 
Guggenh Bond Mneg Dur Tr      GBAB        20.67               72,439 
Heico Corp                    HEI         60.48               78,762 
Humana Inc                    HUM         88.33              797,352 
Imperva                       IMPV        32.12              120,627 
Invesco Insured Mun Bd Tr     IMC         17.92               39,983 
Invesco IMInc                 IIM         16.02               46,870 
Invesco Van Kampen Bd Fd      VBF         20.57               42,897 
Kansas City Southern          KSU         67.89              536,620 
KapStone Paper & Pkg          KS          18.10               83,402 
Kenexa                        KNXA        25.48               53,581 
Kodiak Oil & Gas              KOG         7.81             4,698,315 
MI Developments               MIM         33.35              170,485 
Massmutual                    MCI         19.30               33,484 
Mastercard                    MA          370.16             604,148 
Myers Industries              MYE         13.33               41,688 
NeuStar A                     NSR         33.49              184,602 
Nuveen Ins CA                 NXC         13.60                2,888 
Nuveen Connecticut Prem       NTC         14.06                8,775 
Nuveen Insured CA Muni 2      NCL         14.94               27,410 
Nuveen NY Performnce Plus     NNP         15.21               18,546 
Nuveen NY Select Quality      NVN         15.05               27,595 
Oneok Inc                     OKE         78.73              312,816 
Oxford Indus                  OXM         41.67               81,836 
PharMerica                    PMC         16.45               70,096 
Pier 1 Imports                PIR         13.68            1,502,130 
Progress Energy               PGN         53.68              718,283 
Questar Corp                  STR         19.83              373,897 
Sally Beauty Hldgs            SBH         20.42              527,687 
SolarWinds                    SWI         31.49              707,133 
Sunoco Logistics Partners     SXL         103.35              60,513 
TJX Cos                       TJX         61.50            1,860,450 
Tesoro Logistics LP           TLLP        27.59                9,323 
Unitil Corp                   UTL         27.68               16,261 
Universal American            UAM         12.47              164,063 
Vectren Corp                  VVC         29.50              293,259 
Vornado Realty Tr Pfd J       VNOpJ       26.21               19,057 
Wstrn Asset Mngd Muni         MMU         13.45               61,891 

New Lows 13 

COMPANY                       SYMBOL      LOW                 VOLUME 
-------                       ------      ----                ------ 
AG Mortgage Invt Trust        MITT        16.73               22,379 
AlcatelLucent ADS             ALU         1.92            21,497,458 
China Cord Blood Cp           CO          2.23               118,555 
China Hydroel ADS             CHC         1.41                 6,528 
China Hydroelectric Wt        CHC/WS      0.03                   400 
CubeSmart 7.75% Series A      CUBEpA      24.50                8,660 
Federated Enhanced Treas      FTT         14.15               64,970 
First BanCorp Rts             FBPr        0.01               107,161 
FITrGSNotes6.75%ClA           TFG         24.45                1,700 
Niska Gas Storage Ptrs        NKA         9.35               217,287 
Noah Holdings ADS             NOAH        7.12                56,773 
Oppenheimer Hldgs A           OPY         13.92               47,283 
Quad/Graphics                 QUAD        12.54              461,955 

 NASDAQ
New Highs 23 

COMPANY                       SYMBOL      HIGH                VOLUME 
-------                       ------      ----                ------ 
Altisource Ptfl Sol SA        ASPS        43.75               65,780 
AmerElecTech                  AETI        3.96                10,920 
American Software  (Cl A)     AMSWA       9.01                70,051 
Arabian American Dev          ARSD        6.09                56,334 
Atrion                        ATRI        232.00                 500 
Blueknight Engy Ptrs A        BKEPP       8.45                 1,717 
Cadence Design Systems        CDNS        11.65            2,181,295 
CommVault Systems             CVLT        47.95              295,016 
Comtech TeleComm              CMTL        34.38              123,647 
Conn's                        CONN        11.50              201,947 
Fastenal Co                   FAST        41.38            1,093,871 
First Connecticut Bncp        FBNK        12.33                9,832 
INX                           INXI        8.64                11,050 
Manhattan Associates          MANH        44.67               95,323 
Mediware Info Sys             MEDW        15.00               23,710 
Mesa Laboratories             MLAB        39.01                  900 
O'Reilly Automotive           ORLY        78.86              425,612 
Pizza Inn Holdings            PZZI        5.80               252,871 
Questcor Pharma               QCOR        43.55              658,562 
Recovery Energy               RECV        6.00                18,772 
Sourcefire                    FIRE        32.38              326,731 
Susser Hldgs                  SUSS        24.28               70,173 
Tractor Supply Co             TSCO        74.84              422,434 

New Lows 39 

COMPANY                       SYMBOL      LOW                 VOLUME 
-------                       ------      ----                ------ 
Adept Technology              ADEP        2.55                22,689 
Albany Molecular Research     AMRI        2.55                70,401 
Alimera Sciences              ALIM        1.71             2,470,987 
Anchor Bancorp Wisconsin      ABCW        0.47                64,265 
Bio-Reference Labs            BRLI        11.41            4,920,595 
Bryn Mawr Bank                BMTC        15.19               17,082 
Cardiome Pharma               CRME        2.41               209,882 
CardioNet Inc                 BEAT        2.33               145,801 
Cereplast                     CERP        1.39               673,732 
Cogo Group                    COGO        1.70               768,031 
Comverge                      COMV        1.38                26,068 
DRI                           TBUS        0.35                27,700 
Delta Petroleum               DPTR        0.52             1,646,941 
Diamond Foods                 DMND        36.03              990,592 
Educational Dev               EDUC        3.80                22,770 
Energy Conversion Devices     ENER        0.30             1,239,584 
Enzon Pharmaceuticals         ENZN        6.59                62,756 
FNB United                    FNBND       14.75                6,866 
Hovnanian Enterprises  A      HOVNP       1.40                12,000 
Incyte                        INCY        12.32            2,085,794 
iShr MSCI Fr Est Fnl          FEFN        21.36                  300 
Merriman Holdings             MERR        0.50                 2,800 
Microvision                   MVIS        0.50             4,463,268 
National Security Group       NSEC        7.66                 2,700 
Pacific Mercantile Bncp       PMBC        2.76                   700 
Pinnacle Airlines             PNCL        2.35                48,833 
Powerwave Techs               PWAVD       2.01               266,577 
Princeton National Bncp       PNBC        1.60                10,974 
pSivida Wi                    PSDV        1.40               760,240 
Rosetta Genomics              ROSG        0.48               193,516 
Savient Pharmaceuticals       SVNT        2.67               467,263 
Security Natl Finl Cl A       SNFCA       1.11                 9,820 
Shengkai Innovations          VALV        0.56               497,188 
State Auto Fincl              STFC        11.40               37,286 
TBS Intl  Cl A                TBSI        0.58                18,400 
Thermogenesis                 KOOL        1.01               151,707 
Vermillion                    VRML        1.29                84,823 
VirtualScopics                VSCP        0.82                80,090 
Zogenix                       ZGNX        1.66               382,925

Comments »

Today’s Most Active Put / Call Option Trades

-CALLS- 
OPTION    EXP.DATE       STRIKE PRC.     VOLUME        LAST S/PRC.    NET CHANGE 
BAC        11/19/11           6.0000         810            0.3600      up 0.0900 
BAC        12/17/11           7.0000         772            0.1700      dn 0.0100 
BAC        2/18/12           7.0000         539            0.4800      up 0.0100 
JPM        11/19/11          34.0000         472            0.6000      up 0.2000 
BAC        2/18/12           6.0000         446            0.9400      up 0.0200 
AAPL       11/11/11         385.0000         421            0.5400      dn 2.2700 
BAC        1/21/12           6.0000         342            0.8300      up 0.0900 
GE         11/11/11          16.0000         322            0.3400      up 0.1800 
TZA        11/11/11          29.0000         251            0.4100      dn 2.9900 
TZA        11/19/11          30.0000         235            1.5200      dn 1.4300 

 -PUTS- 
OPTION    EXP.DATE       STRIKE PRC.     VOLUME        LAST S/PRC.    NET CHANGE 
DELL       11/19/11          15.0000        1520            0.4100      dn 0.1500 
BAC        11/19/11           5.0000        1000            0.0200      dn 0.0200 
BAC        11/11/11           6.0000         912            0.0100      dn 0.0700 
BAC        11/19/11           6.0000         684            0.1200      dn 0.1200 
BAC        2/18/12           6.0000         575            0.7300      dn 0.0900 
AAPL       11/11/11         380.0000         387            0.8100      dn 0.2800 
AAPL       11/11/11         375.0000         364            0.1400      dn 0.3700 
GMCR       12/17/11          40.0000         253            2.8600      dn 1.4400 
MCP        11/11/11          32.5000         249            0.0800      dn 0.1900 
GLD        3/17/12         100.0000         187            0.3200      dn 0.0200 

 -VOLUME- 
 CALLS      PUTS           TOTAL 
40092    40868        80960
-CALLS- 
OPTION    EXP.DATE       STRIKE PRC.     VOLUME        LAST S/PRC.    NET CHANGE 
GGB        12/17/11          10.0000        6000            0.2000      up 0.0000 
PBR        12/17/11          31.0000        5730            0.2200      up 0.0800 
MSFT       11/19/11          27.0000        3636            0.2500      up 0.1500 
MSFT       12/17/11          28.0000        3094            0.2900      up 0.1100 
AAPL       11/11/11         385.0000        2540            0.5800      dn 2.1500 
JPM        11/19/11          35.0000        2014            0.2500      up 0.0800 
BAC        12/17/11           7.0000        1922            0.1800      dn 0.0100 
AAPL       11/11/11         390.0000        1670            0.0600      dn 0.7100 
AAPL       11/19/11         410.0000        1561            0.4100      dn 0.1400 
ABX        11/11/11          52.5000        1413            0.4200      up 0.3200 

 -PUTS- 
OPTION    EXP.DATE       STRIKE PRC.     VOLUME        LAST S/PRC.    NET CHANGE 
AAPL       11/11/11         380.0000        3351            0.7300      dn 0.3300 
AAPL       11/11/11         375.0000        2672            0.1600      dn 0.3300 
NVDA       12/17/11          14.0000        2077            0.8100      dn 0.0900 
NVDA       12/17/11          15.0000        2006            1.3800      up 0.0200 
INTC       11/19/11          24.0000        1705            0.1400      dn 0.2700 
AAPL       11/11/11         385.0000        1600            3.3500      up 0.9100 
AAPL       11/19/11         380.0000        1511            6.0500      up 0.6500 
BAC        11/19/11           6.0000        1366            0.1200      dn 0.1300 
GLW        12/17/11          14.0000        1363            0.4100      dn 0.2400 
GLW        12/17/11          12.0000        1363            0.1000      dn 0.1000 

 -VOLUME- 
 CALLS      PUTS           TOTAL 
669915    673174        1343089

Comments »

Today’s Winners and Losers

=============================================================================== 
                                          ----- Percent Change ------ 
    Sector                 Index       Daily   1 Wk.    1 Mo.    3 Mo.    1 Yr. 
=============================================================================== 

Commercial Vehicl & Trucks    10934.36  344.13    3.97   13.35    9.56    2.08 
Consumer Electronics           8415.38  263.91    3.80   16.10   23.64   -7.93 
Oil Equip & Serv               6195.74  183.12    5.06   13.86    0.47    6.88 
Software                       7838.06  178.31    2.77    3.92   11.25    6.44 
Footwear                       7412.62  174.49    3.37    3.35    9.73   19.30 
Delivery Serv                  7706.71  166.78    3.44    6.42    7.00   -2.04 
Exploration & Production       7653.33  163.09    4.39   19.91    7.98   13.05 
Asset Managers                 5350.73  161.51    5.17   12.06    4.45  -13.82 
Home Improv Retailers          6438.16  161.05    3.08   10.86   24.83   14.21 
Gambling                       6276.59  145.89   -0.13   -0.39   -0.43   -6.03 
Drug Retailers                 6270.24  143.21    3.33    8.77    7.93   17.30 
Specialty Chemicals            5837.96  141.87    3.68    9.17    3.36    4.32 
Heavy Construction             4186.54  140.16    4.12    5.23    2.41   -6.67 
Industrial Machinery           4696.82  139.90    3.94   11.31   11.46    3.13 
Restaurants & Bars             9206.51  138.72    1.97    6.67    9.81   19.06 
Farming & Fishing              5651.45  135.90    4.83    2.63    8.56   17.85 
Telecom Equip                  5814.82  134.06    4.57   10.15   15.48   -1.04 
Computer Serv                  7027.15  130.46    2.29    1.36   10.49   21.83 
Broadcasting & Entertainment   3804.11  129.68    5.77    4.34    7.86    9.03 
Medical Supplies               6827.07  116.28    2.19    2.01    2.57    4.76 
Consumer Finance               5583.40  115.62    2.22    6.69    8.50   20.06 
Coal                           3849.76  115.55    2.04   12.60   -9.38  -25.26 
Pipelines                      6706.66  113.42    2.89   21.44   21.13   43.53 
Hotels                         2689.21  111.70    5.10   11.84   13.07  -10.21 
Medical Equip                  5458.13  108.87    3.02    1.91    3.44    3.78 
Defense                        4520.45  107.85    2.78    5.76   10.69    0.59 
Health Care Providers          4844.37  105.48    3.63   10.74   10.64   12.46 
Nonferrous Metals              6358.74  101.62    2.76   11.48  -10.57  -26.10 
Iron & Steel                   2469.77   97.21    5.62   17.54    4.35   -8.90 
Distillers & Vintners          4838.60   96.99    3.48    2.26   16.60    4.03 
Life Insurance                 3108.85   96.80    4.70   11.03    6.09  -11.71 
Industrial Suppliers           3983.28   94.00    4.56   15.23   26.16   32.93 
Electronic Equip               3473.42   92.32    3.78   11.98   10.97    2.59 
Furnishings                    2751.25   92.18    4.74    9.17   16.01   19.58 
Integrated Oil & Gas           5486.08   87.24    3.26    7.36   12.06   15.02 
Financial Admin                4229.13   81.09    2.77    5.39    9.46    9.24 
Trucking                       3364.59   78.05    3.16    2.71    6.80   -0.24 
Brewers                        4413.81   74.79    2.77   -0.58   -1.93  -13.94 
Media Agencies                 3818.08   74.12    3.28   10.31   10.83   -8.19 
Clothing & Accessories         2964.88   72.18    2.74    6.53   16.17   28.40 
Specialized Consumer Serv      3629.52   71.70    1.86    0.43    3.15    4.13 
Diversified Industrials        2581.18   67.93    3.97    5.50    7.33    2.20 
Electr Components & Equip      2337.32   66.76    3.97   10.17   10.28   -0.86 
Specialty Retailers            3032.51   64.74    2.12    5.51    9.81    6.21 
Nondurable Household Prod      5546.54   63.90    2.07   -0.86    4.99    0.31 
Containers & Packaging         2570.11   62.47    3.29    7.02    5.48    4.08 
Transportation Serv            2468.04   62.07    4.08   14.15   12.48   10.78 
Gold Mining                    2479.43   61.62    2.12   10.93   16.88   15.67 
Auto Parts                     2378.21   60.72    3.92    4.19    3.88   -3.26 
Invest Serv                    3111.97   60.23    2.12    4.12   -5.43  -26.69 
Build Materials & Fixtures     2397.88   59.98    4.15   10.89   13.14    2.78 
Prop & Casualty Insurance      3717.47   58.89    2.32   10.52    9.93    3.71 
Reinsurance                    6060.67   58.55    1.67    5.45    7.06   -5.29 
Commodity Chemicals            2377.76   56.86    3.47    9.04    2.12    1.99 
Specialty Finance              3753.69   55.96    2.63    9.94    6.14   -2.04 
Broadline Retailers            4080.11   54.52    1.26    1.21   14.36   14.07 
Apparel Retailers              3813.68   52.67    2.89    4.61   13.56   16.56 
Durable Household Prod         1673.49   52.49    4.57   13.72    8.49   -1.37 
Insurance Brokers              2851.77   52.31    2.20   11.48    7.75   19.35 
Real Estate Invest & Serv      2139.07   51.94    3.56   13.55   -6.05  -14.49 
Recreational Serv              2338.56   50.56    3.45    6.96    8.41  -13.89 
Soft Drinks                    3864.61   48.00    2.08    3.01    2.38    5.17 
Tobacco                        4500.54   47.39    2.88    5.20   10.41   17.34 
Publishing                     2232.32   47.37    3.38    3.72   11.09   -0.06 
Banks -SS                      2014.90   45.27    2.82    3.72    0.35  -19.52 
Personal Prod                  4562.96   45.06    1.63    1.25    7.36   13.00 
Toys                           3745.99   42.93    2.18    3.67   18.90   13.51 
Pharmaceuticals                2333.80   41.47    3.35    3.76    8.94    9.24 
Real Estate Invest Trusts      2003.51   41.20    2.12    9.59    2.48    1.19 
Biotechnology                  3646.13   40.85    1.42    1.17    9.83    4.05 
Forestry & Paper               1589.20   39.46    3.58   12.70   14.10    4.58 
Food Prod                      2891.57   38.15    0.89    0.42    2.60   14.01 
Aluminum                       1373.89   37.15    3.35    2.92  -12.32  -22.91 
Water                          4969.72   35.05    1.71    3.93    5.62   11.26 
Travel & Tourism               2566.73   33.25    0.70    7.38    4.90   16.41 
Paper                          1247.59   31.50    3.62   13.04   13.73    3.86 
Gas Distribution               2018.72   29.09    2.41    8.12   12.40   16.47 
Marine Transportation          1412.79   28.81    3.43   10.77    9.63  -13.88 
Automobiles                    1818.72   27.58    1.64    1.31   -0.35  -27.23 
Home Construction              2264.74   25.81    3.78   16.62   18.83  -11.40 
Mobile Telecom                 1256.04   25.10    2.19    6.57    2.43  -11.08 
Electronic Office Equip         914.87   23.89    2.80    8.47    4.00  -23.80 
Electricity                    1855.89   23.83    1.86    4.30    9.78   10.71 
Food Retailers & Wholesalers   1800.50   23.41    2.15    4.95    5.66    3.49 
Computer Hardware              8390.49   21.54   -1.21   -1.15    1.75    5.95 
Waste & Disposal Serv          1264.38   21.45    1.94   -0.90    6.21    3.88 
Business Support Serv           990.92   20.45    2.92    4.69    9.50   12.08 
Internet                       2090.73   19.94    0.19    9.68    9.24   -4.44 
Multiutilities                 1419.16   17.29    1.85    4.83   13.09   12.44 
Tires                           430.54   16.08    5.41   20.05   12.89   16.75 
Airlines                        554.58   13.46   -0.05   -3.06    3.33  -37.93 
Fixed Line Telecom             1110.50   11.99    2.10    2.90    4.29    3.46 
Full Line Insurance             326.04    8.62    4.47    3.29   -2.98  -22.57 
Mortgage Finance                167.48    1.78    0.11    1.09   -1.56  -20.57 
General Mining                 2720.43  -92.91   -4.02    3.67  -16.79   -6.35

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Bulls Take Charge in Early Trade

 

DOW up 268

NASDAQ up 49

S&P up 25

[youtube://http://ww.youtube.com/watch?v=X5Rw6As9BcU 450 300]

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El-Erian: Economy Hitting Stall Speed Because of Debt

“Policymakers have taken the wrong approach in dealing with the global economy’s numerous problems, shuffling debt around while avoiding making difficult decisions, Pimco’s Mohamed El-Erian said….”

Full article

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Upgrades and Downgrades This Morning

Upgrades 

ENTG – Entegris initiated with a Buy at Stifel Nicolaus

SVU – Supervalu reinstated with a Neutral at BofA/Merrill

NST – NSTAR upgraded to Outperform from Market Perform at Wells Fargo

ADTN – ADTRAN initiated with a Buy at ThinkEquity

NU – Northeast Utilities upgraded to Outperform from Market Perform at Wells Fargo

QEP – QEP Resources initiated with an Outperform at Raymond James

ALGT – Allegiant Travel upgraded to Buy at Ticonderoga

VIA – Viacom downgraded to Neutral from Buy at Janney Montgomery Scott

ANF – Abercrombie & Fitch downgraded to Neutral from Buy at Nomura

YEGE – Yingli Green Energy downgraded to Sector Perform from Outperform at RBC Capital

RF – Regions Fincl initiated with an Outperform at BMO Capital

ATI – Allegheny Tech initiated with a Buy at Auriga

TKC – Turkcell initiated with a Sell at ING Group

LSCC – Lattice Semi upgraded to Buy from Hold at Jefferies

DNDN – Dendreon upgraded to Market Perform from Underperform at Bernstein

TSLA – Barclays initiates select clean tech and renewables stocks

AMCX – AMC Networks upgraded to Hold at Stifel Nicolaus

GNW – Genworth Financial upgraded to Neutral from Sell at Citigroup

PCYC – Pharmacyclics resumed with a Buy at Needham

Downgrades

PXP – Plains Exploration initiated with a Buy at Keybanc

ZMH – Zimmer Hldgs downgraded to Hold at Argus

EQIX – Equinix initiated with an Overweight at JP Morgan

CXO – Concho Resources downgraded to Hold from Buy at Deutsche Bank

WMS – WMS Industries initiated with a Neutral at Nomura

EW – Edwards Lifesciences upgraded to Buy from Neutral at Lazard

PXD – Pioneer Natural Resources downgraded to Hold from Buy at Deutsche Bank

HNT – Health Net downgraded to Neutral from Outperform at Wedbush

AMZN – Amazon.com initiated with a Neutral at Nomura

CAG – ConAgra downgraded to Neutral from Buy at UBS

PEP – PepsiCo downgraded to Neutral from Buy at Janney Montgomery Scott

CCH – Coca-Cola Hellenic downgraded to Hold from Buy at RBS

PWR – Quanta Services removed from Best Ideas List at Wedbush

RNST – Renasant downgraded to Market Perform from Outperform at Keefe Bruyette

FRME – First Merchants initiated with a Market Perform at Keefe Bruyette

ERF – Enerplus Res Fd Trust downgraded to Neutral from Buy at UBS

MET – MetLife downgraded to Neutral from Buy at Janney Montgomery Scott

FSLR – First Solar  downgraded to Sector Perform from Outperform at RBC Capital

TSL – Trina Solar downgraded to Sector Perform from Outperform at RBC Capital

EBAY – eBay initiated with a Neutral at Nomura

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Gapping Up and Down This Morning

Gapping up

FTK +14%, ANW +12.2%, AFCE +11.5%,DB +1.9%, C +1.6%, PNS +101.7%, FRO +4.2%, MSCC +2.8%,

NBG +9.1%, SREV +4.9%, NVDA +4.4%, DVOX +24.3%, ENS +18.4%,

 

Gapping down 

ETFC -4.9%, ALU -3.5%, JWN -2.3%, DAR -1.7%, YMI -1.7%, KW -1.6%, TTWO -1.5%, CNH -9.4%,

MCP -8.6%, BRKS -6.1%,

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