Wednesday, November 23, 2011

Barchart Morning Call 11/23

Barchart Morning Call
Overnight Developments
  • Global stocks this morning are lower with the Euro Stoxx 50 down -0.17% and Dec S&Ps down -7.80 points at a 1-1/4 month low. Stocks and commodities weakened while Treasuries and the dollar index rose to 1-1/2 month highs after credit default swaps to insure European government debt rose to a record. Stocks rebounded from their lows however, after the PBOC unexpectedly cut the reserve ratio for some banks by 50 bp. The euro slumped to a 1-1/2 month low against the dollar when the 10-year German bund yield jumped 12 bp to a 3-week high after Germany failed to get bids for 35% of the 10-year bonds offered for sale today, raising concern that Europe's debt crisis is driving investors away from the region. The British pound slumped to a 1-1/4 month low against the dollar and the 10-year gilt yield dropped to 2.104%, the lowest since Bloomberg began collecting the data in 1992, after the minutes of the Nov 9-19 BOE policy meeting showed some officials said an increase in stimulus may be needed. Also weighing on stocks was the -1.2 point decline in the Nov German manufacturing PMI to a 2-1/3 year low of 47.9, weaker than expectations of -0.6 to 48.5, while Sep Euro-Zone industrial new orders tumbled -6.4% m/m, weaker than expectations of -2.7% and the biggest decline in 2-1/2 years.
  • Asian stocks today closed lower with Japan closed for holiday, China down -0.98%, Australia -1.98%, South Korea -2.57%, India -2.27%. Asian stocks were undercut after a mining tax was approved in Australia, reports showed the U.S. economy slowed, and China's manufacturing may have contracted. Australian mining stocks and raw material producers fell after Australia's House of Representatives passed a law taxing mining profits. Asian exporters fell after Q3 U.S. GDP was unexpectedly revised lower and the Nov China HSBC flash manufacturing PMI slid -3.0 to 48.0, the biggest rate of contraction since Mar 2009. After the Chinese markets closed, the PBOC said the 16.5% reserve requirement for more than 20 rural cooperative banks will expire this month and revert back to 16.0%.
Overnight U.S. Stock News
  • December S&Ps this morning are trading down -7.80 points at a 1-1/4 minth low. The US stock market yesterday fluctuated between gains and losses early and finally settled lower as the unexpected downward revision to Q3 U.S. GDP offset signs the Fed may provide more stimulus: Dow Jones -0.46%, S&P 500 -0.41%, Nasdaq Composite -0.07%. The S&P 500 posted a 1-1/4 month and the Dow fell to a 1-month low. Bearish factors included (1) concern European leaders have no alternative plan to stem the region's sovereign-debt crisis after a senior lawmaker in German Chancellor Merkel's coalition said here was no "new bazooka to pull out of the bag" to end the region's debt crisis, (2) comments from European Commission President Barroso who said the Euro-Zone debt crisis is "severe and systemic" and (3) the unexpected downward revision to Q3 U.S. GDP (+2.0% annualized versus expectations of no change at 2.5% annualized).
  • Bullish factors included (1) the action by the IMF to revamp its credit line as it started a new program called the Precautionary and Liquidity Line, which can be tapped by countries with strong economies currently facing short-term liquidity needs and may help stem the European debt crisis, (2) the minutes of the Nov 1-2 FOMC meeting in which some Fed members believed the economic outlook may warrant more easing, and (3) data from the Labor Department that showed payrolls increased in 39 states in Oct and the jobless rate fell in 36, which indicates the labor market is steadying across most of the U.S.
Today's Market Focus
  • December 10-year T-notes this morning are down -0.5 of a tick. T-note prices yesterday settled higher after Q3 U.S. GDP was unexpectedly revised lower, Fed members hinted at further easing in the Nov 1-2 FOMC meeting minutes and strong demand was seen at the Treasury's $35 billion 5-year T-note auction: TYZ11 +7, FVZ11 +4.5, EDH12 +3.0. Bullish factors included (1) the unexpected downward revision to Q3 U.S. GDP (+2.0% annualized versus expectations of no change at 2.5% annualized), (2) increased safe-haven demand for Treasuries on concern European leaders have no alternative plan to stem the region's sovereign-debt crisis after a senior lawmaker in German Chancellor Merkel's coalition said here was no "new bazooka to pull out of the bag" and end the region's debt crisis, (3) comments from European Commission President Barroso who said the Euro-Zone debt crisis is "severe and systemic," (4) strong demand for the Treasury's $35 billion auction of 5-year T-notes that had a bid-to-cover ratio of 3.15, higher than the 12-auction average of 2.79, and (5) the minutes of the Nov 1-2 FOMC meeting in which some Fed members believed the economic outlook may warrant more easing. Bearish factors included (1) reduced safe-haven demand for Treasuries after the action by the IMF to revamp its credit line as it started a new program called the Precautionary and Liquidity Line, which can be tapped by countries with strong economies currently facing short-term liquidity needs and (2) supply pressures ahead of the Treasury's $29 billion auction of 7-year T-notes on Wed.
  • The dollar index this morning is stronger and at a 1-1/2 month high with the dollar/yen +0.25 yen and the euro/dollar -1.20 cents. The dollar index yesterday moved lower as the Nov 1-2 FOMC meeting minutes hinted at further easing and after Q3 U.S. GDP was unexpectedly revised lower: Dollar Index -0.034, USDJPY +0.086, EURUSD +0.00157. Bearish factors included (1) comments from European Commission President Barroso who said he expects the newly formed Italian government under Prime Minister Monti to succeed in narrowing Italy's budget deficit and bolstering its economy, (2) the unexpected downward revision to Q3 U.S. GDP, which indicates economic weakness and is dollar negative, and (3) the minutes of the Nov 1-2 FOMC meeting in which some Fed members believed the economic outlook may warrant more easing, which would further undercut the dollar's interest rate differentials. Bullish factors for the dollar included, (1) the action by Standard and Poor's and Moody's Investors Service to reaffirm the credit rating of the U.S. despite the failing of the Congressional supercommittee to enact any budget cuts and (2) euro negative comments from a finance spokesperson for German Chancellor Merkel who said "we haven't any new bazooka to pull out of the bag" to end the European sovereign debt crisis, which bolstered safe-haven demand for the dollar on concern European leaders are running out of options to solve the region's debt crisis.
  • Jan crude oil prices this morning are down -$1.61 a barrel and Jan gasoline is -3.74 cents per gallon. Crude oil and gasoline prices yesterday finished higher as the dollar weakened and after new sanctions against Iran raised geo-political risks in the Middle East: CLF12 +$1.09, RBF12 +6.63. Bullish factors included (1) the weaker dollar, which boost investment demand in commodities, (2) the actions by the U.S., Canada and the U.K, to target Iran's central bank and oil industry with additional sanctions to cut off the Iranian regime from international financial transactions, which raises tensions in the region and increases the risk of disruption of Middle Eastern oil supplies, (3) the economic forecast by the World Bank for Chinese GDP growth of 8.4% next year, which should maintain China's enormous appetite for crude supplies, and (4) the statement from Iraq's oil minister that he expects OPEC to cut crude production at the cartel's meeting next month. Bearish factors included (1) the unexpected downward revision in Q3 U.S. GDP, which signals reduced energy consumption, (2) the early slide in the S&P 500 to a 1-1/4 month low, which reduces confidence in the economic oulook and energy demand, and (3) the outlook for an increase in weekly crude and gasoline supplies when the DOE releases its weekly inventory figures in Wed. Expectations for the weekly inventory report from the DOE are for crude supplies to rise +950,000 bbl, gasoline stockpiles to increase 1.1 million bbl, distillate inventories to fall -1.13 million bbl and the refinery utilization rate to increase +0.5 to 85.3%.
Today's U.S. Earnings Reports Earnings reports (confirmed releases, sorted by mkt cap): DE-Deere & Co. (BEST earnings consensus $1.43), GES-Guess? (0.73), NJR-New Jersey Resources (0.05), SFL-Ship Finance International Ltd. (0.44), INXN-InterXion Holding NV (0.12), DSX-Diana Shipping (0.32), YGE-Yingli Green Energy Holding Co. (-0.04).
Global Financial Calendar
Wednesday 11/23/11
United States
0700 ET Weekly MBA mortgage applications, previous -10.0% with purchase mortgage sub-index -2.3% and refinancing sub-index -12.0%.
0830 ET Oct durable goods orders expected -1.2% and unchanged ex transportation, Sep-0.6% and +1.8% ex transportation.
0830 ET Oct personal spending expected +0.3%, Sep +0.6%. Oct personal income expected +0.3%, Sep +0.1%. Oct PCE deflator expected +2.7% y/y, Sep +2.9% y/y, Oct PCE core deflator expected +0.1% m/m and +1.7% y/y, Sep unchanged m/m and +1.6% y/y.
0830 ET Weekly initial unemployment claims expected +2,000 to 390,000, previous -5,000 to 388,000. Weekly continuing claims expected +13,000 to 3.621 million, previous -57,000 to 3.608 million.
0955 ET Final Nov U.S. University of Michigan consumer confidence expected +0.3 to 64.5, previous +3.3 to 64.2.
1300 ET Treasury auctions $29 billion 7-year T-notes.
1630 ET Weekly money supply report and Fed balance sheet.
France
0245 ET Nov French business confidence indicator expected -2 to 95, Oct -2 to 97.
0300 ET Nov French PMI manufacturing expected -0.5 to 48.0, Oct +0.3 to 48.5.
0300 ET Nov French PMI services expected +0.2 to 44.8, Oct -6.9 to 44.6.
Germany
0330 ET Nov German PMI manufacturing expected -0.6 to 48.5, Oct -1.2 to 49.1.
0330 ET Nov German PMI services expected -0.6 to 50.0, Oct +0.9 to 50.6.
Euro-Zone
0400 ET Nov Euro-Zone PMI composite expected -0.4 to 46.1, Oct -2.6 to 46.5.
0500 ET Sep Euro-Zone industrial new orders expected -2.7% m/m and +6.1% y/y, Aug +2.0% m/m and +6.2% y/y.
0500 ET ECB Vice President Vitor Constancio speaks on ?The future of the international monetary system? at a forum in London.
United Kingdom
0430 ET Minutes of the Nov 9-10 BOE policy meeting.
Japan
n/a Japanese markets closed for Labor Thanksgiving Day.

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Papa John's -- PZZA -- Barchart Chart of the Day

Barchart.com's Chart of the Day - Papa John's International (PZZA)
Related Stocks
PZZA - Papa John's International
Sym Last Chg Pct
PZZA 35.66 -0.80 -2.19%
The "Chart of the Day" is Papa John's International (PZZA), which showed up on Tuesday's Barchart "52-week High" list. Papa John's on Tuesday rallied by 0.58% and posted a new 5-year high. TrendSpotter has been Long since Sep 27 at $31.43. In recent news on the stock, Papa John's on Nov 1 reported Q3 EPS of 44 cents, above the consensus of 41 cents. Papa John's, with a market cap of $900 million, operates & franchises pizza delivery and carry-out restaurants under the trademark "Papa John's."

pzza_700
How we found the Chart of the Day:
We found the "Chart of the Day" by scanning the Barchart "52-week Highs" page. That page shows all the stocks that have posted new 52-week highs, which is a popular sign of strong upside momentum.
The status of Barchart's Opinion trading systems are listed below. 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: 100% Buy
  • Long-Term Indicators: 100% Buy
  • Overall Average 96% Buy


Barchart links for further information:

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Quote
Detailed Quote
Chart

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Technicals Summary
Trader's Cheat Sheet™

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Barchart Snapshot
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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

Tuesday, November 22, 2011

Barchart Morning Call 11/22

Barchart Morning Call
Overnight Developments
  • Global stocks this morning are mostly higher with the Euro Stoxx 50 up +0.41% and Dec S&Ps up +7.40 points. Stocks and commodities rallied after Standard and Poor's and Moody's Investors Service kept the credit rating of the U.S. unchanged after Congress failed to reach a budget agreement, which sets the stage for $1.2 trillion in automatic spending cuts. The dollar and Treasuries weakened as stocks rose but gains in the euro were limited after a finance spokesperson for German Chancellor Merkel's government said "we haven't any new bazooka to pull out of the bag" to end the European sovereign debt crisis. Yields on Spanish government debt rose after Spain auctioned 3-month bills today at an average yield of 5.11%, nearly double the 2.292% seen at a similar auction last month, and sold 6-month bills at an average yield of 5.227%, versus 3.302% last month.
  • Asian stocks today closed mixed with Japan down -0.40%, China -0.01%, Australia -0.72%, South Korea +0.49%, India +0.75%. Japan's Nikkei 225 Stock Index tumbled to an 8-month low after a U.S. Congressional committee failed to agree on deficit cuts. China's Shanghai Stock Index recovered most of its losses and settled only slightly lower after the World Bank said China is heading for a soft landing with GDP growth of 8.4% next year from 9.1% this year and that China's inflation rate will slow to 4.1% in 2012 from 5.3% this year. In its semiannual report, the World Bank said that Asia is poised to withstand any slump in demand for its exports or pull-back in credit by European banks from t eregion's debt crisis. India's rupee fell to a record of 52.73 per dollar today, which prompted RBI deputy governor Gokarn to say he's weighing the possibility of action to stem the declines.
Overnight U.S. Stock News
  • December S&Ps this morning are trading up +7.40 points. The US stock market plunged yesterday on concern the deficit-cutting congressional supercommittee will fail to reduce the budget deficit along with concern that the European debt crisis may worsen and drag global economy lower: Dow Jones -2.11%, S&P 500 -1.86%, Nasdaq Composite -1.92%. The S&P 500 fell to a 1-1/4 month low, the Dow slipped to a 1-month low and the Nasdaq dropped to a 1-1/2 month low. Bearish factors included (1) concern that the failure of the U.S. deficit-cutting congressional supercommittee to reduce the budget deficit may lead to $1.2 trillion in automatic spending cuts that may slow economic growth and may prompt credit-rating agencies to downgrade the credit rating of the U.S., (2) concern the European debt crisis may worsen after Moody's Investors Service warned that higher financing costs are increasing fiscal challenges for France that could lead to negative credit implications, and (3) global economic concerns after Oct Japan exports dropped -3.7% y/y, weaker than expectations of -0.3% y/y, and after the Bundesbank cut its 2012 German GDP forecast to 0.5% to 1.0% from a June prediction of 1.8%.
  • Bullish factors included (1) the unexpected increase in Oct U.S. existing home sales (+1.4% to 4.97 million versus expectations of -2.2% to 4.80 million), (2) increased M&A activity which boosted some pharmaceutical stocks after Gilead Sciences agreed to buy Pharmasset for $11 billion in cash, and (3) upbeat comments from Atlanta Fed President Lockhart who said the probability of the U.S. economy slipping into recession is less than 30%.
  • Hewlett-Packard (HPQ) fell 2.3% in pre-market trading after the company forecast Q1 profit of 83 cents to 86 cents a share, weaker than analysts' estimates of $1.11 a share.
Today's Market Focus
  • December 10-year T-notes this morning are down -6 ticks. T-note prices rallied yesterday and settled higher on increased safe-haven demand after stocks plunged when U.S. lawmakers said they may fail to reduce the budget deficit along with concern the European debt crisis may worsen: TYZ11 +9, FVZ11 +2.5, EDH12 -2.5. Bullish factors included (1) increased safe-haven demand after stocks plunged when the U.S. deficit-cutting congressional supercommittee said they may fail to agree on spending cuts to reduce the budget deficit, (2) increased safe-haven demand on concern the European debt crisis may worsen after Moody's Investors Service warned that higher financing costs are increasing fiscal challenges for France that could lead to negative credit implications, (3) the action by the Bundesbank to cut its 2012 German GDP forecast to 0.5% to 1.0% from a June prediction of 1.8%, and (4) strong demand for the Treasury's $35 billion auction of 2-year T-notes that had a 4.07 bid-to-cover ratio, well above the 12-auction average of 3.39. Bearish factors included (1) the unexpected increase in Oct U.S. existing home sales (+1.4% to 4.97 million versus expectations of -2.2% to 4.80 million), (2) concern that the failure of the U.S. deficit-cutting congressional supercommittee to reduce the budget deficit may lead to a downgrade in the U.S. credit rating, and (3) supply pressures ahead of the Treasury's $35 billion auction of 5-year T-notes on Tue.
  • The dollar index this morning is weaker with the dollar/yen -0.03 yen and the euro/dollar +0.57 cents. The dollar index yesterday rallied up to a 1-1/4 month high and settled higher on increased safe-haven demand after global stock markets plunged along with euro weakness after the Bundesbank cut its 2012 German GDP forecast: Dollar Index +0.260, USDJPY +0.008, EURUSD -0.00344. Bullish factors for the dollar included, (1) increased safe-haven demand for the dollar as global equity markets tumbled, (2) euro weakness after the Bundesbank cut its 2012 German GDP forecast to 0.5% to 1.0% from a June prediction of 1.8%, (3) a slump in French bonds, which kept pressure on the euro, after Moody's Investors Service warned that higher financing costs are increasing fiscal challenges for France that could lead to negative credit implications, (4) comments from ECB Executive Board member Stark who said he sees "strong dampening" effects in Q4 Euro-Zone growth from the debt crisis, and (5) euro negative comments from EU Economic and Monetary Affairs Commissioner Rehn who said Europe's economic standstill is "bound to slow down the improvement of public finances." Bearish factors included (1) concern that the failure of the U.S. deficit-cutting congressional supercommittee to reduce the budget deficit may lead to a downgrade in the U.S. credit rating and (2) the weaker-than-expected Oct Chicago Fed national activity index of -0.13, which shows below-trend growth for the third straight month that may prompt the Fed to implement additional dollar negative stimulus measures.
  • Jan crude oil prices this morning are up +$1.32 a barrel and Jan gasoline is +3.91 cents per gallon. Crude oil and gasoline prices yesterday closed mixed as gasoline rose on speculation fuel demand will increase this upcoming Thanksgiving holiday weekend while crude fell due to a stronger dollar, a slide in global equity markets and the action by the Bundesbank to lower its growth forecasts for next year: CLF12 -$0.75, RBF12 +1.07. Jan crude fell to a 1-week low. Bearish factors included (1) the rally in the dollar index to a 1-1/4 month high, which reduces investment demand for commodities, (2) the slide in the S&P 500 to a 1-month low, which reduces confidence in the economic outlook and energy demand, and (3) the action by the Bundesbank to cut its 2012 German GDP forecast to 0.5% to 1.0% from a June prediction of 1.8%, which signals lower fuel demand. Bullish factors included (1) strength in gasoline on optimism that the U.S. Thanksgiving holiday will boost fuel demand after the AAA predicted U.S. holiday travel will be up +4% from last year, and (2) the unexpected increase in Oct U.S. existing home sales, which is positive for economic growth and fuel demand.
Today's U.S. Earnings Reports Earnings reports (confirmed releases, sorted by mkt cap): MDT-Medtronic (BEST earnings consensus $0.82), CPB-Campbell Soup (0.79), HRL-Hormel Foods (0.42), NUAN-Nuance Communications (0.41), SIG-Signet Jewelers Ltd. (0.21), PDCO-Patterson Cos. (0.46), VAL-Valspar (0.70), EV-Eaton Vance (0.43), P-Pandora Media (-0.01), CHS-Chico's FAS (0.20), DSW-DSW Inc. (0.80), GCO-Genesco (0.94), TIVO-TiVo (-0.23), RAVN-Raven Industries (0.63), CBRL-Cracker Barrel Old Country Stores (1.07).
Global Financial Calendar
Tuesday 11/22/11
United States
0745 ET ICSC (Int?l Council of Shopping Centers) weekly retailer sales.
0830 ET Q3 U.S. GDP expected unrevised at +2.5% q/q annualized. Q3 personal consumption expected unrevised at +2.4%. Q3 GDP price index expected unrevised at +2.5%. Q3 core PCE expected unrevised at +2.1% q/q.
0855 ET Redbook weekly retailer sales.
1000 ET Nov Richmond Fed manufacturing index expected +4 to -2, Oct unchanged at -6.
1130 ET Weekly 4-week T-bill auction.
1300 ET Treasury auctions $35 billion 5-year T-notes.
1300 ET Minneapolis Fed President Narayana Kocherlakota speaks on ?Looking Back at Three Years of Federal Reserve Action? at CFA Winnipeg.
1400 ET Minutes of the Nov1-2 FOMC meeting.
United Kingdom
0430 ET Oct U.K. public sector net borrowing expected +3.8 billion pounds, Sep +11.4 billion pounds.
Canada
0830 ET Sep Canada retail sales expected +0.5% and +0.3% less autos, Aug +0.5% and +0.4% less autos.
Euro-Zone
1000 ET Nov Euro-Zone consumer confidence, Oct -0.8 to -19.9.
1100 ET ECB Council member Luc Coene speaks at a Financial Forum conference in Brussels.
CHI
2130 ET Nov HSBC flash China manufacturing PMI, Oct 51.1.

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

Targa Resources - NGLS - Barchart Chart of the Day

Barchart.coms Chart of the Day - Targa Resources Partners LP (NGLS)
Related Stocks
NGLS - Targa Resources Partners Lp
Sym Last Chg Pct
NGLS 36.37 +0.40 +1.11%
The "Chart of the Day" is Targa Resources Partners LP (NGLS), which showed up on Monday's Barchart "All Time High" list. Targa on Monday rallied by 1.11% and posted a new all-time high of $36.50. TrendSpotter has been Long since Oct 13 at $34.68. In recent news on the stock, Targa on Nov 7 reported Q3 EPS of 31 cents, which was below the consensus of 40 cents. Targa Resources Partners LP is a Master Limited Partnership with a market cap of $3.1 billion. The company is one of the largest providers of integrated midstream natural gas services in the U.S.

ngls_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.
The status of Barchart's Opinion trading systems are listed below. 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: 100% Buy
  • Long-Term Indicators: 100% Buy
  • Overall Average 96% 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, November 21, 2011

Nanosphere - NSPH

This morning I added Nanosphere (NSPH) to the Barchart Van Meerten Speculative portfolio for positive price momentum:


Barchart technical indicators:
  • 80% Barchart technical buy signal
  • Trend Spotter buy signal
  • 10 new highs and up 27.12% in the last month
  • Relative Strength Index 65.13% and rising
  • Barchart computes a technical support level at 1.58
  • Recently traded at 1.68 with a 50 day moving average of 1.31
Jim Van Meerten is a Marketocracy Master

Wireless Telecom - WTT

This morning I added Wireless Telecom (WTT) to the Barchart Van Meerten Speculative portfolio for positive price momentum:


Barchart technical indicators:

  • 88% Barchart technical buy signal
  • Trend Spotter buy signal
  • 10 new highs and up 23.91% in the last month
  • Relative Strength Index 66.36%
  • Barchart computes a technical support level at 1.07
  • Recently traded at 1.14 with a 50 day moving average at .91
Jim Van Meerten is a Marketocracy Master

Brookfield Residential Properties - BRP -

This morning I added Brookfield Residential Properties (BRP) to the Barchart Van Meerten Speculative portfolio for positive price momentum:


Barchart technical indicators:
  • 60% Barchart short term technical buy signal
  • Trend Spotter buy signal
  • 11 new highs and up 16.64% in the last month
  • Relative strength Index 62.98%
  • Barchart computes a technical support level at 7.80
  • Recently traded at 7.86 with a 50 day moving average of 7.11
Jim Van Meerten is a Marketocracy Master

Netlist - NLST

This morning I added Netlist (NLST) to the Barchart Van Meerten Speculative portfolio for positive price momentum:


Barchart technical indicators:
  • 72% Barchart technical buy signal
  • Trend spotter buy signal
  • 11 new highs and up 120.57% in the last month
  • Barchart computes a technical support level at 2.78
  • Relative Strength Index 71.26% and rising
  • Recently traded at 3.11 with a 50 day moving average of 1.66
Jim Van Meerten is a Marketocracy Master

Taser International

This morning I added Taser International (TASR) to the Barchart Van Meerten New High portfolio for positive price momentum:


Barchart technical indicators:
  • 72% Barchart technical buy signal
  • Trend Spotter buy signal
  • 11 new highs and up 19.42% in the last month
  • Relative Strength Index 65.89% and rising
  • Barchart computes a technical support level at 5.59
  • Recently traded at 5.73 with a 50 day moving average of 4.84
Jim Van Meerten is a Marketocracy Master

Linktone - LTON

This morning I added Linktone (LTON) to the Barchart Van Meerten New High portfolio for positive price momentum:


Barchart technical indicators:
  • 80% Barchart technical buy signal
  • Trend Spotter buy signal
  • 12 new highs and up 37.65% in the last month
  • Relative Strength Index 65.56% and rising
  • Barchart computes a technical support level at 1.10
  • Recently traded at 1.17 with a 50 day moving average of .88
Jim Van Meerten is a Marketocracy Master

Barchart Morning Call 11/21

Barchart Morning Call
Overnight Developments
  • Global stocks this morning are weaker with the Euro Stoxx 50 down -2.30% at a 1-1/2 month low and Dec S&Ps down -19.20 points at a 1-month low. U.S. stock futures slumped on signs lawmakers will fail to agree on cutting the budget deficit after a Democratic aide said the deficit-cutting congressional supercommittee will probably say that no agreement was reached on $1.2 trillion in federal budget savings. The panel has been deadlocked over income-tax increases and Republican calls for cuts, over Democratic opposition, in entitlement programs such as Medicare. The dollar index climbed to a 1-1/4 month high and commodities fell, with copper at a 4-week low and crude at a 1-week low. The euro fell as French, Spanish and Italian bonds dropped, while the cost for European banks to fund in dollars rose after the 3-month cross-currency basis swap, the rate banks pay to convert euro payments into dollars, widened to -132 bp below the euro interbank offered rate, the most in nearly 3 years. French bonds fell after Moody's Investors Service said "elevated borrowing costs persisting for an extended period would amplify the fiscal challenges the French government faces amid a deteriorating growth outlook, with negative credit implications." European stocks were also undercut after Germany's Bundesbank cut its growth forecast for next year saying 2012 German GDP may expand 0.5% to 1.0%, weaker than a June prediction of 1.8%, warning that "weighty" risks to the outlook and a "pronounced" period of economic weakness cannot be ruled out if the debt crisis worsens.
  • Asian stocks today closed mostly lower with Japan down -0.32%, China +0.12%, Australia -0.34%, South Korea -1.17%, India -2.60%. Japan's Nikkei 225 Stock Index fell to a 1-1/2 month low on growth concerns after Oct Japan exports dropped -3.7% y/y, weaker than expectations of -0.3% y/y. Chinese stocks were pressured on concern a slowing property market will damp domestic demand for goods, while Vice Premier Qishan said he is certain that a global economic recession triggered by the financial crisis is "extremely severe" and will be long term. Property developers and homebuilders slid after the Xinhua News cited a report published by the Renmin University of China that said the central government may not loosen credit for the property market and limits on home purchases until Q3 of next year.
Overnight U.S. Stock News
  • December S&Ps this morning are trading sharply lower by -19.20 points. The US stock market last Friday gyrated on both sides of unchanged and finally settled mixed as ongoing European debt concerns overshadowed positive U.S. economic data: Dow Jones +0.22%, S&P 500 -0.04%, Nasdaq Composite -0.60%. The Nasdaq posted a 1-1/4 month low. Bearish factors included (1) a report from Deutsche Presse-Agentur that said that Germany's Foreign Ministry was considering the possibility of more "orderly defaults" beyond Greece, (2) weakness in bank stocks after the Bloomberg Risk newsletter said that Italy's 5 biggest banks may need to raise 6.1 billion euros of additional capital as the Italian government bonds they own deteriorate in value, and (3) a slide in energy producer after crude oil prices declined.
  • Bullish factors included (1) the action by the ECB to purchase the government bonds of Italy and Spain, which drove down their bond yields and eased European debt concerns, (2) the report from Dow Jones Newswires that European officials may start talks with the IMF on a mechanism for the ECB to lend to the IMF for sovereign bailouts, which may help contain the European debt crisis, and (3) the stronger-than-expected Oct leading indicators which posted their biggest increase in 8 months (+0.9% versus expectations of +0.6%).
  • Walgreen (WAG) slid 2.2% in European trading after Morgan Stanley downgraded the shares to "underweight" from "overweight."
Today's Market Focus
  • December 10-year T-notes this morning are up +10.5 ticks. T-note prices last Friday settled lower on reduced safe-haven demand after ECB purchases of Italian and Spanish government debt sent their bond yields falling and after a Dow Jones report suggested that European leaders may set up a mechanism for the ECB to lend to the IMF in order to provide the funds for additional bailouts: TYZ11 -17, FVZ11 -7.7, EDH12 +3.0. Bearish factors included (1) the action by the ECB to purchase the government bonds of Italy and Spain, which drove down their bond yields, boosted stocks and reduced the safe-haven demand for Treasuries, (2) the report from Dow Jones Newswires that European officials may start talks with the IMF on a mechanism for the ECB to lend to the IMF for sovereign bailouts, which may help contain the European debt crisis and reduce the safe-haven demand for Treasuries, and (3) the stronger-than-expected Oct leading indicators which posted their biggest increase in 8 months (+0.9% versus expectations of +0.6%). Bullish factors included (1) the Fed's action to purchase $2.5 billion of long-term Treasuries as part of its Operation Twist program to replace $400 billion in shorter maturities with longer-term debt to keep borrowing costs low and (2) increased safe-haven demand from the European debt crisis after the Bloomberg Risk newsletter said that Italy's 5 biggest banks may need to raise 6.1 billion euros of additional capital as the Italian government bonds they own deteriorate in value.
  • The dollar index this morning is higher and at a 1-1/4 month high with the dollar/yen -0.05 yen and the euro/dollar -0.70 cents. The dollar index last Friday settled lower as the euro rose after yields on Italian and Spanish government bonds fell when the ECB bought both nations' debt: Dollar Index -0.218, USDJPY -0.102, EURUSD +0.00657. Bearish factors for the dollar included, (1) the action by the ECB to purchase the government bonds of Italy and Spain, which drove down their bond yields, boosted the euro and reduced the safe-haven demand for the dollar, (2) the report from Dow Jones Newswires that European officials may start talks with the IMF on a mechanism for the ECB to lend to the IMF for sovereign bailouts, which may stem the debt crisis and is euro supportive, and (3) the rally in the yen to a 2-1/2 week high against the dollar. Bullish factors included (1) increased safe-haven demand for the dollar after a report from Deutsche Presse-Agentur that said Germany's Foreign Ministry was considering the possibility of more "orderly defaults" beyond Greece and (2) the larger-than-expected increase in Oct U.S. leading indicators, which signals economic strength and is dollar supportive.
  • Jan crude oil prices this morning are down -$1.39 a barrel at a 1-week low and Jan gasoline is +2.05 cents per gallon. Crude oil and gasoline prices last Friday settled lower on concern the ongoing European sovereign-debt crisis will slow global economic growth and energy demand along with speculation that the reversal of the Seaway pipeline won't be enough to curb excess crude inventories in the U.S. Midwest: CLF12 -$1.41, RBF12 -2.87. Jan gasoline fell to a 1-1/2 month low. Bearish factors included (1) concern the ongoing European debt crisis will slow global economic growth and energy demand and (2) speculation the recent rally in crude prices due to Enbridge's announcement that it will reverse the flow of the Seaway pipeline was overdone as it won't be until Q2 of 2012 at the earliest that the reversal of the pipeline begins to drawdown crude supplies at Cushing, Oklahoma, the storage hub for WTI. Bullish factors included (1) the weaker dollar, which boosts investment demand for commodities, and (2) API data that showed Oct U.S. fuel demand increased +2.5% y/y to 19.4 million barrels a day, the highest level for an Oct in 3 years.
Today's U.S. Earnings Reports Earnings reports (confirmed releases, sorted by mkt cap): HPQ-Hewlett-Packard (BEST earnings consensus $1.14), ADI-Analog Devices (0.63), TSN-Tyson Foods (0.31), BRCD-Brocade Communications Systems (0.10), TECD-Tech Data (1.26), JACK-Jack in the Box (0.39), PSS-Collective Brands (0.50), DY-Dycom Industries (0.30), PWRD-Perfect World Ltd. (0.70), TSL-Trina Solar Ltd. (0.02).
Global Financial Calendar
Monday 11/21/11
United States
0830 ET Oct Chicago Fed national activity index, Sep -0.22.
1000 ET Oct existing home sales expected -2.2% to 4.80 million, Sep -3.0% to 4,91 million.
1130 ET Weekly 3-mo and 6-mo T-bill auctions.
1300 ET Treasury auctions $35 billion 2-year T-notes.
1430 ET Atlanta Fed President Dennis Lockhart speaks about the U.S. economy to the Getulio Vargas Business School in Sao Paulo, Brazil.
Japan
0000 ET Revised Sep Japan coincident index CI, previous 88.9. Revised Sep leading index CI, previous 91.6.
Euro-Zone
0745 ET ECB Executive Board member Juergen Stark speaks at the Institute of International and European Affairs in Dublin.
Canada
0830 ET Sep Canada wholesale sales expected +0.5% m/m, Aug +0.2% m/m.

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DCP Mainstream Partners = DPM - Barchart Cahrt of the day

Barchart.com's Chart of the Day - DCP Midstream Partners LP (DPM)
Related Stocks
DPM - Dcp Midstream Partners Lp
Sym Last Chg Pct
DPM 44.42 -0.59 -1.31%
The "Chart of the Day" is DCP Midstream Partners LP (DPM), which showed up on Friday's Barchart "NYSE 12-Month High" list. DCP Midstream Partners on Friday posted a new 3-3/4 year high of $45.21 and closed up 0.04%. TrendSpotter has been Long since Sep 30 at $40.02. DCP Midstream Partners, a master limited partnership with a market cap of $2 billion, transports and sells natural gas and natural gas liquids.

dpm_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.
The status of Barchart's Opinion trading systems are listed below. 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: 100% Buy
  • Long-Term Indicators: 100% Buy
  • Overall Average 96% Buy


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