Prism Morning Call 09-14-09
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2385 Executive Center Drive, Suite 400 • Boca Raton, Florida 33431 Phone: (561) 922-5266 • Fax: (561) 623-6235
CURRENT MARKET SENTIMENT 9/11 was not able to pull the market by the bootstrap with a patriotic buy; the market barely moved above 9600. A laborious day that exhibited exhaustion! With an upcoming uneventful week with positive economic data: Jobless claims and Philly Fed Index, will confirm that the bottom is behind and recovery is under way. The street seems to have exhausted all excitement by running ahead of itself. Expiration week is setting up to be a wild ride south.
ECONOMIC NUMBERS AND DATA Time (ET)
Indicator
Date
Actual
Expectation
Range
Prior
N/A
N/A
N/A
N/A
N/A
N/A
N/A
TECHNICAL Indices
S2
S1
Pivot
R1
R2
INDU (DOW)
9530
9560
9608
9675
9687
SPUZ (S&P)
1033
1037
1043
1049
1052
DOW STOCK TO WATCH Strong BA
Weak AA
UTX
XOM
KO
MCD
DS
JNJ
MARKET HIGHLIGHTS 09/14/2009
PRISM CALL
The futures are opening up weak. We are looking for a little bounce in the futures, maybe to 1038-1041 area (below the pivot) followed by a broader sell-off. Looking to short the stocks off the open that don’t open down weak enough. If selling pressure persists off of the open, the market has A LOT of room to go down.
Page |1 RISK DISCLAIMER: There is a very high degree of risk involved in trading equities. Trading is not for every investor and only risk capital should be used. Past results are not indicative of future returns. Prism Trading School, LLC (“Prism”) and all individuals affiliated with Prism assume no responsibilities for your trading and investment results. The indicators, strategies, articles and all other features are for educational purposes only and should not be construed as investment advice. Any person who chooses to use this information as a basis for their trading assumes all the liability and risk for themselves and hereby and absolutely agrees to indemnify and hold harmless Prism, its principals, agents and employees. All of the material contained herein is believed to be correct, however, Prism will not be held responsible for accidental oversights, typos or incorrect information from sources that generate fundamental and technical information. Prism does not warrant the completeness or accuracy of such information, and does not warrant any results from the use of the information. Your use of Prism materials is entirely at your own risk and it is your sole responsibility to evaluate the accuracy, completeness and usefulness of the information. You must assess the risk of any trade and make your own independent decisions regarding any securities mentioned herein. Prism affiliates may have a position or effect transactions in the securities described herein (or options thereon) and/or otherwise employ trading strategies that may be consistent or inconsistent with the provided strategies.
UPGRADES / DOWNGRADES Stock Upgraded United Parcel Service (UPS) Motorola (MOT) Stock Downgraded First Solar (FSLR) Potash (POT) Mosaic (MOS) Rosetta Resources (ROSE) Deutsche Bank (DB) Barclays (BCS)
House
Current Price
Price Adjustment
Target Price
Credit Suisse
58.80
Neutral
UBS
8.68
Buy
$11.50
House
Current Price
Price Adjustment
Target Price
Soleil
136.75
Sell
$96
Citigroup
89.90
Hold
Citigroup
53.26
Hold
Suntrust
14.65
Neutral
Nomura
72.51
Reduce
Nomura
24.56
Neutral
COMMODITY PRICES Commodity
Price
OIL
68.78
-0.51
GOLD
998.80
-7.60
FOREIGN MARKETS Market
Price
%
FTSE
4981.33
30.14
-0.6
DAX
5577.07
46.95
-0.83
NIKKEI
10202.06
242.27
-2.32
HANG SENG
20932.2
229.22
-1.08
CHINA
3026.741
36.949
1.24
Page |2
NEWS ALERT Russia Central Bank cuts key rate as inflation slowing – Reuters S Sprint Nextel: T-Mobile owner eyes multi-billion dollar bid for Sprint - UK Telegraph (3.77 ) EU says Europe's economy to contract 4.0% in 2009 – AFP European shares pull back; FTSE -0.66%, CAC -0.9%, DAX -0.79% Moody's outlook for UK banks remains negative MYL Mylan Labs FDA accepts for filing co's ANDA for generic Copaxone (15.16 ) CYTX Cytori Therapeutics reports preclinical results that suggest adiposederived regenerative cells may reverse periodontal disease (3.63 ) ABT Abbott Labs announces approval in China for next-generation XIENCE V drug eluting stent (46.83 ) Steel prices drop, reversing course in sign mills ramped up too quickly – WSJ UA Under Armour raised to Neutral from Sell at Goldman- DJ (26.37 ) Fed's Duke says CMBS market is "still very weak" – DJ
Page |3
CURRENT MARKET SENTIMENT 9/11 was not able to pull the market by the bootstrap with a patriotic buy; the market barely moved above 9600. A laborious day that exhibited exhaustion! With an upcoming uneventful week with positive economic data: Jobless claims and Philly Fed Index, will confirm that the bottom is behind and recovery is under way. The street seems to have exhausted all excitement by running ahead of itself. Expiration week is setting up to be a wild ride south.
ECONOMIC NUMBERS AND DATA Time (ET)
Indicator
Date
Actual
Expectation
Range
Prior
N/A
N/A
N/A
N/A
N/A
N/A
N/A
TECHNICAL Indices
S2
S1
Pivot
R1
R2
INDU (DOW)
9530
9560
9608
9675
9687
SPUZ (S&P)
1033
1037
1043
1049
1052
DOW STOCK TO WATCH Strong BA
Weak AA
UTX
XOM
KO
MCD
DS
JNJ
MARKET HIGHLIGHTS 09/14/2009
PRISM CALL
The futures are opening up weak. We are looking for a little bounce in the futures, maybe to 1038-1041 area (below the pivot) followed by a broader sell-off. Looking to short the stocks off the open that don’t open down weak enough. If selling pressure persists off of the open, the market has A LOT of room to go down.
Page |1 RISK DISCLAIMER: There is a very high degree of risk involved in trading equities. Trading is not for every investor and only risk capital should be used. Past results are not indicative of future returns. Prism Trading School, LLC (“Prism”) and all individuals affiliated with Prism assume no responsibilities for your trading and investment results. The indicators, strategies, articles and all other features are for educational purposes only and should not be construed as investment advice. Any person who chooses to use this information as a basis for their trading assumes all the liability and risk for themselves and hereby and absolutely agrees to indemnify and hold harmless Prism, its principals, agents and employees. All of the material contained herein is believed to be correct, however, Prism will not be held responsible for accidental oversights, typos or incorrect information from sources that generate fundamental and technical information. Prism does not warrant the completeness or accuracy of such information, and does not warrant any results from the use of the information. Your use of Prism materials is entirely at your own risk and it is your sole responsibility to evaluate the accuracy, completeness and usefulness of the information. You must assess the risk of any trade and make your own independent decisions regarding any securities mentioned herein. Prism affiliates may have a position or effect transactions in the securities described herein (or options thereon) and/or otherwise employ trading strategies that may be consistent or inconsistent with the provided strategies.
UPGRADES / DOWNGRADES Stock Upgraded United Parcel Service (UPS) Motorola (MOT) Stock Downgraded First Solar (FSLR) Potash (POT) Mosaic (MOS) Rosetta Resources (ROSE) Deutsche Bank (DB) Barclays (BCS)
House
Current Price
Price Adjustment
Target Price
Credit Suisse
58.80
Neutral
UBS
8.68
Buy
$11.50
House
Current Price
Price Adjustment
Target Price
Soleil
136.75
Sell
$96
Citigroup
89.90
Hold
Citigroup
53.26
Hold
Suntrust
14.65
Neutral
Nomura
72.51
Reduce
Nomura
24.56
Neutral
COMMODITY PRICES Commodity
Price
OIL
68.78
-0.51
GOLD
998.80
-7.60
FOREIGN MARKETS Market
Price
%
FTSE
4981.33
30.14
-0.6
DAX
5577.07
46.95
-0.83
NIKKEI
10202.06
242.27
-2.32
HANG SENG
20932.2
229.22
-1.08
CHINA
3026.741
36.949
1.24
Page |2
NEWS ALERT Russia Central Bank cuts key rate as inflation slowing – Reuters S Sprint Nextel: T-Mobile owner eyes multi-billion dollar bid for Sprint - UK Telegraph (3.77 ) EU says Europe's economy to contract 4.0% in 2009 – AFP European shares pull back; FTSE -0.66%, CAC -0.9%, DAX -0.79% Moody's outlook for UK banks remains negative MYL Mylan Labs FDA accepts for filing co's ANDA for generic Copaxone (15.16 ) CYTX Cytori Therapeutics reports preclinical results that suggest adiposederived regenerative cells may reverse periodontal disease (3.63 ) ABT Abbott Labs announces approval in China for next-generation XIENCE V drug eluting stent (46.83 ) Steel prices drop, reversing course in sign mills ramped up too quickly – WSJ UA Under Armour raised to Neutral from Sell at Goldman- DJ (26.37 ) Fed's Duke says CMBS market is "still very weak" – DJ
Page |3
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