I’m All About That Bass ‘Bout that bass, no treble…

It is interesting that today, washed out names like Under Armour (UA) are higher for the day. It is up by 1.16%. Qualcomm (QCOM) also qualifies as washed out and it is higher by 0.70%.

Leaders like the FANG (Facebook/Amazon/Netflix/Google) names are being taken to the woodsheed. Usually this happens as we get near a low. Just a quick observation.

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You are not competing against other players on a day to day basis. Rather against the machines. You need to understand and embrace this fact.  Today was a classic day. Gap open, third day in a row. Guess what? It fails again. Of course it does as the market is still sick. Be alert to the day that it does not fail. Then and only then will you know that the pain has left the market for now.

Key levels to pay attention to each day are the intraday resistance, pivot and support. Also, key are the high and lows on 5 minutes, one hour, prior day 2 hour high and lows.

As an example, SPY struggled from 12:33 to 2:24 p.m. EST to firmly hold pivot. The reason I point this out is the machines know these levels so you should as well.

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In doing some work last night, I noted that the retracement on IWM from the October 2014 low to the recent high spoke very loudly to me.

Why?

The 100% retracement on IWM for this time is $103.54 and yesterday IWM closed at $103.40. Today we are back above that level but not by much. Currently, IWM is at $103.90 after peaking out at $104.99.

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I agree with Fly’s comments that the market is OCD on Japan. Therefore, this chart will tell me when this stupidity, and it is stupidity, will end. The blue line is the relative strength of SPY against FXY (Currencyshares Japanese Yen). Then I have put in a 20 day exponential moving average of the relative strength line. The spread is the differential between the RS and the moving average. We need the green to reach an extreme.

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We are locking in gains of 78% on ABFS and will close out all shorts. SWHC for a 1% gain, RGR -2% loss and FXI for 8% gain. We have now recommended nine names with 8 winners. We remain long TASR up 22% so far.  Cumulative gains are over 180% or 20% per idea.

If you are missing our daily comments, then simply go to www.superstockinvestor.com to sign up for our Morning Briefing that is free. This morning we looked at SPY retracements, updated the Facebook (FB) scorecard and pointed out articles of interest.

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The Daily P/Laybook is back for the next two days as a comp. If you want to see it daily, it is free by signing up for our Morning Briefing that includes  the stock scorecard, articles that matter and morning matters (www.superstockinvestor.com).

In After Hours Trading

HPQ(+.06) LTD (+.02) ORIG (+.23) PSUN (+.16) PETM (+.02) SPTN (+.11) WDAY (+.03) among others.

IPOs today of note Constellium Holdings, Global Brass & Copper Holdings, Ply Gem Holdings and Channel Advisor. Secondaries of note BXMT BLMN LG OAK RDMP WAIR. Courtesy of www.ipofinancialreport.com.

What’s Happening This Morning

US futures: (S&P -15.25, Dow Jones -118, NDX -28 with fair value lower lessening the ugliness) Asia and Europe lower. Copper and gold higher with WTI Crude and Brent Oil Futures lower. $ is lower vs Euro, lower vs. Pound and lower vs. Yen. US 10 year Treasury Yield -5. Prices as of 7:55 a.m. EST.

Earnings Expected

Earnings due after the close CRM GPS ROST MRVL WSM NDSN P MENT ARO BLOX ZUMZ SCVL CRMT. Due tomorrow morning before the open FL ANF HIBB DXLG TNP.

Rags & Mags: Inside Wall Street

We are big fans of www.247wallst.com summary of the newspapers each day. Going forward we will link to their website so you can read their summary, Media Digest

Reported Earnings This Morning

ALKS (+.24) BONT (+.32) CATO (+.02) PLCE (+.22) DLTR (+.02) HRL (-.03) PERY (+.03) QSII (-.07) SIG (+.02) among others.

Data Points

Yesterday saw 656 stocks rise and 2374 fall on the NYSE. NASDAQ saw 623 risee and 1811 fall. The S&P 500 is above its 50 day moving average and above the 200 day moving average. The Russell 2000 is above its 50 day moving average. The 10 day spread moving average of breadth is still positive. The Madison Market Timing Indicator moved to cash on February 22nd which can be found on www.superstockinvestor.com. 

Economics

April New Home Sales are released at 10:00 a.m. EDT and is expected to rise to 426,000 from 417,000. Weekly Jobless Claims due out at 8:30 a.m. EDT.

Politico

President Obama to give a speech on the use of drones today.

Conference & Analyst Meetings

Analyst meetings HUM LOGI KKR RGA SSYS. Barclays Technology, Telecom and Media Conference and the Bank of America Merrill Lynch Retail Transport and Leisure Conference.

Conference of Note

CTIA Wireless 2013.

M & A News

Key Upgrades and Downgrades

Firm	Upgrades	Downgrades
JP Morgan
Goldman Sachs	ATW	PTEN O
Morgan Stanley
Deutsche Bank
Citigroup
Merrill Lynch	HOT
Wachovia/Wells Fargo
Credit Suisse
Banc of America
UBS
Lazard
Oppenheimer
Jefferies
HSBC
Sun Trust Robinson Humphrey	PAY
Raymond James
Credit Agricole
Cowen
Keefe Bruyette
Friedman Billings
Robert W. Baird
Needham	LCI

 

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In After Hours Trading

IPOs due this week ADMA Biologics, BioAmber, Ellington Residential Mortgage, ING US, Insys Therapeutics and QIWI PLC. Secondary offerings none of note GWPH LOV TSRE. Courtesy of www.ipofinancialreport.com.

What’s Happening This Morning

US futures: (S&P +5.50, Dow Jones +49, NDX +12 with fair value a bit higher) Asia moistly closed and Europe higher. Copper and gold higher with WTI Crude higher and Brent Oil Futures lower. $ is lower vs Euro, lower vs. Pound and lower vs. Yen. US 10 year Treasury Yield +0.0085. Prices as of 7:55 a.m. EST.

Earnings Expected

Earnings due after the close among others ESRX SU GGP NEM HTZ SBAC PCL MAS ACGL JEC QGEN HLF CYH PPS RVBD BWLD TXRH among others. Due tomorrow morning of note PFE BP UBS EPD NEE BEN TRI ECL HCP VLO CMI SIRI AET PEG ZTS MHP among others.

Rags & Mags: Inside Wall Street

We are big fans of www.247wallst.com summary of the newspapers each day. Going forward we will link to their website so you can read their summary, Media Digest

Reported Earnings This Morning

AWI (-.17) CNA (+.15) ETN (+.05) L (-.28) ROP (+.05) SOHU (+.07)

Data Points

Yesterday saw 1210 stocks rise and 1767 fall on the NYSE. NASDAQ saw 933 risee and 1503 fall. The S&P 500 is above its 50 day moving average and above the 200 day moving average. The Russell 2000 moves back above its 50 day moving average. The 10 day spread moving average of breadth is now positive. We moved to cash on the Madison Market Timing Indicator on February 22nd which can be found on www.superstockinvestor.com.

 

Economics

Releases of note this week include weekly chain store sales, oil/gas numbers, mortgage applications and jobless claims along with personal income, Chicago PMI, consumer confidence, construction spending, ISM manufacturing, nonfarm payrolls, unemployment rate and factory orders.

 

March Personal Income is released at 8:30 a.m. EDT and is expected to be 0.4% against 1.1% in February

Politico

President Obama expected to announce several cabinet picks.

Conference & Analyst Meetings

Analyst meetings none of note. Bank of America Merrill Lynch Africa Conference 2013.

Conference of Note

10th Annual Stem Cell Summit.

M & A News

Bayer AG to buy CPTS for $31 a share and the stocks closed at $25.90.

Key Upgrades and Downgrades

Firm	Upgrades	Downgrades
JP Morgan		LEAP
Goldman Sachs
Morgan Stanley
Deutsche Bank
Citigroup
Merrill Lynch	PBR
Wachovia/Wells Fargo
Credit Suisse
Banc of America
UBS
ING Group	MT
Societe Generale	LRLCY	UNCFF
Jefferies
HSBC		AEM
Sun Trust Robinson Humphrey
Raymond James
Credit Agricole
Cowen	OIS

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In After Hours Trading

AMGN (+.12) AAPL (+.09) BRCM (+.09) BCR (+.02) DV (+.07)AWAY (+.02) JNPR (-.01) NSC (+.05)PNRA (-.01)vmw (+.04) YUM (+.10)

 IPOs due this week ADMA Biologics and DoubleLine Income Solutions Fund. Secondary offerings none of note this morning MICT LOV CG. Filings after the close CG LOV SPNC GOOD. Courtesy of www.ipofinancialreport.com.

What’s Happening This Morning

US futures: (S&P +2, Dow Jones +28, NDX +1 with fair values higher which will cut into the open) Asia higher and Europe higher. Copper and gold higher with WTI Crude and Brent Oil Futures higher. $ is lower vs Euro, lower vs. Pound and higher vs. Yen. US 10 year Treasury Yield +0.0042. Prices as of 7:55 a.m. EST.

Earnings Expected

Earnings due after the close among others QCOM SYK AFL CCI COG WDC CTXS ORLY EQIX XLNX SRCL TSCO VAR. Due tomorrow morning of note UPS MMM MO COP BMY OXY AZN CL CELG BIIB DOW D POT TWC among others.

Rags & Mags: Inside Wall Street

We are big fans of www.247wallst.com summary of the newspapers each day. Going forward we will link to their website so you can read their summary, Media Digest

Reported Earnings This Morning

BA (+.26) GLW (+.06) F (+.04) LO (+.02) PG (+.03) ROK (+.04) TUP (+.05) WHR (+.01)

Data Points

Yesterday saw 2421 stocks rise and 606 fall on the NYSE. NASDAQ saw 1896 risee and 561 fall. The S&P 500 is above its 50 day moving average and above the 200 day moving average. The Russell 2000 remains below its 50 day moving average. The 10 day spread moving average of breadth is now negative but above -200. We moved to cash on the Madison Market Timing Indicator on February 22nd which can be found on www.superstockinvestor.com.

 

Economics

March Durable Goods are released at 8:30 a.m. EDT and are expected to drop to -2.0% from 5.6%.

Politico

Conference & Analyst Meetings

Analyst meetings none of note. Bank of America Merrill Lynch 2013 Global Foreign Exchange Workshop.

Conference of Note

M & A News

Key Upgrades and Downgrades

Firm	Upgrades	Downgrades
JP Morgan
Goldman Sachs
Morgan Stanley
Deutsche Bank
Citigroup	BAK
Merrill Lynch
Wachovia/Wells Fargo
Credit Suisse
Banc of America
UBS
Raymond James
Societe Generale	HAL	ASBFY
Jefferies	CNSL LMOS
KeyBanc Capital
Sun Trust Robinson Humphrey
Raymond James
Credit Agricole
Dahlman Rose
Keefe Bruyette
Friedman Billings
Robert W. Baird
Needham
Sun Trust RH	NTDR CRZO

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In After Hours Trading

IPOs due ADMA Biologics and DoubleLine Income Solutions Fund. Secondary offerings none of note MICT. Courtesy of www.ipofinancialreport.com.

What’s Happening This Morning

US futures: (S&P +6.25, Dow Jones +45, NDX +14 with fair values higher which will cut into the open) Asia higher ex Shanghai and Europe higher. Copper lower and gold higher with WTI Crude and Brent Oil Futures higher. $ is higher vs Euro, higher vs. Pound and higher vs. Yen. US 10 year Treasury Yield +0.0179. Prices as of 7:55 a.m. EST.

Earnings Expected

Earnings due after the close CNI TXN ACE AMP NFLX ILMN STM NXPI ZION PKG IEX ALSN HMA RCII SWFT USTR VECO SANM XOOM PLXT among others. Due tomorrow morning of note DD TRV LMT ITW RAI JCI DFS ARMH APD PCAR IR COH ECA DAL RF XRX FRX WAT PII MOLX GCI.

Rags & Mags: Inside Wall Street

We are big fans of www.247wallst.com summary of the newspapers each day. Going forward we will link to their website so you can read their summary, Media Digest

Reported Earnings This Morning

BOH (-.07) BEAV (+.07) CAT (-.07) HAL (+.10) PHG (-.09).

Data Points

Yesterday saw 2178 stocks rise and 812 fall on the NYSE. NASDAQ saw 1624 risee and 700 fall. The S&P 500 is above its 50 day moving average and above the 200 day moving average. The Russell 2000 remains below its 50 day moving average. The 10 day spread moving average of breadth is now negative but above -200. We moved to cash on the Madison Market Timing Indicator on February 22nd which can be found on www.superstockinvestor.com.

 

Economics

Releases of note this week include weekly chain store sales, oil/gas numbers, mortgage applications and jobless claims along with existing home sales, new home sales, durable goods and Q1 GDP as well as Michigan Sentiment.

 

March Existing Home Sales are released at 10:00 a.m. EDT and are expected to be revised upward to 5.01 million from 4.98 million.

TONIGHT AFTER THE CLOSE CHINA MONTLY PMI DATA. THIS COULD BE A MARKET MOVER FRO TUESDAY.

Politico

Federal Reserve New York President Dudley speaks before the open.

Conference & Analyst Meetings

Analyst meetings CYS. International Society For Cell Therapy Conference.

Conference of Note

M & A News

ABB to buy PWER for $6.35 a share which is tiny premium.

Key Upgrades and Downgrades

Firm	Upgrades	Downgrades
JP Morgan
Goldman Sachs
Morgan Stanley
Deutsche Bank
Citigroup
Merrill Lynch	CNDO
Wachovia/Wells Fargo
Credit Suisse
Banc of America
UBS
Raymond James
Societe Generale		ERIC

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