Friday, June 17, 2011

Gildan Activewear sell signals

This morning Barchart had sell signals on Gildan Activewear (GIL).


Barchart technical indicators:
  • 80% Barchart short term sell signals
  • Trend Spotter sell signals
  • Below its 20, 50 and 100 day moving averages
  • 14.03% off its recent high
  • Relative Strength Index 33.67% and falling
Jim Van Meerten is a Marketocracy Master

Pain Therapeutics sell signals

This morning on Barchart I detected sell signals on Pain Therapeutics (PTIE) and deleted it from the Barchart Van Meerten Speculative portfolio.


Barchart technical indicators:
  • 40% Barchart technical sell signal
  • Trend Spotter sell signal
  • Below its 20 and 50 day moving averages
  • 15.69% off its recent high
  • Relative Strength Index 40.23% and falling
Jim Van Meerten is a Marketocracy Master

Belo sell signals

This morning on Barchart I detected sell signals on Belo Corp (BLC) and deleted it from the Barchart Van Meerten Speculative portfolio.


Barchart technical indicators:
  • 88% Barchart technical sell signal
  • Trend Spotter sell signal
  • Below its 20, 50 and 100 day moving averages
  • 24.60% off its recent high
  • Relative Strength Index 39.42% and falling
Jim Van Meerten is a Marketocracy Master

Sirius XM Radio sell signals

This morning on Barchart there were sell signals on Sirius XM Radio (SIRI) so I deleted it from the Barchart Van Meerten Speculative portfolio.


Barchart ttechnical indicators:
  • Trend Spotter sell signal
  • Below its 20 and 50 day moving average
  • 20.08% off its recent high
  • Relative Strength Index 38.65% and falling
Jim Van Meerten is a Marketocracy Master

Enbridge Energy sell signals

This morning on Barchart there were sell signals on Enbridge Energy (EEP) and I deleted it form the Barchart Van Meerten New High portfolio.


Barchart technical indicators:
  • 96% Barchart technical sell signals
  • Trend Spotter sell signal
  • Below its 20, 50 and 100 day moving average
  • Lost 13.94% from its recent high
  • Relative Strength Index 36.08% and falling
Jim Van Meerten is a Marketocracy Master

Barchart Morning Call 6/17

Morning Call
Overnight Developments
  • Global stocks are mixed with the European Euro Stoxx 50 up +0.29% and Sep S&Ps up +11.10 points. The euro rallied and Treasuries fell after German Chancellor Merkel signaled she would compromise on German demands that bondholders shoulder a "substantial" share of the Greek rescue, saying she'll work with the ECB to resolve the crisis. In a meeting with French President Sarkozy, the two said the so-called Vienna initiative of 2009, which encouraged creditors to roll over expiring bonds, could be a model for helping Greece. Bank stocks rallied and led a rebound in European stocks on German Chancellor Merkel's comments. A 16% plunge in Research in Motion in pre-market trading limited gains in stocks after the maker of the Blackberry smartphone said quarterly revenue may drop for the first time in 9 years. Crude oil plunged to a 3-3/4 month low in overnight trade on demand concerns after former Fed Chairman Greenspan said that a Greek default is "almost certain" and could help drive the US into recession.
  • The Asian stock markets today closed mostly lower with Japan down -0.64%, Hong Kong -1.17%, China -0.87%, Taiwan -0.21%, Australia +0.13%, Singapore -0.49%, South Korea -0.99%, India -0.64%. Asian markets were undercut on concerns the US economy is slowing after weaker-than-expected data on Jun Philadelphia Fed manufacturing along with concern that the widening of the European debt crisis may weaken the Euro-Zone economy and limit demand for Asian exports. China's Shanghai Stock Index tumbled to its lowest level in 8-1/2 months on concern the PBOC will take more steps to cool inflation. Chinese banks stocks closed lower and led declines on concern higher interest rates would curb loan growth while mining companies and raw material producers fell on speculation slowing economic growth will limit demand for metals. The PBOC increased the yield on 3-month bills for the first time in 10 weeks, to 2.9985% from 2.9168%, which according to Societe Generale SA in Hong Kong sends a strong signal for an imminent rate hike in coming days.
Overnight U.S. Stock News
  • September S&Ps this morning are trading . The US stock market yesterday settled mixed as better-than-expected economic reports offset concerns over a Greek default: Dow Jones +0.54%, S&P 500 +0.18%, Nasdaq Composite -0.29%. The Nasdaq sank to a 6-1/2 month low and the S&P 500 fell to a 3-month low but recovered its losses and closed higher. Bullish factors for stocks included (1) reduced concern over Greece's debt crisis after EU Economic and Monetary Affairs Commissioner Rehn predicted an agreement this weekend between the EU and IMF that will help Greece avoid a default, (2) the larger-than-expected decline in weekly initial US unemployment claims (-16,000 to 414,000 versus expectations of -7,000 to 420,000), (3) the stronger-than-expected May housing starts (+3.5% to 560,000 versus expectations of +4.2% to 545,000), and (4) strength in homebuilders after the unexpected increase in May building permits which rose to their best level in 5 months (+8.7% to 612,000 versus expectations of -1.2% to 556,000).
  • Bearish factors included (1) concern the European debt crisis will worsen after the yield on Greece's 2-year note briefly soared over 30% for the first time while the cost of insuring Greek, Irish and Portuguese debt rose to records, and (2) the unexpected contraction in the Jun Philadelphia Fed manufacturing index which fell to its lowest level in 23 months (-11.6 to -7.7 versus expectations of +3.1 to 7.0).
  • Research in Motion (RIM) slipped 16% in European trading after the company forecast sales of $4.2 billion to $4.8 billion in Q2, below analysts' estimates of $5.47 billion, and cut its full-year profit forecast to $5.25 to $6 a share, down from a previous forecast of $7.50.
Today's Market Focus
  • September 10-year T-notes this morning are down -15.5 ticks. T-note prices yesterday rallied to a 6-1/2 month nearest-futures high early on increased safe-haven demand from the ongoing Greek credit crisis but gave back some of their advance and closed modestly higher on speculation an agreement will be reached this weekend between the EU and IMF to stave off a Greek default: TYU11 +14.5, FVU11 +6.7, EDZ11 -3.5. The 10-year T-note yield fell to a 6-1/2 month low of 2.88%. Bullish factors included (1) a surge in safe-haven demand on concern Greece may be locked out of credit markets and forced to default on its debt when the Greek 2-year note briefly surged over 30% for the first time, (2) the unexpected contraction in the Jun Philadelphia Fed manufacturing index which fell to its lowest level in 23 months (-11.6 to -7.7 versus expectations of +3.1 to 7.0), and (3) the action by the Fed to purchase $4.9 billion of Treasuries as part of its QE2 asset-purchase program. Bearish factors included (1) comments from EU Economic and Monetary Affairs Commissioner Rehn which took Treasuries off of their best levels when he said that "close contact" with the IMF made him confident of an accord at this weekend's crisis meeting to provide Greece with aid to help it avoid default, (2) the larger-than-expected decline in weekly initial US unemployment claims (-16,000 to 414,000 versus expectations of -7,000 to 420,000), (3) the stronger-than-expected May housing starts (+3.5% to 560,000 versus expectations of +4.2% to 545,000), and (4) the unexpected increase in May building permits which rose to their best level in 5 months (+8.7% to 612,000 versus expectations of -1.2% to 556,000).
  • The dollar index this morning is lower with the dollar/yen -0.34 yen and the euro/dollar +0.73 cents. The dollar index yesterday climbed to a 3-week high on increased safe-haven demand over Greek default concerns but pared its gains and closed well below its high on speculation the EU and IMF will agree on an aid package this weekend to help Greece avoid default: Dollar Index +1.269, USDJPY +0.468, EURUSD -0.02602. Bullish factors included (1) the slump in the euro to a 3-week low against the dollar on concern the European debt crisis will worsen after the yield on Greece's 2-year note briefly soared over 30% for the first time while the cost of insuring Greek, Irish and Portuguese debt rose to records, (2) the warning from ECB Council member Wellink that European leaders should be ready to double the region's bailout fund to 1.5 trillion euros if Greece winds up being ruled in default, and (3) weakness in the British pound which also fell to a 3-week low against the dollar after May UK retail sales posted their biggest decline in 16 months. Bearish factors included (1) comments from EU Economic and Monetary Affairs Commissioner Rehn which lifted the euro off of its low when he predicted an agreement this weekend between the EU and IMF that will help Greece avoid a default, and (2) the unexpected contraction in the Jun Philadelphia Fed manufacturing index, which indicates an economic slowdown that is dollar negative.
  • July crude oil prices this morning are trading down -$1.03 a barrel at a fresh 3-3/4 month low and July gasoline is -1.56 cents per gallon. Crude oil and gasoline prices yesterday fluctuated between gains and losses and finished higher on a larger-than-expected decrease in weekly US jobless claims along with optimism that a resolution will be found to the Greek debt crisis: CLN11 +$0.14, RBN11 +2.59. Bullish factors included (1) the bigger-than-expected decline in weekly US initial unemployment claims, which bolsters the outlook for the US economy and energy demand, (2) comments from EU Economic and Monetary Affairs Commissioner Rehn who predicts an agreement this weekend between the EU and IMF that will help Greece avoid a default, (3) strength in gasoline after refineries on the US East Coast with total capacity of 550,000 barrels a day had unplanned shutdowns, which may limit fuel supplies, and (4) the prediction from the IEA that global oil consumption will grow 1.2 million barrels a day annually over the next 5 years which will leave a "fairly thin" cushion of global spare production capacity. Bearish factors included (1) the rally in the dollar index to a 3-week high, which reduces investment demand in commodities, (2) concern the European debt crisis will worsen and slow the global economy and fuel demand, and (3) the unexpected contraction in the Jun Philadelphia Fed manufacturing index which fell to its lowest level in 23 months and indicates weakened energy demand.
Today's U.S. Earnings Reports Earnings reports (confirmed releases, sorted by mkt cap) SMOD-SMART Modular Technologies WWH (BEST earnings consensus $0.11).
Global Financial Calendar
Friday 6/17/11
United States
0955 ET Preliminary Jun U.S. University of Michigan consumer confidence expected -0.3 to 74.0, May +4.5 to 74.3.
1000 ET May leading indicators expected +0.3%, Apr -0.3%.
Japan
0130 ET May Japan nationwide department store sales, Apr -1.5% y/y.
France
0245 ET Revised Q1 French wages, previous +1.0% q/q.
Euro-Zone
0500 ET Apr Euro-Zone construction output, Mar -0.3% m/m and -4.9% y/y.
0700 ET ECB Council member Lorenzo Bini Smaghi speaks on a policy panel on ?Challenges for Monetary and Fiscal Policy? at a conference in Stockholm.
1000 ET ECB publishes its monthly report for June.
Canada
0830 ET Apr Canada wholesale sales, Mar +0.1% m/m.

Barchart.com provides Financial Quotes, Charts and Technical Analysis for Stock and Commodity Traders.

Quest Diagnostics - Barchart Chart of the Day

Barchart.coms Chart of the Day - Quest Diagnostics (DGX)
Related Stocks
DGX - Quest Diagnostics Inc.
Sym Last Chg Pct
DGX 60.16 +0.83 +1.40%
The "Chart of the Day" is Quest Diagnostics (DGX), which showed up on Thursday's Barchart "12-Month High" list. DGX on Thursday rallied by 1.40% and posted a new 1-1/2 year high of $60.23. TrendSpotter has been long on DGX since May 10 at $57.00. In recent news on the stock, the company on April 20 reported Q1 EPS of $1.00, close to the consensus of $1.01. Kaufman Brothers on April 21 reiterated its Buy rating on DGX and raised its target to $69 from $64. Quest Diagnostics, with a market cap of $9 billion, is a leading provider of healthcare diagnostic testing, information and services.

dgx_700
How we found the Chart of the Day:
We found the "Chart of the Day" by scanning the Barchart "New Highs/Lows" page. Then we clicked on the entry for NYSE 12-month highs. A new 12-month high is a popular sign of upside momentum. Then we applied a "Custom View" heading with the Barchart Opinion ranking as one of the columns. we then sorted the list by the Barchart Opinion ranking in order to find the stocks with the highest Opinion.
Barchart's Opinion trading systems are all a Buy and Barchart's daily TrendSpotter trading system is a "Buy." Please note that the Barchart Opinion indicators are updated live during the session every 10 minutes and can therefore change during the day as the market fluctuates. The indicator numbers shown below therefore may not match what you see live on the Barchart.com web site when you read this report.
  • TrendSpotter: Buy
  • Short-Term Indicators: 100% Buy
  • Medium-Term Indicators: 100% Buy
  • Long-Term Indicators: 100% Buy
  • Overall Average 100% Buy


Barchart links for further information:

Quotes and Charts
Quote
Detailed Quote
Chart

Technical Analysis
Technicals Summary
Trader's Cheat Sheet™

Barchart Opinions
Barchart Opinion
Barchart Snapshot
Trading Strategies

Company Info
Company Profile
Key Statistics
Ratios
Income Statement-Quarterly
Income Statement-Annual
Balance Sheet-Current
Balance Sheet-Annual


Chart of the Day Archive
View Past Chart of the Day Reports

Thursday, June 16, 2011

Barchart Morning Call 6/16

Barchart Morning Call
Overnight Developments
  • Global stocks are Lower with the European Euro Stoxx 50 down -0.58% and Sep S&Ps down -0.30 of a point. The euro slid to a 3-week low against the dollar and the 10-year bund yield fell to a 5-month low on safe-haven buying on concern the Greek debt crisis is deteriorating. Greek Prime Minister Papandreou will reshuffle his cabinet and seek to win a confidence vote today after attempts to garner opposition support for an austerity plan failed. European finance ministers will meet on Jun 19 in another attempt to find a solution to Greece's debt crisis that threatens to spiral out of control with the yield on Greek 2-year notes surging past 30% for the first time. Credit-default swaps to insure against default on Greek, Irish and Portuguese government debt surged to records and the Euro Stoxx 50 Stock Index tumbled to a 6-1/2 month low. The British pound fell to a 3-week low against the dollar after May UK retail sales with auto fuel fell -1.4% m/m, weaker than expectations of -0.6% m/m and the biggest decline in 16 months. On the positive side, May Euro-Zone core CPI rose +1.5% y/y, weaker than expectations of a +1.6% y/y increase.
  • The Asian stock markets today closed lower with Japan down -1.70%, Hong Kong -1.75%, China -1.54%, Taiwan -2.00%, Australia -1.92%, Singapore -1.14%, South Korea -2.06%, India -0.81%. Most Asian stocks were undercut as the Greek debt crisis worsened and after reports showed the US economy is cooling, which may curb demand for Asian exports. China's Shanghai Stock Index tumbled to a 4-1/2 month low as bank stocks fell on concern the PBOC will tighten monetary policy further after the Economic Information Daily reported that an interest-rate increase isn't "far away." India stepped up its fight against inflation after the RBI increased the repurchase rate 25 bp to 7.50%, the 10th time they increased rates since the start of 2010. India's Sensitive Stock Index closed lower after the RBI interest rate hike and the central bank's post-meeting statement that "domestic inflation risks remain high and some short-run deceleration in growth may be unavoidable in bringing inflation under control."
Overnight U.S. Stock News
  • September S&Ps this morning are trading down -0.30 of a point. The US stock market yesterday tumbled on concern Greece will default on its debt and on signs the US economy is slowing: Dow Jones -1.48%, S&P 500 -1.74%, Nasdaq Composite -1.76%. The S&P 500 and the Nasdaq slumped to 3-month low and the Dow fell to a 2-3/4 month low. Bearish factors for stocks included (1) concern that the European sovereign-debt crisis will worsen after the yield on the 10-year Greek bond soared to a record high of 17.79% and credit-default swaps to insure the debts of Greece, Ireland and Portugal debt rose to records after European officials in an emergency meeting failed to agree on a second bailout for Greece, (2) a plunge in bank stocks after comments from ECB Vice President Constancio who said "Greece could have a contagion effect" with the threat of the Greek debt crisis spilling over into the banking sector, (3) from the unexpected decline in the Jun Empire manufacturing index which contracted at its slowest level in 7 months (-19.7 to -7,8 versus expectations of +0.1 to 12.0), (4) the smaller-than-expected increase in May industrial production (+0.1% versus expectations of +0.2%), and (5) the unexpected decline in the Jun NAHB housing market index which fell to a 9-month low (-3 to 13 versus expectations of unchanged at 16).
  • Bullish factors included (1) cheap valuations with the S&P 500 trading at 12.7 times forecasted 2011 earnings, the lowest multiple in 9 months, and (2) the 12 bp plunge in the 10-year T-note yield to 2.97%.
Today's Market Focus
  • September 10-year T-notes this morning are up +9.5 ticks. T-note prices yesterday rallied sharply after mid-morning and maintained their gains on weaker-than-expected US economic data and on increased safe-haven demand on concern the European debt crisis will worsen and threaten stability in the global banking system: TYU11 +1-5/32, FVU11 +21.5, EDZ11 -4.5. Bullish factors included (1) a surge in safe-haven demand as global stock markets plunged on concern Greece may be locked out of credit markets and default on its debt when the Greek 10-year bond yield soared to a record high of 17.79% after European officials in an emergency meeting failed to agree on a second bailout for Greece, (2) the unexpected decline in the Jun Empire manufacturing index which contracted at its slowest level in 7 months (-19.7 to -7.8 versus expectations of +0.1 to 12.0), (3) the smaller-than-expected increase in May industrial production (+0.1% versus expectations of +0.2%), (4) the unexpected decline in the Jun NAHB housing market index which fell to a 9-month low (-3 to 13 versus expectations of unchanged at 16), and (5) increased demand for Treasuries in China, the largest foreign holder of US government debt, after it increased its Treasury holdings in April by +0.7% to $1.15 trillion. A bearish factor was the larger-than-expected increase in May CPI (+0.4% m/m and +3.6% y/y, the biggest year-over-year increase in 2-1/2 years, versus expectations of +0.1% m/m and +3.4% y/y).
  • The dollar index this morning is higher and at a 3-week high with the dollar/yen -0.22 yen and the euro/dollar -0.77 cents. The dollar index yesterday rallied sharply to a 2-1/2 week high on increased safe-haven demand on concern the European debt crisis will worsen: Dollar Index +1.269, USDJPY +0.468, EURUSD -0.02602. Bullish factors included (1) the slump in the euro to a 2-1/2 week low against the dollar on concern the European debt crisis will deepen after the yield on Greece's 10-year bond jumped to a record high of 17.79% and the cost of insuring Greek, Irish and Portuguese debt rose to records when European officials in an emergency meeting failed to agree on a second bailout for Greece, and (2) comments from ECB Vice President Constancio who said "Greece could have a contagion effect" with the threat of the Greek debt crisis spilling over into the banking sector the biggest risk to Euro-Zone financial stability. Bearish factors included (1) the smaller-than-expected increase in Apr net long-term TIC flows, which indicates reduced foreign demand for US dollar assets, and (2) the weaker-than-expected US economic data on Jun Empire manufacturing, May industrial production and the Jun NAHB housing market index, which is dollar negative as it may prompt the Fed into maintaining its overly easy monetary policy.
  • July crude oil prices this morning are trading up +41 cents a barrel and July gasoline is +3.95 cents per gallon. Crude oil and gasoline prices yesterday plunged on concern Europe's debt crisis will deepen and on signals the US economy is slowing: CLN11 -$4.56, RBN11 -14.11. Jul crude slumped to a 3-3/4 month low and Jul gasoline fell a 4-week low. Bearish factors included (1) the rally in the dollar index to a 2-1/2 week high, which reduces investment demand in commodities, (2) concern the European debt crisis will worsen after the yield on Greece's 10-year bond soared to a record when European officials at an emergency meeting failed to agree on a rescue plan for Greece, (3) weaker-than-expected US economic data on Jun Empire manufacturing and May industrial production, which indicates an economic slowdown that is negative for energy demand, and (4) slack demand for distillate products after US distillate demand in the week ended Jun 10 fell -5.2% w/w to 3.6 million barrels a day, a 5-month low. Bullish factors included (1) the larger-than-expected decline in weekly DOE crude inventories (-3.41 million bbl versus expectations of -1/9 million bbl, (2) the smaller-than-expected increase in weekly gasoline inventories (+573,000 bbl versus expectations of +1.05 million bbl, and (3) increased fuel demand after US gasoline demand in the week ended Jun 10 rose +2.3% w/w to 9.37 million barrels a day.
Today's U.S. Earnings Reports Earnings reports (confirmed releases, sorted by mkt cap) KR-Kroger (BEST earnings consensus $0.65), SFD-Smithfield Foods (0.82), JW/A-John Wiley & Sons (0.49), ATU-Actuant (0.46), PIR-Pier 1 Imports (0.11).
Global Financial Calendar
Thursday 6/16/11
United States
0830 ET Weekly initial unemployment claims expected -7,000 to 420,000, previous +1,000 to 427,000. Weekly continuing claims expected +4,000 to 3.680 million, previous -71,000 to 3.676 million.
0830 ET May housing starts expected +4.2% to 545,000, Apr -10.6% to 523,000. May building permits expected -1.2% to 556,000, Apr -1.9% to 563,000.
0830 ET Q1 U.S. current account balance expected -$130.0 billion, Q4 -$113.35 billion.
1000 ET Fed Governor Daniel Tarullo testifies at a hearing titled ?Financial Regulatory Reform: The International Context.?
1000 ET Jun Philadelphia Fed manufacturing index expected +3.1 to 7.0, May -14.6 to 3.9.
1100 ET Treasury announces amount of 30-year TIPS (previous $9 billion) to be auctioned on Jun 23.
1630 ET Weekly money supply report and Fed balance sheet.
United Kingdom
0430 ET May UK retail sales ex-auto fuel expected -0.6% m/m and +1.7% y/y, Apr +1.2% m/m and +2.7% y/y.
0430 ET May UK retail sales with auto fuel expected -0.6% m/m and +1.5% y/y, Apr +1.1% m/m and +2.8% y/y.
Euro-Zone
0500 ET May Euro-Zone CPI expected unchanged m/m and +2.7% y/y, Apr +0.6% m/m and +2.8% y/y.
0500 ET May Euro-Zone core CPI expected +1.6% y/y, Apr +1.6% y/y.
0500 ET Q1 Euro-Zone employment, Q4 +0.2% q/q and +0.2% y/y.
2000 ET ECB President Jean-Claude Trichet speaks at a benefit in New York.

Barchart.com provides Financial Quotes, Charts and Technical Analysis for Stock and Commodity Traders.

Korn/Ferry - Barchart Chart of the Day

Barchart.coms Chart of the Day - Korn/Ferry (KFY)
Related Stocks
KFY - Korn/Ferry International
Sym Last Chg Pct
KFY 22.95 +1.43 +6.64%
The "Chart of the Day" is Korn/Ferry (KFY), which showed up on Wednesday's Barchart "What's Hot" list. Korn/Ferry on Wednesday rallied by 6.64% and posted a new 4-month high. TrendSpotter has been Long on Korn/Ferry since May 31 at $21.36. In recent news on the stock, Korn/Ferry on Wednesday reported Q4 adjusted EPS of 39 cents versus the consensus of 32 cents and provided guidance for Q1 of 30-36 cents versus the consensus of 31 cents. Korn/Ferry, with a market cap of $1 billion, is the world's largest executive recruitment firm.

kfy_700
How we found the Chart of the Day:
We found the "Chart of the Day" by scanning the Barchart "All Exchanges Daily What's Hot". That list highlights stocks with large price movements in terms of 20-day standard deviations, rather than percentage moves. Ranking stock price movement based on standard deviations rather than percentage changes puts all the stocks on a level playing field and spots stocks with unusually large movements relative to their recent performance, as opposed to percentage changes which tend to include stocks that naturally have high volatility. For further information, please click on the link for "What's Hot" help. Once we were on the What's Hot list, we then applied a "Custom View" heading with the Barchart Opinion ranking as one of the columns. we then sorted the list by the Barchart Opinion ranking in order to find the stocks with the highest Opinion.
Barchart's Opinion trading systems are mostly a Buy and Barchart's daily TrendSpotter trading system is a "Buy." Please note that the Barchart Opinion indicators are updated live during the session every 10 minutes and can therefore change during the day as the market fluctuates. The indicator numbers shown below therefore may not match what you see live on the Barchart.com web site when you read this report.
  • TrendSpotter: Buy
  • Short-Term Indicators: 80% Buy
  • Medium-Term Indicators: 50% Buy
  • Long-Term Indicators: 33% Buy
  • Overall Average 64% Buy


Barchart links for further information:

Quotes and Charts
Quote
Detailed Quote
Chart

Technical Analysis
Technicals Summary
Trader's Cheat Sheet™

Barchart Opinions
Barchart Opinion
Barchart Snapshot
Trading Strategies

Company Info
Company Profile
Key Statistics
Ratios
Income Statement-Quarterly
Income Statement-Annual
Balance Sheet-Current
Balance Sheet-Annual


Chart of the Day Archive
View Past Chart of the Day Reports

Monday, June 13, 2011

Barchart Morning Call 6/13

Barchart Morning Call
Overnight Developments
  • Global stocks are mixed with the European Euro Stoxx 50 up +0.44% and Sep S&Ps are up +3.80 points. The dollar and Treasuries are little changed and most commodities are lower with copper at a 2-week low. European sovereign-debt concerns continue to pressure markets as the price of credit-default swaps to insure the government debts of Greece, Ireland and Portugal all climbed to record highs. ECB President Trichet and German Finance Minister Schaeuble are at odds over whether Greek bondholders should be compelled to incur losses in the nation's second rescue plan in the last 14 months with Schaeuble calling for an extension of Greek debt by 7 years and Trichet saying any forced losses on creditors would be akin to default. The IMF has threatened to withhold its share of what remains of Greece's original 110 billion-euro ($159 billion) bailout unless a deal can be struck to guarantee Greece's financing needs for the next 12 months. European finance ministers have called for a special meeting tomorrow to avoid what European Economic and Monetary Affairs Commissioner Rehn called a "Lehman Brother catastrophe on European soil." European stocks received a lift on the prospects for increaed M&A activity in the mining sector as ENRC rose nearly 6% on speculation that Glencor may bid for the company.
  • The Asian stock markets today closed mostly lower with Japan down -0.70%, Hong Kong +0.39%, China -0.39%, Taiwan -1.41%, Australia closed for holiday, Singapore -0.63%, South Korea +0.28%, India -0.01%. The Japanese yen slipped to a 1-week low against the dollar and Japanese stocks finished lower after Apr Japan machine orders unexpectedly fell -3.3% m/m and -0.2% y/y, weaker than expectations of +1.7% m/m and +4.9% y/y. This has bearish implications for the Japanese economy as it indicates capital spending in 3 to 6 months may be constrained as companies remain reluctant to spend after the March earthquake and tsunami. China's Shanghai Stock Index fell to a 4-1/2 month low after new lending fell in May and China's money supply grew at the slowest pace since 2008, further signs that the Chinese economy is cooling. May China new loans totaled 551.6 billion yuan ($85 billion), less than expectations of 650 billion yuan, while May China M2, the broadest measure of money supply, rose 15.1% y/y, weaker than expectations of 15.5% y/y and the slowest pace of growth in 2-1/2 years. A report in the China Securities Journal predicts that Jun China inflation may exceed 6% due to rapid investment growth and excessive lending.
Overnight U.S. Stock News
  • September S&Ps this morning are trading up +3.80 points. The US stock market last Friday tumbled as industrial stocks fell on concern the economy is slowing and bank stocks weakened on the Fed's plan to expand a capital-planning program to the 35 largest US banks: Dow Jones -1.42%, S&P 500 -1.40%, Nasdaq Composite -1.53%. The S&P 500, the Dow and the Nasdaq all fell to 2-3/4 month lows. Bearish factors for stocks included (1) inflation concerns after the unexpected increase in May import prices (+0.2% m/m and +12.5% y/y, the biggest annual gain in 2-1/2 years, and stronger than expectations of -0.7% m/m and +1.2% y/y), (2) weakness in industrial and consumer stocks on concern the economy is slowing, (3) a slump in bank stocks on concern that over-regulation may hurt bank profits after the Fed said it will expand a capital-planning program to the 35 largest US banks, and (4) comments from New York Fed President Dudley who said "the recent disappointing data suggest that downside risks to the outlook" have increased.
  • Bullish factors included (1) the larger than expected increase in May China imports (+28.4% y/y versus expectations of +22.5% y/y), which bolsters optimism that Chinese demand may support global growth, and (2) the action by the Bundesbank to raise its forecasts for German growth for this year and next, which signals strength in the German economy that may help sustain the global economic recovery.
  • Transatlantic Holdings (TRH) surged 10% in European trading after agreeing to merge with Allied World Assurance in a deal worth $3.2 billion.
Today's Market Focus
  • September 10-year T-notes this morning are down -1.5 ticks. T-note prices last Friday closed higher on dovish comments from New York Fed President Dudley along with increased safe-haven demand as the stock market declined: TYU11 +8, FVU11 +4, EDZ11 +0.5. Bullish factors included (1) comments from New York Fed President Dudley who said "the recent disappointing data suggest that downside risks to the outlook" have increased, and (2) increased safe-haven demand for Treasuries after the S&P 500 fell to a 2-3/4 month low. A bearish factor was the unexpected increase in May import prices (+0.2% m/m and +12.5% y/y, the biggest annual gain in 2-1/2 years, and stronger than expectations of -0.7% m/m and +1.2% y/y).
  • The dollar index this morning is weaker with the dollar/yen +0.03 yen and the euro/dollar +0.42 cents. The dollar index last Friday rallied to a 1-week high on increased safe-haven demand for the greenback as the stock market tumbled along with weakness in the euro on rising European debt concerns: Dollar Index +0.603, USDJPY -0.046, EURUSD -0.01634. Bullish factors included (1) the slide in the euro to a 1-week low against the dollar on concern the European sovereign-debt crisis will worsen after credit-default swaps to insure Greek and Portuguese government debt climbed to records, and (2) increased safe-haven demand for the dollar after the S&P 500 fell to a 2-3/4 month low. Bearish factors included (1) the action by the Bundesbank to raise its growth estimates for Germany this year and next, which is euro supportive, and (2) weakened dollar interest rate differentials as the 3-month dollar Libor rate fell to a record low of 0.24850%.
  • July crude oil prices this morning are trading down -$1.23 a barrel and July gasoline -0.77 of a cent per gallon. Crude oil and gasoline prices last Friday tumbled as the dollar strengthened along with a report that Saudi Arabia will raise oil production: CLN11 -$2.64, RBN11 -2.21. Bearish factors included (1) the rally in the dollar index to a 1-week high, which discourages investment demand in commodities, (2) the report from the el-Hayat newspaper that Saudi Arabia will raise oil production to 10 million barrels a day next month, and (3) the sell-off in the stock market, which decreases confidence in the economic outlook and energy demand. Bullish factors included (1) the action by the Bundesbank to raise its growth estimates for Germany this year and next, which signals greater fuel consumption, and (2) the widening of the spread between Brent crude and WTI to a record $18.88 a barrel, which may boost gasoline and distillate products that are vulnerable to changes in Brent because refineries on the US East Coast process oil grades that are sold relative to the European benchmark.
Today's U.S. Earnings Reports Earnings reports (confirmed releases, sorted by mkt cap) CASY-Casey's General Stores (BEST earnings consensus $0.50), NX-Quanex Building Products (0.11), IDT-IDT Corp. (0.49), AMSC-American Superconductor (-0.24).
Global Financial Calendar
Monday 6/13/11
United States
0930 ET Richmond Fed President Jeffrey Lacker speaks on ?Manufacturing in the New Southern Economy? at the Southern Growth Conference in Roanoke, VA.
1130 ET Weekly 3-mo and 6-mo T-bill auctions.
1900 ET Dallas Fed President Richard Fisher speaks to the Certified Financial Analysts Society of Dallas on Federal Reserve functions and an economic update.
Euro-Zone
0900 ET ECB President Jean-Claude Trichet speaks at the London School of Economics on ?The euro, its central bank and economic governance.?
United Kingdom
1901 ET May UK RICS house price balance expected -20%, Apr -21%.
Japan
1950 ET Q2 Japan BSI large all industry conditions, Q1 -1.1. Q2 BSI large manufacturing conditions, Q1 -3.2.
CHI
2200 ET May China producer price index expected +6.5% y/y, Apr +6.8% y/y.
2200 ET May China consumer price index expected +5.5% y/y, Apr +5.3% y/y.
2200 ET May China retail sales expected +17.0% y/y, Apr +17.1% y/y.
2200 ET May China industrial production expected +14.0% y/y, Apr +14.2% y/y.

Barchart.com provides Financial Quotes, Charts and Technical Analysis for Stock and Commodity Traders.

NV Energy - Barchart Chart of the Day

coms Chart of the Day - NV Energy (NVE)
Related Stocks
NVE - Nv Energy Inc
Sym Last Chg Pct
NVE 15.65 -0.04 -0.25%
The "Chart of the Day" is NV Energy (NVE), which showed up on Friday's Barchart "NYSE 12-Month High" list. NV Energy on Friday rallied by 2.02% and posted a new all-time high of $15.91. TrendSpotter turned Long last Wednesday at $15.55. In recent news on the stock, Soleil on May 2 upgraded NV Energy to Buy from Hold and raised its target to $17 based on valuation and FY-2012 earnings growth. NV Energy, with a market cap of $3.7 billion, is an electric and natural gas utility in Nevada and the Lake Tahoe area of California.
How we found the Chart of the Day:
We found the "Chart of the Day" by scanning the Barchart "New Highs/Lows" page. Then we clicked on the entry for NYSE 12-month highs. A new 12-month high is a popular sign of upside momentum.
Barchart's Opinion trading systems are mostly a Buy and Barchart's daily TrendSpotter trading system is a "Buy." Please note that the Barchart Opinion indicators are updated live during the session every 10 minutes and can therefore change during the day as the market fluctuates. The indicator numbers shown below therefore may not match what you see live on the Barchart.com web site when you read this report.
  • TrendSpotter: Buy
  • Short-Term Indicators: 80% Buy
  • Medium-Term Indicators: 75% Buy
  • Long-Term Indicators: 100% Buy
  • Overall Average 88% Buy


Barchart links for further information:

Quotes and Charts
Quote
Detailed Quote
Chart

Technical Analysis
Technicals Summary
Trader's Cheat Sheet™

Barchart Opinions
Barchart Opinion
Barchart Snapshot
Trading Strategies

Company Info
Company Profile
Key Statistics
Ratios
Income Statement-Quarterly
Income Statement-Annual
Balance Sheet-Current
Balance Sheet-Annual


Chart of the Day Archive
View Past Chart of the Day Reports