TMCnet News
FirstAlert: 12-12:30 P.M. Investrend / Bestcalls(InvesTrend Via Acquire Media NewsEdge) September 17, 2008 (Financial Wire) Conference calls scheduled at 12 to 12:30 p.m. on Investrend Broadcast via partner BestCalls include Praxair Inc. (NYSE: PX), Polycom Inc. (NASDAQ: PLCM), The Home Depot Inc. (NYSE: HD), Cross Country Healthcare Inc. (NASDAQ: CCRN), Spectra Energy Partners LP (NYSE: SEP). Conference calls are often impacted by market trends, geopolitical conditions, news coming from conferences and economic releases. (By Dr. Joe Duarte) Way ahead of the Federal Reserve s intervention and the central bank s taking an 80% ownership position of insurer AIG (NYSE: AIG), the stock market had acted like a market that had indeed had at least a short term encounter with capitulation. The news of the Fed s action was announced in the early evening on 9-16, and later confirmed. So what makes us a bit more positive?, Two things, the number of 42 week lows on the NYSE finally mushroomed to over 1000, while trading volume finally moved over two billion shares on the exchange while Nasdaq registered over 3 billion shares changing hands. That kind of volume, especially on a day where the market opened significantly lower and staged a nice turnaround, is often a sign that a tradable bottom is in place. And that many new lows shows that the sellers finally raised their hands and sold everything and everything, a real sign of fear and capitulation. To be sure there are no guarantees in this market, especially when there is always the nagging fear that there are other shoes that could fall. Goldman Sachs and Morgan Stanley are doing all that they can to assure the markets of their own viability, as is Washington Mutual. Of the three players, WAMU is the one that is likely to become the next one in the potential bailout sweepstakes. And then of course you have to wonder how many more times the Fed will come to the rescue of firms in trouble. But what s important now is to watch what the market does over the next three to four days. If the 1188 bottom on the S&P 500 holds and the market can stage a big volume rally within the next few days, we could see a move higher in the short term. It will also be important to see if the market can deliver a big day or two with up volume swamping down volume 9 to 1 on the NYSE and if the NYSE can deliver a two to one advance decline ratio over a two week period within the next month or so, if the rally takes hold. Otherwise, this is a good time for aggressive traders to make a shopping list and start looking for stocks that are showing exceptional amounts of relative strength. This is no signal to buy everything in a hurry, but it would be foolish not to consider the possibility of a moderately bullish scenario arriving in the intermediate term. The Investrend Earnings Calendar features Apogee Enterprises (NASDAQ: APOG), expected at $0.41; Brady Corp. (NYSE: BRC), expected at $0.62; Comtech Telecom (NASDAQ: CMTL), expected at $0.49; General Mills (NYSE: GIS), expected at $0.88. The Investrend Economics Calendar lists Houing Starts & Building Permits for August (8:30 a.m.), Current Account Balance for July (8:30 a.m.), EIA Petroleum Status Report (10:30 a.m.). The Investrend Events Calendar showcases ABAX, GCO, RRD, AFCE, HLIT at CL King and Associates Best Ideas Conference; BMO, ANL, CLP, CSA, EGP, PKY at BMO Capital Markets North American Real Estate Conference; BPFH, SOV, CINF, FMR, HCC at RBC Capital Markets Financial Institutions Conf; BPO, XIN, KIM at Merrill Lynch Global Real Estate Conf; CCK, AGO, COP, PTV, CXO at Bank of America Securities Annual Investment Conference; POT, DD, AGU, CF, TRA, PX, APD at Credit Suisse Chemical Conf; PRGN, TDW, KEX, TBSI, SSW, SFL at Jefferies & Co. Shipping, Logistics & Offshore Services Conference; VRS at UBS Global Paper & Forest Products Conference; WIN, Q, EQ, ATVI, FRP, AMT at Goldman Sachs Communacopia Conference. The Investrend Money Index is an indicator of the depth of market direction or indirection. While not always including the same stocks, the NYSE/NASDAQ 50 Most Actives indicate the direction in which the mass of money is flowing. Last session's trading showed 31 advancers versus 19 decliners. Advancers were led by Ml Co Cmn Stk (NYSE: MER) up 30.01%, Delta Air Lines New (NYSE: DAL) up 23.48%, Washington Mutual Fargo & Co New (NYSE: WFC) up 12.68%, Charles Schwab Inc (NASDAQ: SCHW) up 12.25%, Bk Of America Cp (NYSE: BAC) up 11.30%, Jp Morgan Chase Co (NYSE: JPM) up 10.11%, Fifth Third Bncp (NASDAQ: FITB) up 9.50%, Wachovia Cp (NYSE: WB) up 7.47%, Ford Motor Co (NYSE: F) up 6.96%, Us Bancorp (NYSE: USB) up 6.81%, Hewlett Packard Co (NYSE: HPQ) up 6.79%, Starbucks Cp (NASDAQ: SBUX) up 6.30%. Decliners followed Constellation Engy (NYSE: CEG) down 35.90%, Amer Intl Group Inc (NYSE: AIG) down 21.22%, Dell Inc (NASDAQ: DELL) down 11.17%, Morgan Stanley (NYSE: MS) down 10.84%, Natl City Cp (NYSE: NCC) down 6.54%. Vote in the Investrend Poll Question of the Day at Investrend Information (http://www.investrendinformation.com). Investrend Website of the Day: http://www.funnyordie.com Quote of the Day: "You got to have smelt a lot of mule manure before you can sing like a hillbilly." Hank Williams, Sr. Today is: Constitution Day, Citizenship Day. Happy Birthday: Wenceslas II, John Rutledge, Hank Williams, Roddy McDowall, Sir Stirling Moss, Edgar Mitchell, Anne Bancroft, Ken Kesey, John Ritter, Rita Rudner, Michael Adler, Constantine Maroulis. Today in History: Peace of Bergerac was signed between Henry III of France and the Huguenots in 1577. The city of Boston, Massachusetts, was founded in 1630. The Presidio of San Francisco was founded in New Spain in 1776. The United States Constitution was signed in Philadelphia, Pennsylvania, in 1787. Francis Scott Key finished his The Star-Spangled Banner poem in 1814. National Football League was organized in Canton, Ohio, in 1920. In 1947, James V. Forrestal was sworn in as the first Secretary of Defense of United States. Jim Morrison and The Doors defied CBS censors on The Ed Sullivan Show in 1967. The first episode of M*A*S*H premiered on CBS in 1972. The first Space Shuttle, Enterprise, was unveiled by NASA in 1976. Vanessa Williams became in 1983 the first black Miss America. Reggie Jackson became in 1984 the 13th member of the 500 home run club with a home run at Anaheim Stadium in Anaheim, California. [FirstAlert was created by Gayle Essary, founder of Investrend Communications, Inc., parent of Investrend Information (http://www.investrendinformation.com). The opinions expressed in FirstAlert do not necessarily reflect the opinions of Investrend.] FinancialWire is a fully independent, proprietary news wire service of Investrend Information (a division of Investrend Communications, Inc.). FinancialWire news is written by professional journalists, dedicated to pure journalistic standards. FinancialWire does not receive or accept any compensation from any individual or subject company (or representative thereof) for its news or opinions. All FinancialWire news is available at http://www.financialwire.net . Please address any inquiries to [email protected] . Free annual reports for companies mentioned in the news are available at http://investrend.ar.wilink.com/?level=279 . (Distributed for Investrend Communications, Inc. via M2 Communications Ltd (www.m2.com)) Copyright ? 2008 M2 Communications Ltd. |