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Market Update

Mortgage Applications Rose 9.3% Last Week

Also “The MBA’s seasonally adjusted index of refinancing applications rose 11.2 percent, while the gauge of loan requests for home purchases rose 2.6 percent.”

Full report

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FLASH: European Markets Called Lower

FTSE -84
DAX -57
CAC -41

Considering yesterday’s gorilla smashing 5% melt ups, I’d say this is rather subdued.

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European Political Drama Continues With Doubts Merkel Gets Majority Vote on Leveraging EFSF

“……In an internal vote on Tuesday, 11 deputies from Merkel’s CDU/CSU group voted against the motion and two abstained. Coalition sources said they expected between 2 and 5 FDP lawmakers to vote against and up to 6 to abstain.

If more than 19 coalition lawmakers vote against or abstain, Merkel will be dependent on opposition votes in a political humiliation that could weaken her ability to push through future rescues……..

Leverage would make it possible to borrow more, probably from the European Central Bank, for financial firefighting without increasing the EFSF’s size, but critics say it would also raise German taxpayers’ liability for any losses.

Some lawmakers are concerned that EU officials are just waiting for them to approve what they were assured would be the final increase before pressing ahead with bigger bailout plans.

French Finance Minister Francois Baroin made clear there were tactical reasons to avoid discussing how to boost the fund’s firepower before the German decision.

“It is out of the question to put forward, three days from the Bundestag (lower house) vote, the issue of whether we should increase the fund… Let’s not open Pandora’s box on something that is a red flag for Germany,” he said.

Prime Minister Francois Fillon told parliament France would set out proposals to step up the battle against “speculative attacks” on the euro zone once the German vote was over.

The fund’s status was bound to evolve but it was premature to say whether it might work “like an equity fund with a lever effect,” Baroin added.

Merkel assured Greek Prime Minister George Papandreou at a meeting on Tuesday evening in Berlin that Germany wants a strong Greece and would do everything necessary for that. She also said she was confident her coalition would have the votes on its own to pass measures boosting the euro zone rescue fund…….”

Full article

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Today’s Large Cap Laggards

No. Ticker % Change Market Cap
1 WAG -4.33 32,110,000,000
2 UAL -3.36 6,150,000,000
3 AMZN -2.55 87,940,000,000
4 NFLX -2.44 11,820,000,000
5 DFS -2.40 13,550,000,000
6 FMS -2.19 20,530,000,000
7 DCM -2.12 75,720,000,000
8 CMG -2.08 9,290,000,000
9 VRTX -1.60 9,150,000,000
10 MFG -1.53 64,270,000,000
11 DLTR -1.26 8,320,000,000
12 SNI -1.16 6,720,000,000
13 MJN -1.00 14,240,000,000
14 YHOO -0.98 17,270,000,000
15 REGN -0.92 5,370,000,000
16 LUV -0.80 6,980,000,000
17 SHW -0.69 8,010,000,000
18 DAL -0.60 6,130,000,000
19 PCLN -0.58 25,930,000,000
20 GMCR -0.47 15,110,000,000
21 NBR -0.47 5,320,000,000
22 SDRL -0.47 14,760,000,000
23 LTD -0.45 11,600,000,000
24 FDO -0.42 5,890,000,000
25 PGN -0.25 14,210,000,000
26 SO -0.19 35,250,000,000
27 FTR -0.16 7,360,000,000
28 AAPL -0.14 348,750,000,000
29 ORLY -0.10 8,870,000,000
30 D -0.06 28,220,000,000
31 GR -0.05 10,970,000,000
32 AZO -0.04 12,640,000,000
33 AGNC -0.04 5,110,000,000

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Today’s Top Short Squeezes

No. Ticker % Change Short as % of Float
1 GMR 26.88 15.70
2 BORN 21.95 21.12
3 ZLC 21.15 15.50
4 MEG 12.97 17.15
5 SHLD 12.56 45.00
6 BAS 12.49 22.70
7 CIS 11.94 22.89
8 FRO 11.69 19.70
9 EK 11.49 37.60
10 PVA 11.20 23.30
11 YOKU 11.17 23.09
12 LLEN 10.86 18.19
13 BLTI 10.63 25.50
14 RDN 10.43 15.90
15 PQ 10.08 21.20
16 AREX 10.02 20.70
17 PMI 10.00 19.70
18 RLD 9.99 26.50
19 SHZ 9.87 16.10
20 MCP 9.37 23.40
21 CRZO 9.10 16.10
22 TWI 8.83 26.80
23 QTWW 8.80 18.20
24 EQY 8.55 18.10
25 HOV 8.46 32.40

Date provided by The PPT

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Upgrades and Downgrades This Morning

Upgrades

CLX – Clorox upgraded to Average at Caris & Company

IVN – Ivanhoe Mines upgraded to Outperform from Neutral at Credit Suisse

MMS – MAXIMUS initiated with an Outperform at JMP Securities

SYK – Stryker upgraded to Overweight from Neutral at JP Morgan

HEP – Holly Energy Partners upgraded to Buy from Neutral at UBS

VRA – Vera Bradley initiated with a Buy at Jefferies

PDS – Precision Drilling initiated with an Outperform at Credit Suisse

UAL – Ticonderoga raises most Q3, lowers most Q4 EPS ests for the airlines

PNRA – Panera Bread initiated with a Buy at Lazard

NCIT – NCI upgraded to Market Perform from Underperform at Wells Fargo

AH – Accretive Health initiated with a Buy at UBS

BG – Bunge upgraded to Buy from Hold at Citigroup

BSX – Boston Scientific upgraded to Neutral from Underweight at JP Morgan

CHD – Church & Dwight target raised to $50 at Oppenheimer

EQY – Equity One upgraded to Hold from Sell at Citigroup

ALXN – Alexion Pharma initiated with a Outperform at Oppenheimer

BAX – Baxter upgraded to Overweight from Neutral at JP Morgan

TSLA – Tesla Motors FY12 ests raised at Dougherty

Downgrades

ZMH – Zimmer Hldgs downgraded to Neutral from Overweight at JP Morgan

ABT – Abbott Labs downgraded to Neutral from Overweight at JP Morgan

FFIV – F5 Networks initiated with a Hold at Jefferies

AMCX – AMC Networks initiated with a Sell at Stifel Nicolaus

CF – Fertilizer sector downgraded at Atlantic Equities

WMS – WMS Industries downgraded to Neutral from Buy at Sterne Agee

HUN – Huntsman removed from Conviction Buy List at Goldman

IT – Gartner initiated with a Neutral at Goldman

RVBD – Riverbed Technology initiated with an Underperform at Jefferies

SYK – Stryker target lowered to $61 from $68 at Stifel Nicolaus

ARUN – Aruba Networks initiated with a Hold at Jefferies

RAH – Ralcorp Holdings target lowered to $84 at Stifel Nicolaus

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Gapping Up and Down This Morning

Gapping up

SLW +8.5%, SLV +7.5%, MCP +6.1%, FTK +5.2%, KGC +4.8%,  STD +2.3%, HBC +2.1%, GS +1.9%, GDX +3.4%, OKS +3.3%, HL +3.1%, MEAS +3.1%,

MT +3%, BHP +2.6%, RENN +2.6%, BBL +2.2%, RIO +1.8%, BAC +1.5%, BG +2.1%,  POT +2.6% , AFFY +4.5% ,

GEL +2.5%, FTK +7.1%, OKS +4%, WAG +2.3%, TCK +4.2%, EXK +4%, AU +3.9%, AUY +3.8%, OKE +2.3%, FDO +0.7%, IDCC +3.3%HL +3.1%,

MT +3%, GDX +2.9%, BHP +2.9%, BBL +2.9%, RIO +2.3%, DB +6.8%, ING +6.1%, CS +5.4%, NBG +4%, BCS +3.2%, LYG +3.2%, MS +2.7%, C +2.7%,

RBS +2.5%,

Gapping down

Bear short sales…. IDTI -2.5%, KEYW -17.5%, IDCC -0.5%, ACW -8%,

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