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Citigroup (C) - Quick Takes Pro Chart of the Day
April 17, 2012 - Citigroup (C)
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Dave Landry's Market in a Minute - Tuesday, 4/17/12a
Random Thoughts
It's a little ugly out there. The Quack sold off fairly hard out of a "micro" First Thrust. The S&P remains set up as the same pattern. And, the Rusty remains set up as a Bowtie down.
Again, I hope these patterns don't work this time. As I've been preaching, a few big up days would fix this.
Even though the recent market action scores as a bummer, now's not the time to make any big picture predictions and bet the farm (which for me, would be a literal thing).
So, what do we do? For now, the plan remains the same with the addition of #4:
1)Honor your stops on existing positions just in case this turns into something bigger.
2)Be selective on new positions. Trade the best and leave the rest.
3)Wait for entries on new positions. Again, as I preach, this can often keep you out of new trouble.
4)Start thinking about firing off a short or two but keep #2 and #3 in mind.
Again, don't make any big picture decisions. If the market begins to roll over, there should be plenty of time to get short. There's no need to be a hero. Yeah, fire off one or two if the opportunity presents itself but don't dump your longs and become a Ursidae Shortalotagus.
Futures are firm pre-market.
Click here to watch today's Market in a Minute.
Best of luck with your trading today!
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Barchart.com's Chart of the Day - Essex Property Trust (ESS)
Barchart.com's Chart of the Day - Essex Property Trust (ESS) for Apr 17, 2012
The "Chart of the Day" is Essex Property Trust (ESS), which showed up on Monday's Barchart "All-Time High" list. Essex on Monday rallied to a new all-time high of $154.62 and closed up 1.92%. TrendSpotter has been Long since March 13 at $148.74. In recent news on the stock, Essex on Feb 23 raised its quarterly dividend by 5.8% to $1.10. Stifel Nicolaus on March 14 downgraded Essex to Hold from Buy based on valuation. Essex Property Trust, with a market cap of $5 billion, is a real estate investment trust specializing in multifamily residential and retail properties.
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Penny Stock Watchlist 4/17
Holy banked some coin on COIN today. Textbook play. I'm doing a video re-cap for members which will be posted a little later tonight. Great one to learn from. Here's what I'm watching for Tuesday:
ADY AFTC ALTI BCLE CCGY COIN CYBI EGT EVDR GMXR HAUP IBIO ICPA LEE LIVE LUXR NGHT OPWV PSDV RHCO RSRS SEFE SMSI SNAX SNPK SQNM SWSH TTEG USAT VRNG ZAAP ZOOM
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Great buy
LNG just got approval for there NG plant from government only one in the country has went up over 10% in the week + almost 2% in aftermarket
bought for a cool 15$!
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My New Strategy
After spending years developing automated intraday trading strategies for the futures markets, I have switched gears to focusing on swing trading with a 5-20 day holding period. Although my strategies on intraday markets are profitable, commissions and slippage eat up too much of the profits. By switching to swing trading, I am able to produce better risk adjusted returns.
I still utilize most of the techniques I developed for day trading. For example, instead of filtering stocks based on unproven filters or based on my gut, my software automatically scores all 500 S&P stocks based on hundreds of patterns it has identified as containing a statistical edge.
This scoring produces several stocks daily, which I then further analyze to determine which I will buy the following day. I just recently switched to this trading style, but I am recording all my picks and analysis on my personal blog.
http://www.mystockanalysis.com
I will start posting daily updates here as well. These updates will have the stocks I am looking to buy, as well as updates on my overall progress. I invite you to ask questions or make suggestions.
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4/16 Penny Stock Watchlist
Great Seminar to start the week off tonight. I'll post the chat log to the members only forum section soon. Here's what I'm watching for Monday:
ALXA CAGR CATA CNIT COIN COYN DRWN ENTB GBHL GTIM HPGS NVIV PLPE QTMM RHCO SATC SHMX SNAX
KGJI COGO FONR LPH JOEZ SNSS FFEX PSDV QPSA VRML AMRS
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Options - Investment Plans
This thread is for discussing long term highest probability investments using options only.
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Default IPO Plan
This thread is for discussion of IPOs.
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Antichartjunk's Week 16 Update
http://antichartjunk.com/2012/04/16/week-16/
Buy or Sell: Sell
Long into Week 16: ISRG (short term into Tuesday ER)
Add to watchlist as initial or secondary buys, but do not buy until market shows buy signals:
BIDU ? 142.59 to 149.72
FUL ? 31.72 to 33.31
MELI ? 103.08 to 108.23
SAVE ? 20.76 to 21.80
TDG ? 118.31 to 124.23
TNGO ? 20 to 21
TRIP ? 35.02 to 36.77
VMW ? 111.53 to 117.11 (note 5 year chart)
UA ? 99.20 to 104.16
Add to watchlist as secondary buys only, but do not buy until market shows buy signals:
AAPL ? bounce from 50-day
ALXN ? bounce from 50-day
BWLD ? bounce from 50-day
CF ? bounce from 50-day
CLR ? bounce from 50-day
GNC ? 33.80
HLF ? bounce from 50-day
KORS ? bounce from 50-day
LULU ? bounce from 50-day
MELI ? bounce from 50-day
QCOR ? bounce from 50-day
RAX ? bounce from 50-day
SWI ? bounce from 50-day
VFC ? 150.1
VRX ? 55.69
And dozens of other quality stocks at their 50-day moving average (or 10-week moving average), but remember now is a risky time to be buying
?Chartjunk refers to all visual elements in charts and graphs that are not necessary to comprehend the information represented on the graph, or that distract the viewer from this information.?- as defined by Wikipedia and Edward R. Tufte
Antichartjunk
http://antichartjunk.com
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Default BUY - St. Jude ticker STJ
I've bought some STJ recently and just wanted to bring it to your attention. Might want to get a Value Line report and look into it.
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Barchart.com's Chart of the Day - Liquidity Services (LQDT)
Barchart.com's Chart of the Day - Liquidity Services (LQDT) for Apr 16, 2012
The "Chart of the Day" is Liquidity Services (LQDT), which showed up on Friday's Barchart "All-Time High" list. Liquidity Services on Friday posted a new all-time high of $51.91 and closed up 1.52%. TrendSpotter just turned long again on April 5 at $49.36 after taking a profit on a 2-month trade during February and March. Liquidity Services was last featured by "Chart of the Day" on the close of Sep 28, 2011 when the stock was at $34.85. In recent news on the stock, Stifel Nicolaus on April 10 reiterated its Buy rating and raised its target to $59 from $47. Oppenheimber on April 9 reiterated its Outperform rating and raised its target to $57 from $43. Liquidity Services, with a market cap of $1.5 billion, is a leading online auction marketplace for wholesale, surplus and salvage assets.
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Thumbs up Cummins (CMI) - Quick Takes Pro Chart of the Day
April 16, 2012 - Cummins (CMI)
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Dave Landry's Market in a Minute - Monday, 4/16/12
Random Thoughts
Lately, I've been saying that a few big up days would make all the difference in the world. Unfortunately, the converse is true when the market is at an inflection point.
Friday certainly scores as a bummer. It has the Ps & Quack setting up as "micro" First Thrusts. It also has the Rusty set up as a Bowtie down.
I hope these patterns don't work this time.
It's not end of the world. It is important that the indices follow through to the upside soon to negate the above.
So, what do we do? The plan still remains the same with the exception that #2 is even more important during times like these.
For now, the plan remains the same:
1) Honor your stops on existing positions just in case this turns into something bigger.
2) Be selective on new positions. Trade the best and leave the rest.
3) Wait for entries on new positions. Again, as I preach, this can often keep you out of new trouble.
One more thing, don't make any big picture decisions. If the market begins to roll over, there should be plenty of time to get short.
There's no need to be a hero.
Futures are firm pre-market.
Click here to watch today's Market in a Minute.
Best of luck with your trading today!
Dave
__________
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How to Boost Your Returns With ONE Secret ETF Strategy
"How to Boost Your Returns With ONE Secret ETF Strategy"
Free Webinar Recorded on Tuesday, December 3rd at 8:00 PM EST (New York Time)
In this free online class John Carter will share with you:
A Powerful Simple Strategy for Trading Options on ETFs
The SAFE Levels to Take Risk
The Very Best ETFs to use
Which ETFs You Have to Avoid Like the Plague
And much more...
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There are 9 reasons why you SHOULD trade options on ETFs... and they're in this video
There are 9 reasons why you SHOULD trade options on ETFs...and they're in this video...
9 Reasons to trade Options on ETFs
You'll learn from John Carter...
Why ETFs are his BEST Instrument for Options Trading
How he wires 34k from his Trading, to his Personal Account
Why ETF Options are untouchable by Market Makers
And a LOT more...
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Video shows legendary 223k profit day in the market
Proof that 'account size doesn't matter' is often very hard to find. People say it doesn't matter...but can't prove it.
This video PROVES it
Legendary trader John Carter had a pretty good day recently... where he recorded live his 223k trading day! This was recorded in his REAL money accounts...
97k on Apple
93k on Google
104k on Priceline
AND YOU CAN WATCH IT HERE
John will show you exactly how he traded the above trades, what he did right, what he did wrong, and what YOU can do to trade like this. And he points out what a 'small account' really is and how the overall goal is to have an income source by growing it to big account!
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Just Released: 50 top movers in 2013
Just Released: 50 top movers in 2013
MarketClub.com has been in the business of trend following for decades, and they are happy to announce that you can take a look at Today's Top 50 Trending Stocks now...for free! This dynamic report is a list of market movers that can make a difference in your portfolio for 2013.
It costs you nothing, and it could be the game changer you have been looking for.
It's time you started trading like the smart money, get started today for free!
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Join our stock picking contest
See how your picks stack up against other posters - join our weekly stock picking contest. Your win will be registered under your username and everyone will know about your stock picking talents.
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Weekly Market Review 201215
"Buy in April, Sell in May" isn't effective so far this year, stocks continued to stay under water, where the S&P500 is returning -2.63% since April started. On the other hand, the bond buyers are enjoying a cheerful time with the weak economic releases recently, the Treasury yields curve fell sharply where the 2yr and the 10yr went down 14bps and 37bps respectively. Aside from the technical, first quarter corporate earnings are reporting strong numbers as Alcoa, Google, JP Morgan and Wells Fargo were all outpacing analysts' estimates on both EPS and revenues; stocks price reactions were mainly positive, which should be a good sign for stock going forward. Investors will continue to focus on more companies' earning announces, also retail sales and the leading indicators are also important on the economic front.
Technical Highlights:
? Stocks remained its downtrend; Positive corporate earnings surprise may help the market to end this short-term correction.
? Market suffered from short-term bear cycle as both the S&P500 and the NYSE Composite turned below their 50day moving average; Internal showed sign of market bottom as the percentage of stocks above 50day moving average are turning to its extreme.
? RSMC continued to rally along with market correction, however the extreme have not appear yet to signal the change in trend.
? Financials led market selloff as the market neutral group (energy and materials) made its biggest daily return this Thursday.
? Bonds are now back to the bullish trend as rates are now trading below their 50day moving average across the entire yields curve.
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Billions needed?
Anyone invested in companies making RFID or the associated tracking software?
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Default A Weekly Look -- Week Ending 4/13
The dollar printed its daily cycle low on Tuesday of last week.
The dollar peaked on Thursday, which was day 2.
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Possible breakout play - FormFactor, Inc. (NASDAQ:FORM)
FormFactor, Inc. (NASDAQ:FORM) - Over the last 52 weeks the stock has ranged from a low of $4.68 to a high of $11.05. FORM stock has been showing support around $5.16 and resistance in the $5.50 range. Technicals have turned bullish signaling sideways to higher prices possible in the near term. Chart is showing a Bullish MACD divergence. Positive divergence occurs when MACD advances upwards at a time when the price is still in a down trend. MACD forms a sequence of higher lows ( each low higher than the previous day or period ). The daily RSI remains above the 50 level and the MFI is moving up strongly, showing the increasing of money inflow. This could explode on any positive news due to the high short interest compared to float and the solid cash. It is a ludicrously cheap name currently trading at 1x cash flow amazingly undervalued by today's standards. They have now a market cap of under $262 Million with 296 Milion in cash and no debt. I know the market sometimes is bad but this is ridiculous. FORM is a low volume small cap that may be poised to move higher.
More breakout alerts for Tuesday : Stocks To Watch Next Week
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RENN - Facebook Said to Seek Partner to Enter China
Television's Jon Erlichman reports on Facebook Inc.'s expansion plans in China.
RENN is one of the candidates Facebook Said to Seek Partner to Enter China
Technical view : The stock has been forming a large pennant pattern on the daily chart over the last few weeks, popped on good volume and retreated on lower volume. It looks like it may be starting to gain some momentum again and should make a move soon. The Pennant is a continuation pattern, that is marked by a small consolidation before resumption of the previous trend. In addition, the MACD Fast Line is about to cross up through the Slow Line,
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Default HFT......Legit or Scam?
I've been following Tyler Durden for a while now. He is certainly the straw that stirs the drink lately.
For the uninitiated HFT or High Frequency Trading now RULES all major equity markets. Estimates are 70% of all volume is HFT. For that matter, the exchanges are effectively held hostage by these firms. This I am confident in my belief. Trading curbs - gone, Uptick - gone. There can be no doubt the HFT contingent made these changes a reality.
What is HFT? There are several strategies - many legit. In fact, all are technically legit. But the one strategy garnering the most press, and most outrage are flash orders.
Flash orders are small orders that "ping" the market continuously. They have a life span of milliseconds and are not placed to buy or sell stock. Flash orders have one aim. To determine order flow. Its not unlike Jesse Livermore's strategy of tossing out a couple market orders to discern how the market takes them. However, these orders are rarely filled. On high liquid stocks....they are constant. They last literally milliseconds before they are cancelled. These algorithm's sole design is to find out what you want to buy, the price, and buy it before you because they have the competitive advantage of robust servers that are located within the exchange and sell it to you a tick or two higher. For this, the exchanges pay them a rebate for "providing liquidity". They get paid up to 1/3 of a penny by exchanges. So, on a $20 stock. By buying and selling at $20 - they make 2/3 of 1 cent. Doesn't sound like much. Well, as I said, these orders are constant on high volume liquid stocks. And when you add that to the tick or two profit they make on a trade......It can quickly add up.
My basic beef with this is 1) These firms pay the exchanges to place their servers at the physical exchange to reduce milliseconds in order placement and cancellation. 2) The rebate. These two advantages are not offered to retail traders. 3) The exchanges are so unbelievably desperate to compete that they have become hostage to what amounts to 2% of all market participants at the expense of the remaining 98%.
With everything that I think I know, I don't like firms being paid by the exchange to trade. I think it goes against the central tenant of an free and open exchange. Using the available technology to one up your competitors, of which, we all are, is what capitalism is all about. You could become a broker dealer, gain access, and place your servers at the exchange if you had the physical and intellectual capital to do so. So, in that regard, I don't think I have a problem with the strategy. There are hundreds of such firms competing against each other for your order and to game each other. But, I may be mistaken on this, specialists or market makers were never paid by the exchanges. I can conceive an argument that the rebate lowers the margin for the HFT traders and can therefore offer narrower spreads, thus, in theory, reduce transaction costs for the public. However, I don't think that is what is happening in practice.
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Barchart.com's Chart of the Day - Salesforce.com (CRM)
Barchart.com's Chart of the Day - Salesforce.com (CRM) for Apr 13, 2012
The "Chart of the Day" is Salesforce.com (CRM), which showed up on the Barchart "All-Time High" list. Salesforce.com posted a new all-time high of 161.69 and rallied 2%. TrendSpotter has been Long since Jan 20 at $114.19. In recent news on the stock, MKM Partners on April 10 initiated coverage on Salesforces.com with a Buy and a target of $85. Canaccord on March 28 reiterated its Buy rating on Salesforce.com and raised its target to $180 from $170. Salesforce.com, with a market cap of $21 billion, provides a suite of on-demand customer relationship management (CRM) software applications that allow customers to manage and share all of their sales, support, marketing and partner information on-demand.
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Dave Landry's Market in a Minute - Friday, 4/13/12
Random Thoughts
From today's Kirk Report:
"Obsess before you enter a trade, not afterwards." - Dave Landry Thanks for the shout out Charles! Charles can be reached at
www.kirkreport.com
We saw nice follow through on Thursday. The rally was broad based. Many sectors came back nicely.
More follow through will be key. If the market goes on to make new highs then trend will obviously remain intact. Anything less and we might have to pull in our horns a bit. So, what do we do? I don't think anything has changed just yet:
For now, the plan remains the same:
1) Honor your stops on existing positions just in case this turns into something bigger.
2) Be selective on new positions. Trade the best and leave the rest.
3) Wait for entries on new positions. Again, as I preach, this can often keep you out of new trouble.
Futures are weak pre-market but coming off of their worst levels.
Click here to watch today's Market in a Minute.
Best of luck with your trading today!
Dave
__________
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Stock to watch SVM
Both the daily and week chart is approaching support, worth watching if the support holds at this level.
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Penny Stock Watchlist 4/13
It's been an absolutely crazy week. Sub-Penny doubles left and right, bounce plays that get 20-50%, low floaters running dollars (FREE, SGOC etc). Members if your not making money, please email me, PM me, call me, anything. You should be making money in this crazy market. So many great calls in chat this week all around. Looking forward to closing out the week strong on Friday the 13th!
AAV ADMP ADXS ANW AWSR BBX BRD CBK CCCL CEDC CNGL COIN DNN DRYS FFN FREE GSIT JOEZ KUTV LLNW MAGS MDRM MIPS MWWC NWY PLPE RDDY RSRS SGOC SMSI TBOW TEAR UCHC WG XIN XPL ZOOM
COIN - Debt sellers are about done, could bring in buyers. Think back to ATRN, that is what happened there, not saying COIN goes to .30, just saying the major selling is over, and could see upward movement. Former Nasdaq just like ATRN, all the pieces align. As I said in chat, it will be in play a few days, and a few of us have already flipped the crap out of it for beer money.
JOEZ - Earnings beat afterhours today. Should gap up, then let it setup into something before deciding which way to play. But it will most likely have the volume I like to see tomorrow based on today's news.
TEAR - Nice looking daily chart, trying to break range.
WG - Bottom chart and can move, watch the 4.00 spot in the morning.
RSRS - Just one of those new charts I like to watch. Check the SEC filings on it. Reverse Merger in the works with convertible's out the gate. Meaning promo may be in the works. Decent volume already, but not buying it just yet.
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New Members, Please, Pleaseeeee... check out the past seminars and chart videos. You have to learn how to trade these things before throwing money around, or it can bite you in the ass. Also alert your trades as you make them so I can help you the best I can. Keep in mind when something is on watch its just to watch. Its not a buy yet, its not a sell yet. We let them setup in the patterns or washouts I have discussed in seminars/videos. (If you need me to do a video to sum up a specific stock covered in chat on any given day, just ask me after hours, and I'll do my best to get one made) Be patient to find the good entries and you will see more wins. Just because you have money in your account doesn't mean you have to use it! That always seems to be the biggest rookie mistake. Rushing into a trade simply to be in the trade, when in reality they need to ask themselves, why buy here? We play when the odds are in our favor, don't buy random. When in doubt ask, or don't play, just sit back and learn. There is no foul in watching to learn. Its a lot better than losing a large chunk of money. If you learn it, profits will come.......
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My stock picks for tomorrow-CDE
CDE has a bullish technical stock analysis today.
CDE is trading in the range of $21.19 - $29.20 in the past 30 days.
Commodity Channel Index (CCI) is bullish for CDE.
CDE formed a Bullish Bollinger Band Crossover (Lower) signal.
CDE formed a bullish Price & Exponential Moving Average Crossover signal.
CDE formed a bullish Price & Simple Moving Average Crossover signal.
Average volume increase over 5% for CDE.
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Looking to share memberships to IBD Leaderboard, Marketsmith...
I am looking for others to share memberships to IBD Leaderboard, Marketsmith, and possibly a couple of other services. If interested, please email me at
tomcarroll99@gmail.com.
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Dave Landry's Market in a Minute - Thursday, 4/12/12
Random Thoughts
The market stabilized and bounced on Wednesday. I'm not complaining but I would have preferred a weak open to flush out the remaining nervous longs and suck in a few more eager shorts. This could have help pave the way to new highs. Oh well, like Mick said, you can't always get what you want. I guess an up day after a slide is better than a poke in the eye.
Overall the market and most sectors remain in uptrends. However, as mentioned yesterday, the sector action has deteriorated a bit. I'm going to flesh all this out later today in the chart show. I have good one on tap if I say so myself.
For now, the plan remains the same:
1) Honor your stops on existing positions just in case this turns into something bigger.
2) Wait for entries on new positions. Again, as I preach, this can often keep you out of new trouble.
Of course, you also want to be very selective on new potential positions. Bring you picks to the show today and I'll pick them apart--giving you either a "you can do better" or a "high five-ah!"
Futures are flat after being somewhat firm pre-market.
Best of luck with your trading today!
Again, don't forget, chart show today!
Click here to watch today's Market in a Minute.
Best of luck with your trading today!
Dave
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Aetna (AET) - Quick Takes Pro Chart of the Day
April 12, 2012 - Aetna (AET)
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Barchart.com's Chart of the Day - Verisk Analytics (VRSK)
Barchart.com's Chart of the Day - Verisk Analytics (VRSK) for Apr 12, 2012
The "Chart of the Day" is Verisk Analytics (VRSK), which showed up on Wednesday's Barchart "All-Time High" list. Verisk on Wednesday posted a new all-time high of $47.96 and closed 3.39% higher. TrendSpotter has been Long since Jan 11 at $40.23. In recent news on the stock, Brigantine on March 23 initiated research coverage on Verisk with a Buy and a target of $51. UBS on March 7 initiated coverage with a Netural and a target of $44. Verisk on March 23 announced an agreement to acquire MediConnect Global for $349 million. Verisk Analytics, with a market cap of $7.7 billion, is a leading provider of risk assessment solutions to professionals in insurance, healthcare, mortgage lending, government, risk management, and human resources.
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Stock Market Analysis: SPY,AAPL,SBUX
The markets are having a solid snap back rally. The SPDR S&P 500 ETF (NYSEARCA:SPY) is trading at $137.08, +1.24 (+0.91%). A bounce like today is largely expected by intelligent investors as the buy the dip mentality is still alive and well. In addition, European markets did close higher on the day, thus giving the U.S. markets a sigh of relief. The earnings report from Alcoa Inc. (NYSE:AA) also helped the markets bounce. Be aware, the technical damage has been done to this market. While snap back rallies will happen, further downside is likely in the coming days and weeks.
Stocks are mostly higher today though some are weaker than others. A rare change of pace has Apple Inc. (NASDAQ:AAPL) weaker than the overall market. The stock is trading at $628.89 +0.45 (+0.07%). The simple minded investor would think the weakness is because the DOJ is set to file a lawsuit against Apple over price fixing. However, the pro traders realize that Apple had a reversal candle on the daily chart with major technical damage. The stock as overbought, downside is likely from here contrary to the media and analyst hype.
Starbucks Corporation (NASDAQ:SBUX) is very strong today, making a new 52 week high. This stock continues to be on a major run, regardless of the weakness in the market. The next technical level of resistance is at $60.15. Starbucks is currently trading at $58.74, +1.96 (+3.45%).
Gareth Soloway
InTheMoneyStocks
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Apple Lawsuit
Daily Market Commentary for April 11, 2012
The U.S. Justice Department filed an antitrust lawsuit accusing Apple Inc. as well as, five major publishers, of conspiring to fix the prices of e-books. (read more at Millennium-Traders.Com)
http://www.millennium-traders.com/ne...ommentary.aspx
The Federal Reserve said on Wednesday in the Feds Beige Book, that the U.S. economy continued to grow at a 'modest to moderate pace' over the last month. The term is the same adjective used to describe the economy in the prior two reports. Every region covered by the Fed's 12 districts grew, ranging from 'modest' in the Cleveland and St. Louis regions to a 'faster pace' in the Kansas City area.
The U.S. Treasury Department reported Wednesday that the U.S. government ran a budget deficit of $198 billion in March. The March figure pushed the deficit up to $779 billion for the first six months of fiscal 2012. The deficit for the first half of fiscal 2012 is lower than the one recorded in the same period in 2011, but the government remains on track to post another deficit of more than $1 trillion for the entire 2012 fiscal year
Boston Federal Reserve Bank President Eric Rosengren on Wednesday said prime money-market funds, which make up a big chunk of the $2.7 trillion industry, have structural problems that could amplify a future financial crisis if further reforms are not adopted. "Some prime funds have taken on significant credit risk - at times incurring losses that necessitated the support of the parent or sponsor of the fund, and in one case substantial government support," said Rosengren. The Securities and Exchange Commission may soon propose new capital restrictions on money funds, coupled with limitations or fees on redemptions by consumers or other money fund purchasers. Rosengren added that with 'appropriately calibrated' capital and redemption policies. the incentive for investors to run would be greatly reduced. The move would reduce the risk that investors would not receive the full value of their redemptions, he added. Comments from Rosengren come after Fed chairman Ben Bernanke on Monday evening reiterated his concerns about money funds.
On Wednesday, Kansas City Fed President Esther George said the most important step in restoring market discipline to the financial system would be to eliminate too-big-to-fail policies, including taking advantage of a provision in the Gramm-Leach-Bliley Act that would force divestitures or termination of new activities within 180 days if a financial holding company isn't well managed or capitalized. George also said bank capital standards, in particular leverage requirements tied to equity capital, need to be strengthened as she fretted about the lengthy transition period of Basel III. Risk-based capital standards is a concern of George because banks are quick to arbitrage whatever standards there are and because it is hard to say risk weights have been accurate measures of risk. George supported the implementation of the Volcker Rule and added there may be more financial activities that are incompatible with public safety nets.
The U.S. Labor Department said Wednesday that the prices paid for goods imported into the U.S. climbed higher by 1.3% in March, mainly because of higher oil costs. Compared to a revised 0.1% decrease in February, import prices in February were originally reported up 0.4% and fuel costs surged higher by 4.3% as the price of oil soared. Excluding fuel prices, import prices rose by only 0.3% last month. The price of U.S.- made goods exported to other nations, rose 0.8% in March.
President Barack Obama on Wednesday touted the controversial and, in many quarters unpopular, 'Buffett rule' that would force the wealthiest Americans to pay taxes at the very least at the same rate as regular wage earners. In a twist aimed to needle conservative opposition, Obama said the principle was once supported by a 'wild-eyed socialist, tax-hiking, class warrior' named Ronald Reagan, who once said it was 'crazy' that loopholes allowed millionaires to avoid paying their share of taxes. Congress should approve the so-called Buffett Rule, President Barack Obama reiterated on Wednesday, keeping up a push for what he calls tax fairness. The rule, named after Berkshire Hathaway chairman Warren Buffett, would require millionaires to pay at least 30% of their income in taxes before charity. Speaking in Washington, Obama said a vote next week in Congress is an opportunity for lawmakers 'to stand up for the middle class and make the tax system fair'.
On Wednesday, Tim Fox, a judge in Arkansas, slapped Johnson & Johnson with a fine of more than $1.1 billion following a jury ruling that the company's Janssen subsidiary hid risks associated with Risperdal, an antipsychotic drug. Judge Fox found that Johnson & Johnson committed about 240,000 violations of the state's Medicaid fraud law, one for each Risperdal prescription issued to Medicaid patients over a 31/2-year period, with each violation carrying a $5,000 fine. Johnson & Johnson said it was 'disappointed' with the decision and plans to appeal.
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France Telecom (FTE) - Quick Takes Pro Chart of the Day
April 11, 2012 - France Telecom (FTE)
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Dave Landry's Market in a Minute - Wednesday, 4/11/12
Random Thoughts
The market got whacked again on Tuesday. So far, it only appears to be pulling back. Obviously though, it has to stop soon.
Everyone wants to know exactly where the market will turn from bullish to bearish. There is no line in the sand. Like Justice Potter Smith, I'll know it when I see it. Like life, take the markets one day at a time and things become much easier.
If I had to pick a spot, ideally, I'd like to see the Ps stay above their prior pullback levels, circa 1340.
The sector action has deteriorated a bit in here as of late. A few big up days would save many of them.
For now, the plan remains the same:
1) Honor your stops on existing positions just in case this turns into something bigger.
2) Wait for entries on new positions. Again, as I preach, this can often keep you out of new trouble.
Futures are up sharply pre-market. I'd almost prefer if they were soft and then reversed--just enough to get the shorts comfy and keep the longs a little nervous. This could set up the mother of all reversals back into the direction of the longer-term trend. I guess I shouldn't complain about a market going up when I'm long. That's like complaining that the beer is too cold.
Click here to watch today's Market in a Minute.
Best of luck with your trading today!
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Barchart.com's Chart of the Day - Atlas Energy (ATLS)
Barchart.com's Chart of the Day - Atlas Energy (ATLS) for Apr 11, 2012
The "Chart of the Day" is Atlas Energy (ATLS), which showed up on Tuesday's Barchart "52-Week High" list. Atlas Energy on Tuesday posted a new 4-year high of $37.19 and closed up 1.27%. TrendSpotter has been Long since Feb 27 at $26.94. In recent news on the stock, Atlas Energy on March 14 completed the distribution of Atlas Resource Partners to unitholders. Atlas Energy, with a market cap of $1.8 billion, owns and operates natural gas processing plants and natural gas gathering pipelines.
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Dave Landry's Market in a Minute - Tuesday, 4/10/12
Random Thoughts
Well, make no bones about it, the market got whacked a bit on Monday. It's not the end of the world though. So far, this action only appears to be corrective in nature. Back the chart out a bit or even better, look at a 2-day or 3-day chart and you'll see that the market has formed a bullish TKO pattern.
Obviously though, it will have to start going back up to complete this pattern. In the meantime, this is all you have to do:
1)Honor your stops on existing positions just in case. 2)Wait for entries on new positions. As I preach, this can often keep you out of new trouble.
Futures are in flatsville pre-market.
Click here to watch today's Market in a Minute.