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Monthly Archives: November 2011

FLASH: Louise Cooper States Overnight Lending Reached 300 Billion Euros Last Night From the ECB

As told by the commentator that this spells a significant liquidity crunch. She states banks and traders have to buy this rally, but it may only last a few days as equity markets do not understand the trouble felt within the bond markets.

Louise Cooper from BGC

Will try to pull the interview later for your viewing pleasure…

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El-Erian Comments on Today’s Central Bank Action

“Mohamed El-Erian, chief executive and co-chief investment officer at PIMCO, submits this guest post to FT Alphaville in reaction to this morning’s coordinated announcement.

Risk markets love liquidity injections, real and perceived. As such, they will welcome today’s announcement by six major central banks to reduce the price of emergency financing and broadening its scope. They will also like the possibility that this dramatic coordinated move provides a stronger context for further actions at the level of individual institutions.

In justifying the move, the central banks point to the need to counter pressure on “the supply of credit to households and businesses and so help foster economic activity.” This is an objective that will sell well to the public and politicians. But it is not one that will be effectively met by the announced measures. Indeed, the importance of the announcement is elsewhere, involving two related issues.

First, these monetary institutions feel that, again, they have to move because other entities have continued to be too slow and too ineffective; and second, they feel that they cannot, and should not ignore an actual or anticipated need to relieve acute pressures within the banking system.

These two reasons were made even more pressing by last week’s dislocations in the functioning of European financial markets – most notably, the inversion of the Italian yield curve, pressure on government bond markets in core Europe, the growing fragility of the banking system, a drop in market liquidity, and growing hesitation by market participants to warehouse any risk.

The immediate impact on markets unambiguously favors risk assets across the world. The longer-term effect depends on the scale and scope of the follow through from others. This is particularly important as we count down to yet another European Summit on December 9.

The hope is that central banks are acting because, looking forward, they feel confident that other policymakers will finally catch up with a big and spreading debt crisis that has serious implications for growth, jobs and inequality. The fear is that they are acting because they feel that they must again pre-empt yet another set of potential disappointments.”

Full article

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Crescenzi: Central Bank Action is Back Door Easing

“The coordinated actions by the Federal Reserve[cnbc explains] and other central banks is aimed at the funding strains faced by European banks in what was becoming a modern day run on the banks. The run has differed from the run that George Bailey watched as he drove up to the Bailey Building and Loan in It’s a Wonderful Life, but it has been a run nonetheless. The world in fact has been playing a game of hot potato with European bank debt as well as European sovereign debt, and the only player with oven mitts to hold the hot potato is the world’s central banks.

Illustrating the run on European banks is the sharp reduction in exposures by U.S. institutional prime money funds to European banks. For years the prime money funds invested about 50% of their investable money in European banks. This lasted until June. Since then, data from Fitch indicate the tally has fallen to 35%.

Further evidence of strain has been in the inter-bank market, in particularLIBOR [cnbc explains] . Whereas in June the 3-month LIBOR hovered close to the 0.25% rate the Fed pays on excess bank reserves, it was today at 0.53%, indicating banks were having increased difficulty obtaining dollar funding. Moreover, forward rates on LIBOR were priced for 3-month LIBOR to eventually reach about 85 basis points and the trend was accelerating.”

Full article

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Today’s Money Flows

ISSUE GAINERS                 SYMBOL   EXCH   LAST PRICE   MONEY FLOW    RATIO 
                                                          (in millions) 
ProShares Ultra S&P500         SSO     ARCA       45.15      +151.3       4.43 
Select Sector SPDR-Energy      XLE     ARCA       70.67      +104.1       2.25 
Citigroup                      C       NYSE       26.86       +34.4       1.40 
Google                         GOOG    NASD      598.26       +33.0       1.14 
iShrs MSCI Emerg Mkts          EEM     ARCA       39.85       +25.1       1.36 
ML Oil Service HOLDRS Tr       OIH     ARCA      124.54       +21.9       1.50 
IBM                            IBM     NYSE      187.68       +21.9       1.24 
Bristol-Myers                  BMY     NYSE       32.34       +19.7       1.88 
Wells Fargo                    WFC     NYSE       25.21       +16.8       1.47 
Coca-Cola                      KO      NYSE       67.58       +16.3       1.61 
Philip Morris Intl             PM      NYSE       75.74       +13.9       1.46 
Johnson & Johnson              JNJ     NYSE       64.33       +13.5       1.39 
Banco Itau Hldg                ITUB    NYSE       17.80       +12.1       1.76 
Merck                          MRK     NYSE       35.45       +11.1       1.78 
Mastercard                     MA      NYSE      369.68       +10.9       1.28 
ConocoPhillips                 COP     NYSE       70.89       +10.9       1.29 
Intel                          INTC    NASD       24.86       +10.5       1.18 
SPDR Gold Tr                   GLD     ARCA      170.14       +10.4       1.08 
Cliffs Ntrl Res                CLF     NYSE       67.28       +10.4       1.47 
Lehman 20+ Year Treas          TBT     ARCA       19.68       +10.3       2.06 

ISSUE DECLINERS               SYMBOL   EXCH   LAST PRICE   MONEY FLOW    RATIO 
                                                          (in millions) 
iShs S&P GSCI Cm-Idxed Tr      GSG     ARCA       33.95      -112.8       0.00 
Apple                          AAPL    NASD      380.80       -68.1       0.89 
ExxonMobil                     XOM     NYSE       79.89       -36.6       0.71 
Nokia                          NOK     NYSE        5.76       -29.1       0.09 
Vanguard Total Bond Mkt        BND     ARCA       83.25       -26.0       0.37 
SPDR S&P 500                   SPY     ARCA      124.42       -25.6       0.97 
Baidu                          BIDU    NASD      130.61       -25.0       0.78 
Cisco Systems                  CSCO    NASD       18.78       -24.5       0.64 
Microsoft                      MSFT    NASD       25.51       -22.9       0.68 
Caterpillar                    CAT     NYSE       96.38       -20.1       0.79 
Bank Of America                BAC     NYSE        5.34       -17.1       0.87 
Gilead Sciences                GILD    NASD       39.99       -15.8       0.47 
Freeport McMoran               FCX     NYSE       39.05       -15.7       0.78 
Chevron                        CVX     NYSE      102.32       -15.5       0.84 
National Retail Prperties      NNN     NYSE       25.77       -15.0       0.37 
McDonald's                     MCD     NYSE       95.47       -14.7       0.73 
ProShs UltrShrt Rusl 2000      TWM     ARCA       41.14       -14.5       0.59 
AT&T                           T       NYSE       28.83       -13.8       0.64 
Pfizer                         PFE     NYSE       19.95       -13.5       0.68 
Chipotle Mexican Grill         CMG     NYSE      319.81       -13.3       0.66

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Occupy Los Angeles, Philly get clean swept

LOS ANGELES (AP) — More than 1,400 police officers, some in riot gear, cleared the Occupy Los Angeles camp early Wednesday, driving protesters from a park around City Hall and arresting more than 200 who defied orders to leave. Similar raids in Philadelphia led to 52 arrests, but the scene in both cities was relatively peaceful.

Police in Los Angeles and Philadelphia moved in on Occupy Wall Street encampments under darkness in an effort to clear out some of the longest-lasting protest sites since crackdowns ended similar occupations across the country.

Beanbags fired from shotguns were used to subdue the final three protesters in a makeshift tree house outside Los Angeles City Hall, police Cmdr. Andrew Smith said, describing it as a minor use of force incident. No serious injuries were reported.

Police Chief Charlie Beck praised the officers and the protesters for their restraint and the peaceful way the eviction was carried out.

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Today’s 52 Week Highs and Lows

NYSE

New Highs 75 

COMPANY                       SYMBOL      HIGH                VOLUME 
-------                       ------      ----                ------ 
AAG Hldg 7.25% Sr Db 2034     GFZ         25.93                1,226 
Airgas Inc                    ARG         76.06              110,100 
AllianceBrnstn NtlMun         AFB         14.44               11,588 
Altria Group Inc              MO          28.55            1,917,218 
Amer Tower                    AMT         59.49              364,757 
Beam Inc                      BEAM        52.66              106,863 
BlackRock CA Municipal Tr     BFZ         14.37                6,198 
BlkRk Muni NY Inter Dur       MNE         14.00                7,400 
BlkRk MuniHldgs CA Qlty       MUC         14.57               18,515 
BlkRk MuniHldgs               MHD         16.50                9,480 
BlkRk MuniHldgs Quality       MUS         13.80               22,615 
BlkRk MuniYld Qlty II         MQT         13.19               17,405 
BlackRock Utility & Infr      BUI         21.02               39,045 
Brown Forman A                BF/A        77.01                  293 
Brown Forman B                BF/B        79.25               18,808 
Cambrex Corp                  CBM         6.88                62,340 
Cedar Fair LP                 FUN         23.73              125,933 
Chesapeake Granite Wash       CHKR        19.95              159,441 
6.375% CorTS IBM              HZK         27.30                1,400 
DWS Strategic Muni Inco       KSM         13.28                3,128 
Digital Realty Trust          DLR         65.50              250,746 
DigitalRealtyTrInc.7.0%       DLRpE       25.40                2,540 
Enterprise Pdts Partners      EPD         46.11              183,561 
Extra Space Storage           EXR         23.80              103,130 
FMC Tech                      FTI         52.70              579,435 
FTI Consulting                FCN         43.35              100,810 
Fair Isaac                    FICO        36.00               32,503 
FortuneBrandsHome&Sec         FBHS        16.50               81,184 
Global Cash Access            GCA         4.43                76,995 
WW Grainger                   GWW         183.54              75,291 
Gulf Pwr 5.25% 2033 H         GUL         27.20                1,400 
Home Depot                    HD          39.79            2,931,962 
Invesco MIO III               OIC         7.79                 2,171 
Invesco Van Kampen Bd Fd      VBF         20.95                5,750 
Invesco Van Kampen Mun Tr     VKQ         13.99               38,967 
Kansas City Southern          KSU         70.48              399,146 
KIMCO Realty Pfd H            KIMpH       26.99                4,480 
Kinder Morgan Energy          KMP         79.34              119,850 
Kinder Morgan Mgmt            KMR         71.42               25,806 
Kodiak Oil & Gas              KOG         9.08             1,789,349 
LEH  6.25% CorTS Boeing       JZL         26.29                1,900 
MFS Hi Yld Muni               CMU         4.63                 9,899 
MarkWest                      MWE         54.93               79,839 
Mistras Group                 MG          23.68               19,143 
Nalco Holding                 NLC         39.44              444,618 
99 Cents Only Stores          NDN         21.93              159,165 
Nuveen CA Muni Mkt            NCO         14.55                1,101 
Nuveen Insured CA Muni 2      NCL         14.99                5,972 
Nuveen Insured Premium        NNF         15.26                2,690 
Nuveen Invest Qual Muni       NQM         15.08               23,259 
Nuveen NY Div Fnd             NAN         13.83                  525 
Nuveen NY Investment Qual     NQN         15.10                9,833 
Nuveen Performance Plus       NPP         14.89               10,973 
Nuveen Prem Inco Muni 2       NPM         14.54               23,229 
Oneok Inc                     OKE         83.67              126,896 
ONEOK Partners                OKS         51.35               30,723 
Oceaneering Intl              OII         46.77              164,680 
PNM Resources                 PNM         18.91              104,076 
PS Bus Parks Pfd R            PSBpR       26.00                  687 
Philip Morris Intl            PM          76.40            1,208,740 
Pinnacle West Capital         PNW         47.45               79,884 
Progress Energy               PGN         53.87              163,321 
Reynolds American             RAI         41.67              479,238 
Scana Corp                    SCG         43.30              103,016 
Sel Ins Grp 7.5% Nts 2066     SGZ         26.15                1,015 
SolarWinds                    SWI         32.58              228,393 
SpectraEnergy                 SE          29.81              611,925 
TJX Cos                       TJX         61.99              448,741 
Targa Resources Partners      NGLS        37.75               41,733 
Tortoise No Amer Engy         TYN         27.75                4,796 
Tyson Foods                   TSN         20.27              753,231 
Universal American            UAM         13.19               25,749 
Universal Corp                UVV         47.49               28,390 
WellCare Health Plans         WCG         58.98               73,634 
Western Gas Partners LP       WES         37.99               26,597 

New Lows 3 

COMPANY                       SYMBOL      LOW                 VOLUME 
-------                       ------      ----                ------ 
Feihe International           ADY         3.86                   400 
Grubb & Ellis                 GBE         0.27                28,774 
KKRFinlHldgsLLC8.375%         KFH         24.52                7,900

NASDAQ

 
New Highs 39 

COMPANY                       SYMBOL      HIGH                VOLUME 
-------                       ------      ----                ------ 
Ansys                         ANSS        60.88               34,827 
Abiomed                       ABMD        20.22              120,635 
Akorn                         AKRX        10.85              463,390 
Altisource Ptfl Sol SA        ASPS        47.77               40,300 
Arch Capital Grp              ACGL        37.56              174,902 
Astronics                     ATRO        35.44                6,576 
Atrion                        ATRI        236.51                 337 
Bank of The Ozarks            OZRK        28.01               27,599 
Calavo Growers                CVGW        26.20                9,764 
Citizens Republic Bancorp     CRBC        10.70               35,562 
DXP Enterprises               DXPE        30.25               19,007 
Fastenal Co                   FAST        41.82              250,916 
Fifth St Finance              FSC         9.73               180,617 
First Connecticut Bncp        FBNK        12.75               17,311 
Fundtech                      FNDT        23.29               50,852 
Glbl Educ & Tech Grp ADS      GEDU        10.80              128,828 
Hain Celestial Group          HAIN        38.47               78,089 
Halozyme Therapeutics         HALO        9.36               173,400 
Hi Tech Pharmacal Co          HITK        42.93               44,777 
Hibbett Sports                HIBB        46.27               54,727 
Inhibitex                     INHX        14.25              780,212 
Monro Muffler Brake           MNRO        41.45               38,318 
Multimedia Games Holding      MGAM        7.50                46,917 
Natural Alternatives Intl     NAII        8.96                 2,000 
OSI Systems                   OSIS        47.47               11,422 
Panera Bread Co               PNRA        143.00             101,182 
Papa John's Intl              PZZA        38.92               59,714 
Penn Millers Hldg Cp          PMIC        20.64                1,700 
Pharmacyclics                 PCYC        15.14              191,057 
Retail Opp Investment         ROIC        11.80               24,901 
Ross Stores                   ROST        91.43              238,926 
SPS Commerce                  SPSC        24.59               40,736 
Sanderson Farms               SAFM        52.73               22,478 
Spectrum Pharmaceuticals      SPPI        13.85              134,000 
Synageva BioPharma            GEVA        17.45                1,674 
Verisk Analytics Inc          VRSK        38.68              121,529 
Video Display                 VIDE        4.70                 5,226 
ViroPharma                    VPHM        23.50              113,222 
Winmark                       WINA        54.68                4,418 

New Lows 10 

COMPANY                       SYMBOL      LOW                 VOLUME 
-------                       ------      ----                ------ 
Firstservice                  FSRV        24.04               16,300 
Intest                        INTT        2.13                 2,050 
Lincoln Educational Svcs      LINC        6.55                31,633 
Netflix                       NFLX        64.55            2,568,641 
OmniVision Techs              OVTI        10.15            3,347,468 
Pinnacle Airlines             PNCL        2.00                14,500 
Premier Fincl Bancorp         PFBI        3.75                 1,800 
Princeton Review              REVU        0.10                55,548 
Rada Elec Ind                 RADA        1.55                 4,100 
Shutterfly                    SFLY        28.79              406,907

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Most Active Put/Call Option Trades

-CALLS- 
OPTION    EXP.DATE       STRIKE PRC.     VOLUME        LAST S/PRC.    NET CHANGE 
BAC        12/17/11          6.0000        1056            0.1000      up 0.0100 
BAC        1/21/12           7.5000        1012            0.0700      up 0.0100 
TZA        12/17/11         36.0000         564            1.1800      dn 1.5900 
TZA        12/2/11          30.0000         297            1.1000      dn 4.1000 
BIDU       12/2/11         130.0000         211            2.6000      up 2.0700 
CAT        1/21/12         120.0000         200            0.0800      dn 0.0200 
FCX        2/18/12          35.0000         182            5.9500      up 1.5500 
AMZN       12/2/11         200.0000         179            0.7300      up 0.2200 
IBM        1/21/12         140.0000         178           47.1300      up 5.1800 
IBM        1/21/12         160.0000         178           28.0300      up 4.8800 

 -PUTS- 
OPTION    EXP.DATE       STRIKE PRC.     VOLUME        LAST S/PRC.    NET CHANGE 
MO         12/17/11         27.0000         220            0.1000      dn 0.0900 
AAPL       12/2/11         375.0000         187            1.4800      dn 3.1200 
AAPL       12/2/11         380.0000         172            3.2500      dn 5.1000 
JDSU       12/17/11         12.0000         127            1.4500      dn 0.4900 
LNKD       12/17/11         60.0000         123            3.8000      dn 0.9000 
LNKD       12/17/11         55.0000         122            1.8500      dn 0.8500 
INTC       12/17/11         22.0000         112            0.0500      dn 0.1100 
BAC        12/17/11          6.0000         111            0.8000      dn 0.2000 
SQNM       1/21/12           5.0000         103            0.8300      dn 0.2100 
JPM        1/21/12          31.0000         100            2.7000      dn 1.0000 

 -VOLUME- 
 CALLS      PUTS           TOTAL 
32276    25383        57659
-CALLS- 
OPTION    EXP.DATE       STRIKE PRC.     VOLUME        LAST S/PRC.    NET CHANGE 
WFC        12/17/11         27.0000        2079            0.1600      up 0.0700 
SIRI       1/21/12           1.5000        1844            0.3300      up 0.0500 
BAC        1/21/12           6.0000        1505            0.3000      up 0.0300 
DAL        1/21/12           9.0000        1329            0.1700      dn 0.0100 
BAC        12/17/11          7.0000        1319            0.0300      dn 0.0100 
AA         12/17/11         10.0000        1285            0.2900      up 0.1100 
GM         1/21/12          25.0000        1275            0.2800      up 0.0700 
BAC        12/17/11          5.0000        1081            0.4700      up 0.0800 
DUK        1/21/12          20.0000        1080            0.7500      up 0.1500 
LVS        12/17/11         45.0000        1051            1.9700      up 0.7600 

 -PUTS- 
OPTION    EXP.DATE       STRIKE PRC.     VOLUME        LAST S/PRC.    NET CHANGE 
GLD        2/18/12         156.0000        4500            2.8900      dn 0.7600 
BAC        12/17/11          5.0000        3493            0.2400      dn 0.0800 
BAC        12/2/11           5.0000        2590            0.0600      dn 0.0600 
MMR        2/18/12           8.0000        2500            0.3100      dn 0.1400 
MMR        2/18/12          12.0000        2500            1.4100      dn 0.2300 
MS         12/17/11         11.0000        1058            0.1600      dn 0.0600 
C1         1/21/12           4.0000        1005            1.3500      dn 0.1400 
CCJ        3/17/12          18.0000        1000            1.8000      dn 0.4000 
C1         1/21/12           2.5000        1000            0.2400      up 0.0000 
BAC        1/21/12           5.0000         946            0.4900      dn 0.0900 

 -VOLUME- 
 CALLS      PUTS           TOTAL 
371011    494474        865485

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