Additions to my portfolio

Today I added Vanda Pharmaceuticals (VNDA), Shuffle Master (SHFL), Avanir Pharmaceuticals (AVNR), Callidus Software (CALD), TearLab (TEAR) and E-Commerce China Dangdang (DANG) to the Barchart Van Meerten New High portfolio for positive price momentum:

Vanda Pharmaceuticals (VNDA)

Barchart technical indicators:

• 96% Barchart technical buy signals
• Trend spotter buy signals
• Above its 20, 50 and 100 day moving averages
• 16 new highs and up 109.68% in the last month 
• Relative Strength Index 93.81%
• Barchart computes a technical support level at 9.66
• Recently traded at 10.17 with a 50 day moving average of 5.56

Shuffle Master (SHFL)

Barchart technical indicators:

• 96% Barchart technical buy signals
• Trend spotter buy signal
• Above its 20, 50 and 100 day moving averages
• 14 new highs and up 10.89% in the last month
• Relative Strength Index 67.75%
• Barchart computes a technical support level at 16.65
• Recently traded at 17.52 with a 50 day moving average of 15.99

Avanir Pharmaceuticals (AVNR)

Barchart technical indicators:

• 100% Barchart technical buy signals
• Trend Spotter buy signal
• Above its 20, 50 and 100 day moving averages
• 13 new highs and up 22.90% in the last month
• Relative Strength Index 69.71%
• Barchart computes a technical support level at 3.36
• Recently traded at 3.83 with a 50 day moving average of 3.10

Callidus Software (CALD)

Barchart technical indicators:

• 96% Barchart technical buy signals
• Trend Spotter buy signal
• Above its 20, 50 and 100 day moving averages
• 11 new highs and up 19.23% in the last month
• Relative Strength Index 75.06%
• Barchart computes a technical support level at 6.04%
• Recently traded at 6.25 with a 50 day moving average of 4.90

TearLabs (TEAR)

Barchart technical indicators:

• 100% Barchart technical buy signals
• Trend spotter buy signal
• Above its 20, 50 and 100 day moving averages
• 14 new highs and up 57.69% in the last month
• Relative Strength Index 83.30%
• Barchart computes a technical support level at 11.82
• Recently traded at 12.50 with a 50 day moving aver4age of 8.49

E-Commerce China Dangdang (DANG)

Barchart technical indicators:

• 96% Barchart technical buy signals
• Trend Spotter buy signals
• Above its 20, 50 and 100 day moving averages
• 10 new highs and up 71.15% in the last month
• Relative Strength Index 75.01%
• Barchart computes a technical support level at 6.36
• Recently traded at 7.16 with a 50 day moving average of 4.71

Barchart's Morning Call 6/4

Barchart Morning Call

BC - Mon Jun 04, 7:00AM CDT

Overnight Developments

• June E-mini S&Ps this morning are trading slightly higher by +1.75 points (+0.14%) on some short-covering after last Friday's sharp sell-off and on higher European stocks today. Commodity prices on average are mildly higher by +0.24% this morning with gold up 0.52%, although copper is down -0.54% and crude oil is down -1.12%. Grain prices are higher today. T-notes are down 5 ticks. The dollar index is down -0.116 points (-0.14%) with EUR/USD little changed and USD/JPY up +0.11 yen.
• The Euro Stoxx 50 this morning is up 0.77% today on a recovery from recent losses. London is closed today for a spring bank holiday and the Queen's Diamond Jubilee. Asian stocks today sold off sharply on last Friday's weak U.S. payroll report and Sunday's report of a decline in China's non-manufacturing PMI: Japan -1.71%, Hong Kong -2.01%, China -2.81%, Taiwan -2.98%, Australia -1.94%, Singapore -1.70%, South Korea -2.27%, India -0.15%, Turkey -0.25%.
• Spanish 10-year bond yields fell by 3 bp to 6.50% today after the number of people in Spain claiming unemployment benefits fell by 30,113 to 4.71 million persons. That was the second month in a row that persons claiming unemployment benefits fell following the 6,632 decline seen in April. Spanish Prime Minister Rajoy today said the EU "needs to reinforce its common institutional architecture so that investors regain confidence in the single currency. Spain will emerge from the storm through its own efforts and with the support of our European partners."
• A spokesman for Spanish Prime Minister Rajoy's office said Spain is not under pressure from its European partners to seek a bailout, denying a report that German Chancellor Merkel and French President Hollande are pressuring Spain to seek a bailout.
• The June Sentix investor confidence index fell to -28.9 from -24.5 in May, although that was a bit better than the market consensus of -30.0.
• The April Eurozone PPI eased to unchanged m/m and +2.6% y/y from +0.5% m/m and +3.5% y/y, which was weaker than market expectations of +0.2% m/m and +2.7% y/y.
• China's May non-manufacturing PMI fell by 0.8 points to a 14-month low of 55.2 from 56.1 in April, according to a report on Sunday from the Chinese National Bureau of Statistics and the China Federation of Logistics and Purchasing.
  Market Comments
  • June E-mini S&Ps this morning are trading +1.75 points on some short-covering after last Friday's sharp losses and on this morning's higher trade in European stocks. U.S. stocks on Thursday closed mildly lower: S&P 500 -2.46%, Dow Jones -2.22%, Nasdaq 100 -2.62%. The S&P 500 index last Friday fell to a new 4-1/2 month low and has now fallen by a total of 10.2% from the 4-year high posted in early April. Bearish factors on Friday included (1) the weaker than expected May payroll report of +69,000 (vs expectations of +150,000) and the 0.1 point rise in the May unemployment rate to 8.2%, (2) the larger-than-expected -1.3 point decline in the May ISM manufacturing index to 53.5 versus expectations of -1.0 to 53.8, and (3) Thursday night's weaker than expected May Chinese ISM manufacturing index of -2.9 to 50.4.
  • Sep 10-year T-notes this morning are -5 ticks on the higher trade in E-mini S&Ps and European stocks. T-note prices on Friday closed higher: TYU2 +25.5, FVU2 +6.75. The 10-year T-note yield last Friday fell to a new closing low of 1.45%. T-notes rallied further on the weak US payroll and ISM manufacturing reports and Chinese ISM manufacturing report, which all added up to an alarming synchronous decline in global economic growth. The weak economic reports, combined with the ongoing European debt crisis, increase the chances that the FOMC at its next meeting on June 19-20 will implement a new securities purchase program of some type when the current Operation Twist program expires at the end of June.
  • The dollar index this morning is mildly lower by -0.116 (-0.14%) on reduced safe-haven demand with the higher trade in E-mini S&Ps and European stocks. EUR/USD is up +0.00003 (+0.02%) and USD/JPY is up +0.11 yen (+0.14%). BOJ Governor Shirakawa today said that the BOJ has been monitoring "the recent appreciation of the yen" in a warning to the FX markets about the possibility of intervention. The dollar index on Friday posted a new 10-month high but then fell back and closed slightly lower: Dollar Index -0.07 (-0.09%), EUR/USD +0.0069 (+0.56%), USD/JPY -0.30 (-0.38%). The dollar fell on Friday as some long liquidation pressure emerged after the weak U.S. payroll report put the U.S. economy in a weaker light and increased the chances for a new Fed securities purchase program, which would be bearish for the dollar. EUR/USD posted a new 2-year low but then recovered on some short-covering to closed +0.56%. USD/JPY extended the 2-1/2 month decline and posted a new 3-1/2 month low on the weak U.S. economic reports and continued safe-haven buying in the yen. The markets this week will be watching for fresh threats from Japanese officials for intervention against the yen.
  • July WTI crude oil prices this morning are down -0.93 (-1.12%) and July gasoline is down -3.20 (-1.20%) as market concerns continue about weak global economic growth with Sunday's weak Chinese non-manufacturing PMI report of -0.9 to 55.2. July crude oil and gasoline prices on Friday closed sharply lower: CLN2 -3.30 (-3.81%), RBN2 -0.0659 (-2.42%). July crude oil has now plunged by $29 per barrel in the past 3 months to post a new 8-month low and close at $83.23, the lowest level since last October just before the economy started to regain its strength. Crude oil has plunged on the syncronized decline in economic growth in the U.S., Europe and Asian, which will substantially undercut fuel demand. In addition, Bloomberg reported on Friday that OPEC production in May rose by 0.1% m/m to a new 3-1/2 year high of 31.595 million barrels per day. Saudi production rose by 0.8% to 9.9 million bpd. Crude oil also continues to see heavy downward pressure from the 16.7% surge in U.S. oil inventories seen since the beginning of the year to a 22-year high.
  • For the complete subscription version of this daily report (plus a 13-page big-picture weekly report), along with the earliest possible delivery in the morning, please visit http://www.barchart.com/register/crbfms_usmc.php
    Today's U.S. Earnings Reports Earnings reports (sorted by mkt cap): DG-Dollar General (consensus $0.60), SHFL-Shuffle Master (0.20).
    Global Financial Calendar
    

    Monday 6/4/12
    United States
    0945 ET	May NY ISM index, Apr 61.2.
    1000 ET	Apr factory orders expected +0.2% m/m, Mar -1.9% m/m.
    1100 ET	USDA weekly grain export inspections.
    1130 ET	Weekly 3-mo and 6-mo T-bill auctions.
    1600 ET	USDA Crop Progress
    United Kingdom
    n/a	UK spring bank holiday.
    Euro-Zone
    0430 ET	Eurozone June Sentix investor confidence, May -24.5.
    0500 ET	Eurozone Apr PPI expected +0.3% m/m and +2.8% y/y, Mar +0.5% m/m and +3.3% y/y.
    CHI
    2230 ET	China May HSBC services PMI, Apr 54.1.

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Barchart Morning Call 3/2

Barchart Morning Call

Barchart.com - Tue Mar 06, 7:00AM CST

Overnight Developments

• Global stocks this morning are weaker with the Euro Stoxx 50 down -1.04% and Mar S&Ps down -11.60 points, both at 1-week lows. Stocks declined, Treasuries rose and the dollar index rallied to a 2-1/2 week high, which fueled a slide in commodities as gold fell to a 5-week low, on signs the global economy was slowing along with concern over how many of Greece's private creditors agree to write down their sovereign-debt holdings by this Thursday's deadline. If at least 75% of the private creditors agree to the voluntary debt swap, Greece will reduce its borrowings by 106 billion euros and lower its debt to 120.5% of GDP by 2020, but so far, only 20% of the investors in Greek debt have declared their participation in the restructuring. As expected, the revised Q4 Euro-Zone GDP remained unchanged at -0.3% q/q and +0.7% y/y, while the cost of insuring European sovereign bonds rose after the Markitt iTraxx SovX Western Europe Index of credit-default swaps on 15 governments rose 5 bp to 352 bp, a 1-1/2 month high. EU Commissioner for Economic and Monetary Affairs, Ollie Rehn, said the Euro-Zone economy will likely be "turning the tide in the coming months" as the ECB's actions have prevented a credit crunch and "significant steps" by Italy and Spain have improved confidence and reduced tensions on government bond markets.
• Asian stocks today closed lower with Japan down -0.63%, China -1.56%, Australia -1.37%, South Korea -0.72%, India -1.09%. Asian stock markets fell to a 1-week lows on concern a slowdown in China's economy will lead to reduced demand for the region's goods and services. Japanese stocks fell as the yen strengthened which indercut exporters and as shipping companies and machinery makers declined on concern a shift in China's growth strategy away from investment and exports in favor of domestic consumption will reduce demand for Japanese goods. The Australian dollar fell to a 5-week low against the dollar after the RBA kept its benchmark rate at 4.25% as expected and kept its easing bias when it said in a statement that while current settings are "appropriate for the moment," there is scope for easier policy if demand weakens "materially."

Overnight U.S. Stock News

• March S&Ps this morning are trading down -11.60 points at a 1-week low. The U.S. stock market Monday settled lower for a second day on global growth concerns after China reduced its economic growth target and after the Feb Euro-Zone PMI composite index was unexpectedly revised lower: Dow Jones -0.11%, S&P 500 -0.39%, Nasdaq Composite -0.86%. Bearish factors Monday included (1) carry-over weakness from a fall in Asian and European stocks on global economic concerns after China cut its growth projections to 7.5% from 8.0%, the lowest in 8 years, and after the Feb Euro-Zone PMI composite was unexpectedly revised down to 49.3 from 49.7, which signals greater-than-expected contraction in the European economy, (2) weakness in commodity producers, mining and industrial companies on concern a slowdown economic growth will reduce demand for their goods, and (3) comments from Dallas Fed President Fisher who said he opposes additional Fed asset purchases and that Wall Street should get ready to become less dependent on monetary easing as financial markets "have become hooked on the monetary morphine we provided" after the 2008 financial crisis.
• Bullish factors included (1) the unexpected increase in the Feb ISM non-manufacturing index to its best level in a year (+0.5 to 57.3, stronger than expectations of -0.7 to 56.1), (2) the smaller-than expected decline in Jan factory orders and the upward revision to Dec (Jan -1.0%, better than expectations of -1.3%, while Dec factory orders were revised up to +1.4% from the originally reported +1.1%), and (3) reduced European sovereign-debt concerns after Greek Finance Minister Venizelos said he expects private creditors to accept its debt-swap terms because it constitutes "the best offer."
• Amgen (AMGN) fell 1.1% in European trading after Sanford C. Bernstein downgraded the world's largest biotechnology company to "market perform" from "outperform."

Today's Market Focus

• June 10-year T-notes this morning are up +10 ticks. T-note prices Monday traded on either side of unchanged until mid-morning when they turned down and settled lower after growth in U.S. non-manufacturing industries unexpectedly grew in Feb, while safe-haven demand for Treasuries fell after Greece said it expects private creditors to accept its debt-swap terms: TYM2 -7.0, FVM2 -5.7, EDU2 -3.0. Bearish factors Monday included (1) the unexpected increase in the Feb ISM non-manufacturing index to its best level in a year (+0.5 to 57.3, stronger than expectations of -0.7 to 56.1), (2) comments from Greek Finance Minister Venizelos that dampened the safe-haven demand for Treasuries when he said he expects private creditors to accept its debt-swap terms because it constitutes "the best offer," and (3) hawkish comments from Dallas Fed President Fisher who said he opposes additional Fed asset purchases and that Wall Street should get ready to become less dependent on monetary easing as financial markets "have become hooked on the monetary morphine we provided" after the 2008 financial crisis. Bullish factors included (1) global growth concerns after China cut its growth projections to 7.5% from 8.0%, the lowest in 8 years and after the Feb Euro-Zone PMI composite was unexpectedly revised lower, and (2) increased safe-haven demand for Treasuries as the stock market faltered.
• The dollar index this morning is higher and at a 2-1/2 week high with the dollar/yen -0.48 yen and the euro/dollar -0.80 cents. The dollar index Monday posted a 2-week high on increased safe-haven demand after China cut its growth projections but then erased its advance and settled lower after the euro gained when Greece said it expects private creditors to accept its debt-swap terms: Dollar Index -0.103, USD/JPY -0.139, EUR/USD +0.00196. Bearish factors included (1) strength in the euro after Greek Finance Minister Venizelos said it expects private creditors to accept its debt-swap terms because it constitutes "the best offer," (2) the unexpected increase in Jan Euro-Zone retail sales, which is euro supportive, and (3) reduced safe-haven demand for the dollar after the Feb ISM non-manufacturing index unexpectedly expanded to its best level in a year. Bullish factors included (1) global growth concerns which boosted the safe-haven demand for the dollar after China cut its growth projections to 7.5% from 8.0%, the lowest in 8 years, (2) the unexpected downward revision to the Feb Euro-Zone PMI composite index to 49.3 from 49.7, which signals greater contraction in the European economy and is euro negative, and (3) data from the IMF that showed Q3 2011 global foreign-exchange holdings of euros fell to a 3-year low of 25.7%, while the U.S. dollar's share climbed to 61.7%, a 1-year high.
• Apr crude oil prices this morning are down -61 cents a barrel and Apr gasoline is -0.13 of a cent per gallon. Crude oil and gasoline prices Monday settled mixed as a weaker dollar and Iran concerns offset China's cut to its economic growth target: CLJ12 +$0.02, RBJ -1.41. Bullish factors included (1) the reversal in the dollar after the dollar index fell from a 2-week high and closed lower, which boosts investment demand in commodities, (2) increased geopolitical concerns after comments from President Obama who said he takes "no options off the table" including a "military effort" to stop Iran from having a nuclear weapon, and (3) supply concerns in the U.S. Midwest after a vehicle collision and fire prompted Enbridge to close a 320,000 barrel a day pipeline from Superior, Wisconsin to Mokena, Illinois that supplies refineries run by BP Plc and Citgo Petroleum in the Chicago area. Bearish factors included (1) the action by China to cut its economic growth goal to 7.5% from an 8.0% goal that had been in place since 2005, which signals reduced crude consumption by the world's second-largest crude oil consumer, (2) the increase in Iraq's crude production to more than 3 million barrels a day according to Iraq's oil minister, the highest since 1979, which signals increased global supplies, and (3) possible long-liquidation pressures after CFTC data showed hedge funds increased net-long positions in NYMEX crude by +5% to 272,032 contracts in the week ended Feb 28, the highest in 9-1/2 months.

Today's U.S. Earnings Reports Earnings reports (confirmed releases, sorted by mkt cap): DKS-Dick's Sorting Goods (BEST earnings consensus $0.88), KRO-Kronos Worldwide (0.50), P-Pandora Media (-0.02), UNFI-United Natural Foods (0.44), MAKO-MAKO Surgical (-0.14), MTN-Vail Resorts (1.38), AAT-American Assets Trust (-0.03), BPI-Bridgepoint Education (0.38), AKRX-Akorn (0.08), BLT-Bluont International (0.33), SHFL-Shuffle Master (0.11), ESC-Emeritus (-0.36), RIGL-Rigel Pharmaceuticals (-0.24), ALOG-Analogic (0.69).
Global Financial Calendar

Tuesday 3/6/12
United States
0745 ET	ICSC (Int?l Council of Shopping Centers) weekly retailer sales.
0855 ET	Redbook weekly retailer sales.
1130 ET	Weekly 4-week and monthly 1-year T-bill auctions.
United Kingdom
0300 ET	Feb U.K. Halifax house prices expected +0.3% m/m and -1.6% y/y, Jan +0.6% m/m and -1.8% y/y.
Euro-Zone
0500 ET	Revised Q4 Euro-Zone GDP, previous -0.3% q/q and +0.7% y/y
Canada
1000 ET	Feb Ivey purchasing Manager s Index expected -2.1 to 62.0, Jan +0.6 to 64.1.

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Barchart Morning Call 12/20

Barchart Morning Call

Tue, 20 Dec 2011 07:00:00 -0600

Overnight Developments

• Global stocks this morning are mixed with the Euro Stoxx 50 up +0.15% and Mar S&Ps up +9.60 points. The dollar and Treasuries weakened and commodities rose after German business confidence unexpectedly gained. The Dec German IFO business climate rose +0.6 to 107.2, stronger than expectations of -0.6 to 106.0. Stocks and the euro also received a boost after Spain sold 5.64 billion euros of 3-month and 6-month Treasury bills, more than the maximum target of 4.5 billion euros the Treasury had set for the sale. The British pound rose to a 1-week high against the dollar after Nov U.K. nationwide consumer confidence unexpectedly rose +4 to 40, stronger than expectations of unchanged at 36, while Dec U.K. CBI reported sales unexpectedly surged to 9, higher than expectations of -12 and its best level in 7 months. Limiting stock gains were the comments from European Commission President Barroso who said the sovereign-debt crisis is "worsening" conditions in the European labor market and after Fitch Ratings said the risk of downgrading the EFSF bail-out fund had increased and that the fund's AAA rating depends on France remaining AAA.
• Asian stocks today closed mixed with Japan up +0.49%, China -0.31%, Australia -0.18%, South Korea +0.90%, India -1.33%. Most Asian stocks rose as optimism about the outlook for the U.S. economy and resilient economic growth in Asia offset concern that China's real estate sector may be headed for a hard landing. Asian exporters advanced on strong earnings prospects after Richmond Fed President Lacker said the U.S. economy will grow 2.0% to 2.5% next year despite slowing global growth. Chinese property developers weakened and dragged the Shanghai Stock Index lower after SouFun, China's biggest real estate website, said property transactions will continue to fall in the first half of 2012. South Korea's Kospi Stock Index recovered some of Monday's losses and finished higher after the South Korean National Pension Service, the nation's largest investor, bought stocks yesterday and said it doesn't see further steep declines in equities.

Overnight U.S. Stock News

• March S&Ps this morning are trading up +9.60 points. The US stock market yesterday erased an early rally and settled lower after bank stocks fell on concern over stricter international capital standards and after ECB President Draghi said risks to the economy remain: Dow Jones -0.84%, S&P 500 -1.17%, Nasdaq Composite -1.26%. The S&P 500, the Dow and the Nasdaq all posted 2-week lows. Bearish factors included (1) weakness in bank stocks after the WSJ reported that the Fed is expected to embrace a new global framework that requires big banks to hold extra capital, (2) comments from ECB President Draghi who said "substantial downside risks" to the economy remain and that the law forbids him from stepping up government bond purchases to stem the debt crisis, and (3) comments from House Speaker Boehner who said the U.S. House of Representatives will reject a Senate-backed bill that would have extended the payroll tax cut for workers for 2 months.
• Bullish factors included (1) the report from researcher ComScore that U.S. online spending for the holiday season has jumped +15% so far this year to $30.9 billion from a year earlier, (2) strength in homebuilders after the unexpected increase in the Dec NAHB housing market index which rose for a third month to a 19-month high (+2 to 21 versus expectations of unchanged at 20), and (3) reduced European debt concerns on speculation that European leaders were seeking additional funding of 200 billion euros through the IMF to help stem the region's debt crisis.
• Bank of America (BAC) rose 2.1% and Citigroup (C) climbed 1.7% in pre-market trading on carry-over strength from a rally in European bank stocks.

Today's Market Focus

• March 10-year T-notes this morning are down -6.5 ticks. T-note prices yesterday posted an all-time high for a second day on increased safe-haven demand on concern the still unresolved European sovereign debt crisis will drag down the global economy: TYH2 +5, FVH2 +1.2, EDM2 -1.0. The 10-year T-note yield fell to a 2-1/2 month low of 1.800%. Bullish factors included (1) increased safe-haven demand for Treasuries on concern the European debt crisis will drag the global economy lower after ECB President Draghi said "substantial downside risks" to the economy remain, and (2) the action by the Fed to purchase $4.898 billion of Treasuries as part of its Operation Twist program to replace $400 billion of shorter maturities in its holdings of Treasuries with longer-term debt. Bearish factors included (1) the unexpected increase in the Dec NAHB housing market index which rose for a third month to a 19-month high (+2 to 21 versus expectations of unchanged at 20), (2) reduced European debt concerns on speculation that European leaders were seeking additional funding of 200 billion euros through the IMF to help stem the region's debt crisis, and (3) supply pressures ahead of the Treasury's $35 billion auction of 5-year T-note on Wed.
• The dollar index this morning is weaker with the dollar/yen -0.11 yen and the euro/dollar +0.68 cents. The dollar index yesterday finished slightly higher as action by European finance ministers to draw additional aid from the IMF was offset by comments from ECB President Draghi that substantial downside risks" to the economy remain: Dollar Index +0.113, USDJPY +0.698, EURUSD -0.00463. Bullish factors included (1) the slide in the yen to a 2-1/2 week low against the dollar after the death of North Korean President Kim Jong Il fueled safe-haven demand for the dollar on concern instability may increase in the region and (2) comments from ECB President Draghi that weakened the euro when he said "substantial downside risks" to the economy remain, which bolstered speculation the ECB may add to its emergency stimulus measures. Bearish factors for the dollar included (1) reduced European debt concerns on speculation European finance ministers will seek 200 billion euros in additional funding from the IMF, which may help stem the region's debt crisis, (2) hawkish comments from ECB President Draghi who said the ECB cannot overstep its mandate and increase bond purchases, and (3) comments from ECB Council member and Bank of France President Noyer who said carrying out "large scale" purchases of sovereign bonds are beyond the ECB's mandate, which suggest the ECB is not in favor of increasing its asset purchases and is euro supportive.
• Jan crude oil prices this morning are up +98 cents a barrel and Jan gasoline is +2.60 cents per gallon. Crude oil and gasoline prices yesterday fluctuated between gains and losses and settled higher as geopolitical concerns outweighed concern European leaders will be unable to stem the region's debt crisis: CLF12 +$0.35, RBF12 +0.21. Bullish factors included (1) reduced European debt concerns on speculation European finance ministers will seek 200 billion euros in additional funding from the IMF, which may help stem the region's debt crisis and sustain economic growth and energy demand, and (2) geopolitical concerns after Bank of America predicted that crude prices may surge by $40 a barrel if international sanctions halt crude supplies from Iran. Bearish factors included (1) the death of North Korean President Kim Jong Il, which prompted risk aversion as investors sold equity and commodity positions and moved into cash and (2) comments from ECB President Draghi who said "substantial downside risks" to the economy remain, which may keep economic growth and fuel demand weak.

Today's U.S. Earnings Reports Earnings reports (confirmed releases, sorted by mkt cap): ORCL-Oracle (BEST earnings consensus $0.57), NKE-Nike (0.97), CCL-Carival (0.28), GIS-General Mills (0.79), PAYX-Paychex (0.38), CAG-ConAgra Foods (0.43), JBL-Jabil Circuit (0.65), CTAS-Cintas (0.48), NAV-Navistar International (3.12), JEF-Jeffries Group (0.15), SAFM-Sanderson Farms (-0.57), SHFL-Shuffle Master (0.18).
Global Financial Calendar

Tuesday 12/20/11
United States
0745 ET	ICSC (Int’l Council of Shopping Centers) weekly retailer sales.
0830 ET	Nov housing starts expected +1.1% to 635,000, Oct -0.3% to 628,000. Nov building permits expected -1.4% to 635,000. Oct +9.3% to 644,000.
0855 ET	Redbook weekly retailer sales.
1130 ET	Weekly 4-week T-bill auction.
1300 ET	Treasury auctions $35 billion 5-year T-notes.
Japan
0000 ET	Revised Oct Japan leading index CI, previous 91.5. Revised Oct coincident index CI, previous 90.3.
Germany
0200 ET	Jan German GfK consumer confidence survey expected -01 to 5.5, Dec +0.2 to 5.6.
0200 ET	Nov German producer prices expected +0.1% m/m and +5.2% y/y, Oct +0.2% m/m and +5.3% y/y.
0400 ET	Dec German IFO business climate expected -0.6 to 106.0, Nov +0.2 to 106.6. Dec IFO current assessment expected -0.7 to 116.0, Nov unchanged at 116.7, Dec IFO expectations expected -0.3 to 97.0, Nov +0.3 to 97.3.
United Kingdom
0600 ET	Dec U.K. CBI reported sales expected -12, Nov -19.
Canada
0700 ET	Nov Canada CPI expected +0.1% m/m and +2.9% y/y, Oct +0.2% m/m and +2.9% y/y.
0700 ET	Bank of Canada Nov core CPI expected +0.1% m/m and +0.2% y/y, Oct +0.3% m/m and +2.1% y/y.

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