equityletter.com 11/02/09

Thank you in advance for all comments and criticisms.....regards, equityletter.com

---

                                  

 

 11/02/09

 

 

     Note:  Event Calendar is located at bottom of page

      

I.                  General Commentary

 

When does “good” economic news become “bad” news for the stock market?  Last Thursday before the market opening, the government released their first estimate of third quarter Gross Domestic Production (GDP) for the third quarter of 2009.  The report estimated that third quarter GDP expanded at a rate of 3.5%, handily beating the recently lowered consensus estimate of 3.0%.  (Of course one must be constantly reminded that these numbers are always subject to revision at a much later date) The U.S. stock market celebrated the “good” news by rallying sharply after the report.  As we have stated on numerous occasions, the disposition of the markets can change in an instant and it certainly did on the very next day.  The S&P 500 dropped almost 3.00% on Friday giving back all of the previous day’s gains and more.  What caused “good news” to all of the sudden become “bad news”?  First of all, as we have so frequently opined, it all has to do with the U.S. Dollar.  The remarkable, meteoric recovery of the U.S. stock market since the panic lows of March 2009 has been inversely correlated to the steady decline of the greenback.  Economic “good news” such as the better than expected advance GDP report has caused the forward looking stock market to begin to discount the potential removal of some of the massive amounts of liquidity provided by the U.S. Federal Reserve.  The strength of the U.S. Dollar this past week tells us that currency traders have begun to sniff out a possible removal of some Federal Reserve liquidity which would result in an increase of interest rates.  Higher interest rates in the U.S. would mean a stronger U.S. Dollar.  Unfortunately, a stronger U.S. Dollar will mean a stock market that will be heading lower.  With out the continued massive liquidity infusion from the FED, the stock market will begin to demand revenue growth from corporate America and not continue accept serial cost-cutting in earnings reports.  Therein lays the “conundrum” which we spoke of in our previous letter.  The unprecedented Federal Reserve actions in the times of crisis have succeeded in one respect.  The liquidity surge has once again pumped air in to the stock market.  Retirement account 401K’s, which became 201K’s are now 301K’s.  The surge in liquidity did not result in an increase of bank lending nor did it produce any hint of an increase in employment growth, two major keys to the U.S. economy.  Can the FED actually begin to contemplate the removal of liquidity with out some positive developments from bank lending and employment?  The coming week will bring the potential for further wild mood swings in the equity market as the FOMC rate policy meeting is on the schedule coupled with the October employment report on Friday.  These reports will be two opportunities for “bad news” to become “good news” once again.  This all makes so much sense doesn’t it?

 

 

   The major market averages under our coverage that we currently rate with positive weekly technical indications is the U.S. $ Index (UUP-22.70). We currently have a negative views on the SPDR- S&P 500 (SPY-103.56), Diamonds Trust (DIA-97.06), NASDAQ Composite (COMP-2045.11), Powershares QQQQ Trust (QQQQ-40.96), IShares Russell 2000 Index Fund (IWM-56.33), and the I-share 7-10 year Treasury bond (IEF-91.99).  Take note that the UUP is a positive change of opinion from the previous letter and the SPY, DIA, QQQQ, and COMP are negative opinion changes.

 

Sectors within our coverage universe that remain in favor according to our weekly oriented technical analysis include the Gold (GLD).   Use price weakness to increase long exposure or to initiate long trades.

 

Sectors that we currently rate as neutral include the Internet Related (HHH).  

 

 Sectors that we believe to be currently vulnerable to downside pricing pressure are the Steel (SLX),Retailers (RTH), Agriculture (MOO), Pharmaceuticals (PPH), Coal (KOL), Natural Gas (UNG), Oil Service (OIH), Large Integrated Oil (XOI), and Crude Oil (USO), Managed Healthcare, Transportation (IYT), Financials (XLF), Homebuilding (XHB), Semiconductors (SMH), Real Estate (IYR). *The SLX, RTH, MOO, PPH, KOL, UNG, OIH, XOI and USO are all downside changes of opinion from the prior letter.*   

 

Sector analysis below will provide information as to where to best allocate funds at this time.

 

For access to Equity Letter individual trading positions and ideas contact Richard Reilly at rreilly123-2@comcast.net

 

Please frequent http://www.equityletter.com/

 

 

 

II.               Sector Analysis

                                             

The IEF-91.99 (I-share 7-10 year Treasury bond) advanced 0.86% for the week as the yield on the 10- year treasury decreased from 3.47% to 3.39%.  For comparative reference the yield on the 10-year Treasury began the 2009 trading year at 2.24%.  The IEF is entering week four of a “sell” signal.  The weekly closing price resistance level in order to maintain our current “sell” signal shall be lowered to 92.00.  Any weekly closing price above 92.00 will negate our current “sell” signal for the IEF.  A slight up week for the IEF as equity market weakness sent investors fleeing for the safety of Treasury bonds.  Despite the up week the IEF remains in “sell” mode but further equity market declines may change the equation.

 

A.     Financials

 

          The Financial Select Sector Index (XLF-14.05) finished the trading week with a 6.95% decline. The XLF is now positive by 12.20% to date for the 2009 trading year.  The XLF is entering week five of a “sell” signal.  Our weekly closing price resistance shall remain at 15.25.  Any weekly closing price above 15.25 will negate our current “sell” signal for the XLF.  We have numerous fresh weekly ”sell” signals this week, J.P. Morgan (JPM-41.77), Wells Fargo (WFC-27.52), Morgan Stanley (MS-32.12), Chicago Mercantile Exchange (CME-302.61) and U.S. Bancorp (USB-23.22).  The lone weekly “buy” signal of the top ten XLF components is American Express (AXP-34.84).   Weekly “sell” signals continue to remain in place for XLF components Bank of America (BAC-14.58), Goldman Sachs (GS-170.17), Citigroup (C- 4.09) and MetLife (MET-34.03).  In our previous letter we warned of impending weakness for the financial sector due to our weekly “sell” signal for Goldman Sachs (GS).  Just as we readily accept criticism when our calls are proven inaccurate we shall also readily accept praise when a “blind squirrel” finds an occasional acorn.  The XLF and related components are now clearly in correction mode, time to use any extended upside strength to reduce long exposure and or to initiate short trades.

    

          B.  Builders

 

 The Homebuilder exchange traded fund (XHB-13.79) declined 8.25% for the week. The 2009 year-to-date performance of the XHB currently stands at a positive 15.10%.  The XHB is entering week six of a “sell” signal.  Our weekly closing price resistance level in order to maintain our current “sell” signal for XHB shall be lowered to 15.29.  Any weekly closing price above the 15.29 resistance level will negate our current “sell” signal in the XHB.  Weekly “sell” signals have been generated for XHB components D R Horton (DHI-10.96) and Ryland Group (RYL-18.55).  Weekly “sell” signals remain in place for XHB components Pulte Homes (PHM-9.01), Toll Brothers (TOL-17.32), KB Homes (KBH-14.18), and Lennar (LEN-12.60).    The weekly trend remains one of distribution; use price strength in negatively mentioned names to reduce long exposure and or to initiate short trades.

 

B.     Semiconductor

 

The Semiconductor group (SMH-24.19) declined 4.13% for the week.   The SMH performance for 2009 to date stands at a positive 37.36%.   The SMH is entering week five of a “sell” signal.  Our weekly price resistance level in order to maintain said “sell” signal shall be lowered to 25.80.  Any weekly closing price above 25.80 will negate our current “sell” signal for the SMH.  A fresh weekly “sell” signal has been triggered in Novellus (NVLS-20.58).  Analog Devices (ADI-25.63), Applied Materials (AMAT-12.20), SanDisk (SNDK-20.48), Texas Instruments (TXN-23.45), Micron Technology (MU-6.79) and Intel (INTC-19.11) all continue to remain on our “sell” list at this time.  Any failure to hold above the 24.00 price support level for the SMH will indicate further weakness down to the 21.50-22.00 area.  Use extended price strength in the SMH and above negatively mentioned components to reduce long exposure and or to initiate short trades.

 

D.   Retailers 

 

          The Retail sector (RTH-89.80) finished the trading week with a 2.93% decline.  The 2009 performance of the RTH currently stands at a positive 19.44%.  The RTH has closed below our weekly price support level therefore generating a fresh weekly “sell” signal.  Our weekly closing price resistance level for the RTH in order to maintain the fresh “sell” signal shall be set at 93.80.  Any weekly closing price above 93.80 will negate our fresh “sell” signal for the RTH.  Concurrent fresh weekly “sell” signals have been generated in RTH components WalMart (WMT-49.68), Sears Holding’s (SHLD-67.86), BestBuy (BBY-38.18), Kohl’s (KSS-57.22) and Walgreen’s (WAG-37.83).  Home Depot (HD-25.09) and Target (TGT-48.43) have been and shall remain on our “sell” list at this time.  In our previous letter we expressed our concern regarding the risk/ reward of being long the RTH from current elevated price levels.  Our concerns have been realized, it is time to use any extended price appreciation to reduce long exposure and or to initiate short trades.

 

E.    Steels

 

The Steel sector (SLX-50.90) finished the week with a 10.07% decline.  The current 2009 trading year return for the SLX is a positive 73.30%.  The SLX has closed below our weekly closing price support level therefore generating a fresh “sell” signal.  Our weekly closing price resistance level for the SLX shall be set at 58.20.  Any weekly closing price above 58.20 will negate our fresh “sell” signal for the SLX.  Arcelor Mittal (MT-34.02) has succumbed to the overall sector weakness and has generated a weekly “sell” signal.  Weekly “sell” signals remain in place for SLX components U.S. Steel (X-34.49), Nucor (NUE-39.85), and Steel Dynamics (STLD- 13.39).  Over the past few letters we have consistently warned of the disturbing divergence between the SLX and the deterioration of the individual underlying components.  Our fears have now been realized as the
SLX suffered a 10.00% downside plunge last week.  The SLX is signaling time for a price retreat and this highly volatile sector now appears vulnerable to a very punishing decline.

 

F.    Pharmaceuticals and Healthcare

 

          The Pharmaceutical group (PPH-61.07) declined 2.24% last week. The current 2009 return for the PPH stands at a positive 2.21%.  The PPH has closed below our weekly price support level therefore generating a fresh “sell” signal.  Our weekly price resistance level in order to maintain the fresh weekly “sell” signal shall be set at 63.15.  Any weekly closing price above 63.15 will negate our fresh weekly “sell” signal for the PPH.  Fresh weekly “sell” signals have been triggered in PPH components Johnson & Johnson (JNJ-59.05), Pfizer (PFE-17.03), and Merck (MRK-30.93).  Weekly “buy” signals continue to remain in place for Abbott Lab’s (ABT-50.57), GlaxoSmithKline (GSK-41.16), and Eli Lilly (LLY-34.01).  A weekly change of trend has been signaled; use extended price appreciation in the PPH and above negatively mentioned names to reduce long exposure and or to initiate short trades.

 

III.           Gold

 

GLD (streetTracks gold index) – The GLD (102.53) declined 0.93% on the week.  For the 2009 trading year the GLD currently rests with a positive return of 18.50%.  The GLD is entering week four of a “buy” signal.  Our weekly closing price support level in order to maintain our current “buy” signal shall remain at 98.36.  Any weekly closing price below 98.36 will negate our current “buy” signal for the GLD.  The GLD has spent the past three weeks digesting the upside technical break-out through the 100.00 price level.  We see near term price support at the 101.50 level and longer term, more important gap- filling price support at the old resistance level of 100.00.  For now the trend remains a bullish one for the yield-less precious metal but a near term pull back test of price support levels remains overdue.

 

 

IV.            Energy- (Oil, Oil Service, Nat’l Gas, Coal)

 

The Large-Cap Integrated Oil space (XOI-1052.80) closed out the trading week with a 4.51% decline.  The XOI is now positive by 7.46% for the 2009 trading year.  The XOI has closed below our weekly closing price support level therefore generating a fresh “sell” signal.  Our weekly price resistance in order to maintain our fresh “sell” signal shall be set at 1127.06.  Any weekly closing price above 1127.06 will negate our fresh “sell” signal for the XOI.  Fresh weekly “sell” signals have been generated in XOI components Exxon-Mobil (XOM-71.67), Conoco-Phillips (COP-50.18) and Suncor Energy (SU-33.02).  Weekly “buy” signals remain prevalent for XOI components, British Petroleum (BP-56.62) and Chevron-Texaco (CVX-76.54).  The release of earnings reports this past week by oil giants did little to reinforce the “bull” case.  More importantly a hint of upside in the U.S. Dollar sent investors heading for the exit door in commodity and energy related issues.  As we have consistently stated in previous letters, the current price of crude oil has more to do with a declining U.S. Dollar and very little to do with supply/demand.  Continued upside in the U.S. Dollar will expose the supply/demand issue making this sector quite vulnerable on the downside.  Use extended upside appreciation to reduce long exposure and or to initiate short trades.

 

The Oil Service Index (OIH-117.06) declined 7.65% this past trading week.  The 2009 year to date return for the OIH stands at a positive 58.72%.  The OIH has closed below our weekly price support level therefore generating a fresh “sell” signal.  Our weekly closing price resistance level in order to maintain our fresh “sell” signal shall be set at 130.20.  Any weekly closing price above 130.20 will negate our fresh weekly “sell” signal for the OIH.  Concurrent weekly “sell” signals have been generated across the board for OIH components Halliburton (HAL-29.21), Schlumberger (SLB-62.60), and Baker Hughes (BHI-42.07), Ensco (ESV-45.79) and Transocean (RIG-83.91).  Take note that RIG and BHI are scheduled to report quarterly earnings in the coming week.  Violent price movement is no stranger to this sector, and any downside penetration of the 110.00 level will indicate a potentially destructive price correction.  It is time to switch gears; use any extended price strength to reduce long exposure and or to initiate short positions.

 

Natural Gas (UNG-10.27) declined 9.03% this past week.  The current 2009 performance of the UNG is a negative 55.67%.  The UNG has closed below our weekly closing price support therefore generating a weekly “sell” signal.  Our weekly price resistance in order to maintain our fresh “sell” signal shall be set at 10.95.  Any weekly closing price above 10.95 will negate our fresh “sell” signal for the UNG.  The UNG, one of the worst performers year-to-date, is once again indicating lower prices to come.  Use extended price appreciation approaching our above mentioned price resistance level to reduce long exposure and or to initiate short trades.

 

The Coal Sector (KOL-30.10) declined by 8.62% this past week.  Year-to-date the KOL is positive by 102.14%.  After spending the past fifteen weeks on our “buy” list the KOL has closed below our weekly closing price support level therefore generating a fresh “sell” signal.  Our weekly closing price resistance level in order to maintain our fresh “sell” signal shall be set at the 33.81 price level.  Any weekly closing price above 33.81 would negate our fresh “sell” signal for the KOL.  A change of weekly trend has been signaled; it is now time to use extended price appreciation to reduce long exposure and or to initiate short trades.

 

 

V.               Dow 30 Analysis

 

Our Weekly Trend Indicator (WTI) measures in at -14, a decrease from the previous week reading of +14.  Currently 26.0% of the thirty Dow Jones Industrial components have favorable weekly chart formations; this is a decrease from 73.0% in the prior week.  The Dow Jones Industrial average declined 2.60% for the week to 9712.73.  The current return for the 2009 trading year stands at a positive 10.66%. 

 

The S&P 500, as measured by the SPY (103.56), declined 4.18% for the week.  The 2009 trading year return for the SPY is positive by 14.76%.   Small caps issues, as measured by the IWM (IShares Russell 2000 Index Fund- 56.33), declined 6.21% for the week.  The IWM year to date return is currently a positive 14.39%.

 

          The DIA (97.06) closed out the week with a 2.77% decline and has violated our weekly closing price support level.  A fresh weekly “sell” signal has been generated for the DIA.  Our weekly closing price resistance level in order to maintain the fresh “sell” signal shall be set at 100.77.  Any weekly closing price above 100.77 will negate our fresh “sell” signal for the DIA.  In our previous letter we warned that the risk/reward for the DIA had becomes heavily tilted toward the risk side.  Our fears were realized as a 2.77% decline has thrust the DIA in to “sell” mode.  We are now looking for a price retreat that will take the DIA down to the first area of weekly price support, the 92.00 level.  Any failure to maintain the 92.00 price support level will indicate further weakness down to the 88.00 area.

           

Fresh weekly buy signals generated:

 

Fresh negative weekly signals generated: AA, CSCO, DD, DIS, GE, HPQ, JNJ, JPM, MMM, MRK, PFE, UTX, WMT, XOM

 

Readers should take note that Dow Jones Industrial components CSCO and KFT are scheduled to report quarterly earnings in the coming week.

 

Dow 30 stocks with positive weekly signals:

 

 AXP, CAT, CVX, KFT, MCD, MSFT, PG, TRV

                 

Dow 30 stocks with negative weekly signals:  

      

           AA, BA, BAC, CSCO, DD, DIS, GE, HD, HPQ, IBM, INTC, JNJ, JPM, KO, MMM, MRK, PFE, T, UTX, VZ, WMT, XOM

·        Underline names have changed from previous week*

                             

 

 

VI.    KEY EVENTS IN THE WEEK AHEAD:

Monday, November 2

Economic

10:00 Construction Spending (Sep.): -0.2% cons.

10:00 ISM Index (Oct.): 53.0 cons.

10:00 Pending Home Sales (Sep.): -0.1% cons.

Earnings

Before: ASF, BRNC, BPL, CSE, CNL, CLX, CAN, CTB, DF, DVD, DCO, F, FNDT, GEO, HAE, HE, HUM, L, MCY, MFA, LABL, BABY, NICE, OSG, PRGO, RBC, SEPR, STAN, SYY, TSTY, VRX, WATG

After: ABCO, AIMC, APC, ARNA, AGII, AACC, CAR, AXS, BRE, CKEC, TAST, CHK, CGNX, CRK, EXBD, CCRN, CUTR, DIOD, DLLR, DW, ETM, EXR, FVE, FST, GUID, HL, HLF, HIMX, HTCH, IMMR, IPHS, IPCM, KND, KGC, LF, MNKD, MIG, NATL, ASGN, OHB, PKY, PMT, PNSN, PPS, PFG, PRA, PSB, QCOR, RSG, RTEC, SRSL, SM, SF, SNHY, SYKE, SNCR, SVR, TXRH, TSCM, TNS, UDRL, VARI, VIRL, VMC

Events

NITE Analyst Meeting
RSYS, CRAY, TSYS, ZRAN at TechAmerica AeA Classic Financial Conference
FED: $29 bln 3-month and $30 bln 6-month Treasury Bill Auctions

 

Tuesday, November 3

Economic

10:00 Factory Orders (Sep.): 0.9% cons.

14:00 Auto Sales (Oct.): N/A

14:00 Truck Sales (Oct.): N/A

Earnings

Before: ACOR, ALY, ANR, AMT, ABC, AHII, ADM, ATN, BLC, BBG, BJS, BLT, CAM, FUN, CHD, XEC, CTSH, CFX, DNR, DBD, EMS, EMR, ENR, ENZN, EXPD, FSS, FSRV, RAIL, FTR, GET, GWR, GLT, HHS, HCP, HNT, HPY, ICE, IPGP, JRCC, KEI, LPX, MMP, MRO, MLM, MVL, MA, MTRX, MHS, TYPE, MSCS, NSTC, NXG, NWN, OZM, OSK, PKD, PER, PQ, PNCL, RL, RDWR, RIGL, RMG, RBA, COL, RDC, RCL, RTI, RBCN, SNH, SKH, JOE, STE, SHOO, SFY, TLM, TE, THC, TPP, TEVA, GTS, UNT, VIA/B, VNO, WST, WLK

After: TDSC, ACAS, ANH, AUDC, BGCP, BGFV, BBND, BIO, BBBB, SAM, BKI, CBM, CHSI, CBL, CRL, COGT, FIX, CNW, CCI, DVA, DRIV, DISCA, DLB, DUF, DFT, DXPE, ESS, EXM, XCO, FARO, FEIC, FCH, LOPE, SOLR, HIG, HLS, HLTH, IDSY, ICXT, ISTA, JJSF, JKHY, KNXA, KCP, KFRC, KFT, LDSH, MAKO, MASI, MXWL, MRH, MYGN, NCIT, NETL, NOA, OIS, OKE, OKS, ONXX, OEH, PACR, PZZA, MALL, PXD, PBI, OLTY, QSFT, RHB, RKT, SB, SSW, SENO, SLH, SPSS, STEC, SGY, SYMM, TWTC, TIE, THS, TRLG, UNM, VVUS, WWWW, WBMD, GB, INT, XNPT, AUY, ZIPR

Events

DD Investor Meeting FDO Analyst and Institutional Investor Conf. FED: FOMC Meets

Wednesday, November 4

Economic

07:30 Challenger Job Cuts (Oct.): -30.2% prior

08:15 ADP Employment Report (Oct.): -190K cons.

10:00 ISM Services (Oct.): 51.5 cons.

10:30 Crude Inventories: 0.78M prior

14:15 FOMC Rate Decision: 0.25% cons.

Earnings

Before: AAON, AGU, AFAM, ALVR, ABK, ASCA, WTR, ARJ, ASPM, ATRC, ADP, FLY, BHI, BDX, BPI, LSE, CEDC, CKP, CBB, CWEI, CLH, CMCSA, CGX, CRTX, DWSN, DVN, DTPI, RRD, EBIX, EP, EPB, ENB, FWLT, FCL, GRMN, WOLF, HEES, HW, HSIC, HUN, IAG, IRC, IART, IFF, JMP, LINE, LIZ, LOJN, LL, MMC, MSO, MXGL, MCGC, MINI, TAP, TNDM, NEWS, NWPX, ORCT, POL, PHM, PWR, RDN, SBGI, TRK, SUSS, TTES, NGLS, TKLC, TGH, TWX, TOT, RIG, TRW, TEL, WRC, WPI, WCG, WNS, XTO, ZBRA

After: NDN, ALL, ALJ, DOX, AEL, AMMD, ARII, ANDE, ATPG, AUTH, CELL, BRS, CECO, CBOU, CBEY, CSCO, COGO, CXW, CUZ, TRAK, DXCM, DCP, EGLE, EQY, ESLR, FRT, FGXI, FR, FCN, FBN, GHDX, ROCK, GIVN, GCA, GLBL, GCOM, GG, GDP, HVT, HCN, HT, HIL, NSIT, TEG, VTIV, IO, JCOM, KPPC, KNDL, LLNW, LMNX, MKL, MMLP, MSSR, MEAS, MELI, MCHP, MRT, MFLX, MUR, N, NWSA, NPSP, OIIM, ONNN, OSUR, ORA, VITA, PARL, PVA, PSEM, PAA, PPO, PL, PRSC, PRU, QCOM, RJET, RUBO, SGMO, SVNT, SCI, SMSI, SRX, SHO, SRDX, TX, THOR, THQI, TRMA, TTMI, UNTD, USU, VTAL, WFMI

Events

DHR, GE, ITT, CAT at Goldman Sachs Global Industrials Conf.
AMTD, TWPG, NITE, BPSG at Keefe, Bruyette & Woods Securities Brokerage & Market Structure Conf.
FED: FOMC Policy Release

 

Thursday, November 5

Economic

08:30 Productivity-Prel. (Q3): 6.5% cons.

08:30 Initial Claims: 520K cons.

08:30 Continuing Claims: 5750K cons.

Earnings

Before: ABMD, ACIW, ARE, ALD, ABV, ANSS, ARD, ARCC, ARIA, ARQL, ATRO, BVF, BXC, CFL, CVC, CNQ, CAH, CTL, CI, CIT, CDE, CNSL, CLR, COWN, CRYP, CVS, DK, DPTR, DGIT, DTV, DPS, DRQ, DYN, ELMG, SSP, EXH, FTO, FSYS, FTEK, GEL, GLS, GNA, GLG, GPX, GPOR, HGG, HOC, HDIX, HOS, HRP, HURN, IFLO, IMAX, INCY, IPCC, ISPH, IVR, INXI, IPCS, ISIS, KIM, KG, KOP, KSWS, LAMR, LNY, LXP, LINC, MAC, MIC, HZO, MPW, MEA, PCS, MF, MGM, MITI, MEND, MDS, MNTA, MOG/A, MWIV, NDAQ, NAFC, NGS, NRP, NURO, NGPC, NRF, OMG, OCR, OWW, ORN, PCAP, PPCO, PRFT, HK, PDC, PXP, PLA, PBH, QCCO, RRI, RSTI, RGLD, SLE, SMG, SNI, SCR, SIRI, SKYW, SMBL, SJI, SUG, SE, SPR, STXS, SXCI, SMA, TDS, TDC, TRI, TICC, TWC, TWGP, RMIX, USPH, USM, VSAT, WTI, WW, WEN, WWE, YTEC

After: ABVT, ACTS, ATVI, AIRM, ALKS, ALLI, ALNY, APEI, ARP, ASEI, AMSF, ATML, BEBE, NILE, CAP, CPKI, CPE, BEAT, CBS, CHINA, CPC, CIM, CHH, COHR, CSTR, CCIX, CXO, CROX, DAC, DAR, DPM, ELON, ECLP, BAGL, EBS, ERII, ENOC, EOG, XIDE, EZPW, FFG, GXDX. GOK, HAIN, HNSN, HANS, HSTX, HME, ZINC, ICFI, INWK, ITMN, INAP, IGT, IRF, IPI, JAZZ, JDSU, LEAP, LPSN, MCHX, ME, MAXY, MAA, MIL, MOVE, NABI, NCMI, NFG, NAVG, EGOV, NHWK, NTLS, NVDA, OMPI, ORH, PEGA, POWR, PRO, PSA, RRGB, RWT, RSCR, RMD, RST, ROVI, SONE, SD, SAPE, SEM, SMTL, SMTC, SQNM, SWKS, BID, SBUX, SUN, TBSI, TS, KNOT, UEIC, YSI, VRSN, VOLC, ZGEN

Events

BAC, RF, BBT, STI at BancAnalysts Association of Boston Conf.
KMT, ITW, RTN, GMR at Goldman Sachs Global Industrials Conf.
MA, CBZ, TRAK, XRPT at SunTrust Robinson Humphrey Business and Government Services Unconference

 

Friday, November 6

Economic

08:30 Nonfarm Payrolls (Oct.): -175K cons.

08:30 Unemployment Rate (Oct.): 9.9% cons.

08:30 Average Workweek (Oct.): 33.1 cons.

08:30 Hourly Earnings (Oct.): 0.1% cons.

10:00 Wholesale Inventories (Sep.): -1.0% cons.

14:00 Consumer Credit (Sep.): -$10.3B cons.

Earnings

Before: ARE, AYR, BX, BEXP, BAM, LNG, CEP, XTEX, DM, EIX, EXLS, FIG, GSI, KELYA, KNOL, LPNT, LMIA, MAG, MCCC, MDCI, MIR, NNN, NVAX, PRX, PSMT, SNN, SEP, SUI, SU, SUP, TNP

After: AES, ROSE, JAVA

Events

GR Analyst Day
FED: Fed's Duke; Fed's Evans

 

 

Current Technical Analysis Coverage Universe

 

ETF’s & Indices: SPY, IWM, UUP, IEF, QQQQ, DIA, COMPQ, XLF, IYR, XHB, XOI, OIH, UNG, USO, PPH, IYT, SMH, MOO, HHH, RTH, SLX, GLD

DOW JONES INDUSTRIAL AVERAGE & 30 COMPONENTS

Financial (XLF): JPM, BAC, WFC, C, USB, GS, MS, AXP, CME, MET, BK

Homebuilders (XHB): DHI, PHM, LEN, TOL, RYL, KBH

Semiconductors (SMH): INTC, TXN, AMAT, MU, SNDK, NVLS, ADI

Retailers (RTH): WMT, HD, TGT, WAG, SHLD, BBY, KSS

Steel (SLX): X, NUE, MT, STLD

Pharmaceuticals (PPH): PFE, MRK, JNJ, GSK, ABT, LLY

Oil (XOI): XOM, CVX, COP, BP, SU, PXP

Oil Service (OIH): SLB, HAL, BI, RIG, ESV, SII

Natural Gas (UNG): EP, APA, CHK, APC, XTO

Coal (KOL): ACI, BTU, MEE, CNX

Transportation (IYT): FDX, UPS, CHRW, BNI, CSX, NSC

Managed Care: UNH, WLP, HUM, AET

Gold: GLD, NEM, AU

Agriculture (MOO): MOS, MON, POT, DE

High Beta: AAPL, GOOG, RIMM, MA, FSLR