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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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.
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
Aetna (AET) - Quick Takes Pro Chart of the Day
April 12, 2012 - Aetna (AET)
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.
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
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)
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!
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.
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.
