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Daily Report for Wed, Jan 23, 2008

 January 23, 2008 09:56 AM


rsi

Markets Re-cap

Market intervention, which had countered the global equity market sell-off shortly after 3:00am ET yesterday morning, re-appeared at about 8am with a major speech by US Treasury Secretary Paulson, and then again, when Paulson was speaking, by an announcement from the Federal Reserve Bank of an Emergency cut of -75 basis points in the Fed Funds rate to 3.50 pct. Full court press.

As I wrote before much of the action occurred, "The signs were clear: plunging US equity futures, which were being hammered, reversed; the European bourses appeared to be opening much stronger than their Asia-Pacific counterparts, and precious metal spot prices bottomed out… The smell of a rally attempt is in the air… All eyes are on Prof. Bernanke."

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The DJIA opened at about 11650, down about -450 points from the Friday close of 12099. By the end of the session however, the DJIA was off only -128.11 (-1.06 pct) to 11971). The S&P 500 closed down -14.69, and the Nasdaq Composite was off -47.75.

Excluding Germany (DAX -0.31 pct), European shares ended mostly higher. The UK FTSE 100 jumped +2.90 pct.

The big hits to the US sector ETFs were to Healthcare (XLV -3.47 pct), Utilities (XLU -3.45 pct) and Energy (XLE -3.11 pct). Basic Materials (XLB -0.91 pct) were strongest, but still down.

On the economic front, the Federal Reserve Bank of Chicago's National Activity index for December slid to -0.91 vs. -0.29 in November, which is its lowest level since 2003.

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The major story on the corporate earning's front was Bank of America Corp's (BAC) 4Q net income drop of -95 pct to $268 million vs. $5.26 billion a year earlier. BAC took -$5.28 billion in collateralized debt obligation write-downs and also reported soaring credit costs.

After the Fed Rate cut, the $USD traded sharply down vs. the Euro and the Cdn Dollar, but closed down just -0.05 pct against the Euro. It managed a gain of +0.47 pct against the Yen.

Crude Oil traded down to $89.85/bbl.

$GOLD also rocketed on the news of the emergency rate cut. Gold reversed intraday to trade up to $892.70/troy oz.

The 30-year US bond rallied sharply (+0.99 pct) to close at 120.78, and the yield dropped -1.63 pct to 4.227. The yield on the 10-year is now down to 3.484 and the 5-year T-note down to 2.623.

But that was yesterday. Today could be a return to a global equity market rally, or possibly not. There are two sides to the story today.

In Asia-Pacific markets earlier today, the Hang Seng of Hong Kong, which had previously plunged -8.65 pct, rocketed +10.72 pct. Shanghai (-7.22 pct the day earlier) jumped +3.14 pct. The Nikkei 225 of Japan (after -5.65 pct) lifted +2.04 pct. The BSE 30 of India (after -3.69 pct) rallied +5.17 pct. And, the All-Ordinaries of Australia rebounded from a drop of -7.26 pct to today's gain of +4.28 pct.

This is extreme volatility, obviously, but a very good day for the Far East markets.

Early today, the Dollar:Euro March futures are showing the Euro down -0.25 pct to 1.4558. The Brent Crude is down -1.17 pct.

March DJIA futures, which on Monday had been crushed by well over -500 points, traded back sharply during the day. But as of 7:00am ET this morning are now down -131 to 11820.

Clearly, there are serious Bear issues remaining in the marketplace.

Spot gold has been unchanged since midnight, at 886.40 at just past 7am. Spot silver is up +0.05 to 15.96.


Comments & Outlook

Absolutely shocking to me is the divergence between this morning's US equity futures (showing a double digit Dow decline at the open) and the stunning rally overnight in some of the Asia-Pacific markets, particularly Hong Kong.

Check out this sample of HK large cap stock prices during the session today:

1398
Ind & Com BK China ...
4.92 +0.49 +11.06%

0857
Petrochina
11.3 +1.68 +17.46%

0005
Hsbc Holdings
116.2 +11.8 +11.30%

0941
China Mobile
120.3 +11.4 +10.47%

3988
Bank of China Ltd ...
3.33 +0.25 + 8.12%

2628
China Life
31.95 +4.35 +15.76%

0939
China Construction ...
5.78 + 0.8 +16.06%


American traders seem to be focused on the Fiscal 2Q revenue forecast from Apple (AAPL) that guided sales to a possible +29 pct growth, which Wall Street said was disappointing. Pre-market trades in AAPL are down over -10 pct to 139.48 from the close of 155.64, as traders are showing concerns over consumer spending in the US.

The recession story will still not go away. It's as if HB&B are deliberately pushing, in their own interest, further rate cuts. That would certainly help bank profitability as banks are always reluctant to cut prime lending rates or credit card loan rates.

As I see it, HB&B is the party issuing the talking points to today's media, and it's disgraceful conduct. These bankers are desperate to regain their footing and their power. It must be hard for their executives to look themselves in the mirror after getting on their knees to the Sovereign Wealth Funds. I suppose this is their attempt to even the score.

It's time for Treasury Secretary Paulson to address this most serious issue. After all, for many years until May 2006, he was the head honcho at HB&B. Is he now going to serve the people or is it business as usual?


Links & Charts


International Economics Review

US Economic Calendar.



Knobias Cara100 Tables

 Portfolio GAINERS
SYMB LAST CHG %C VOL
BBBY 29.190 +2.140 +7.9 14.7M
TGT 53.750 +3.650 +7.3 27.6M
KSS 42.800 +2.800 +7 12.5M
JCP 43.430 +2.500 +6.1 12.3M
ABX 49.490 +2.760 +5.9 22.5M
GG 36.010 +1.530 +4.4 13.6M
WHR 74.590 +3.060 +4.3 2.7M
CCL 39.810 +1.550 +4.1 8.8M
WMT 49.200 +1.620 +3.4 44.3M
LEH 55.050 +1.800 +3.4 24.8M
RY 47.210 +1.430 +3.1 1.8M
BDK 67.580 +1.830 +2.8 1.7M
PBR 96.810 +2.440 +2.6 16.9M
COST 66.090 +1.560 +2.4 9.8M
NUE 52.270 +1.050 +2 7.7M
GS 190.550 +3.340 +1.8 19M
RIMM 90.100 +1.520 +1.7 34.7M
BC 15.320 +0.230 +1.5 3.1M
NKE 57.330 +0.830 +1.5 5.5M
UBS 40.500 +0.500 +1.2 9.1M
WAG 34.100 +0.390 +1.2 12.8M
CCJ 34.640 +0.350 +1 7.3M
WFMI 35.430 +0.350 +1 5.2M
TS 36.720 +0.200 +0.5 4.3M
SLW 16.060 +0.080 +0.5 4.9M

 Portfolio LOSERS
SYMB LAST CHG %C VOL
CHA 74.300 -8.700 -10.5 863.5K
PTR 140.600 -14.560 -9.4 3.5M
CEO 137.710 -12.300 -8.2 1.1M
RIO 26.860 -1.970 -6.8 60.2M
BMY 22.910 -1.570 -6.4 46.4M
ORCL 20.220 -1.360 -6.3 66.8M
TOT 73.440 -4.770 -6.1 7M
TEF 88.700 -5.690 -6 1.3M
GRMN 59.360 -3.630 -5.8 6.9M
SU 85.800 -4.690 -5.2 6.4M
AET 53.330 -2.760 -4.9 5.4M
VIP 32.330 -1.630 -4.8 8.4M
BHP 57.820 -2.900 -4.8 9M
HDB 113.110 -5.510 -4.6 978.6K
WBK 110.240 -5.230 -4.5 16.5K
MBT 85.000 -3.780 -4.3 3M
YHOO 19.920 -0.860 -4.1 38M
IMO 47.170 -1.990 -4 674.6K
BBD 25.860 -1.080 -4 12.4M
DELL 20.260 -0.820 -3.9 53.9M
QCOM 36.910 -1.440 -3.8 29.6M
ADBE 34.050 -1.280 -3.6 10.2M
EXC 73.130 -2.730 -3.6 8.5M
PDA 41.070 -1.490 -3.5 197.5K
VCP 24.940 -0.890 -3.4 1.3M

 Portfolio 52-Wk HIGHS
SYMB DAY HIGH LAST CHG %CHG VOL
NONE FOUND.

 Portfolio 52-Wk LOWS
SYMB DAY LOW LAST CHG %CHG VOL
BMY 22.610 22.910 -1.570 -6.41 46.38M
YHOO 19.260 19.920 -0.860 -4.14 37.99M
DELL 19.850 20.260 -0.820 -3.89 53.94M
QCOM 35.170 36.910 -1.440 -3.75 29.58M
ADBE 32.990 34.050 -1.280 -3.62 10.20M
CSCO 22.310 23.470 -0.830 -3.42 108.66M
GSK 47.340 48.770 -1.660 -3.29 3.51M
PAYX 31.460 32.170 -1.040 -3.13 4.56M
TM 91.210 96.660 -3.040 -3.05 1.35M
GOL 16.950 18.230 -0.540 -2.88 1.65M
SNDK 26.000 26.970 -0.770 -2.78 9.39M
DB 104.110 111.710 -3.040 -2.65 2.20M
CTSH 23.370 25.350 -0.650 -2.50 6.52M
HBC 70.420 72.970 -1.560 -2.09 5.05M
INTC 18.050 18.630 -0.370 -1.95 146.89M
TGP 27.830 28.550 -0.500 -1.72 56.38K
LLTC 26.370 26.950 -0.420 -1.53 8.46M
DIS 26.300 28.100 -0.410 -1.44 20.53M
TCK 27.060 29.220 -0.350 -1.18 1.93M
DEO 73.750 76.730 -0.890 -1.15 1.04M
BA 74.400 77.530 -0.870 -1.11 8.49M
INFY 35.000 37.980 -0.040 -0.11 4.60M
DOW 33.010 34.930 -0.010 -0.03 11.63M
SBUX 17.660 18.670 +0.010 +0.05 21.77M
TS 34.910 36.720 +0.200 +0.55 4.31M
WFMI 34.140 35.430 +0.350 +1.00 5.25M
WAG 32.500 34.100 +0.390 +1.16 12.76M
UBS 37.210 40.500 +0.500 +1.25 9.07M
BC 14.460 15.320 +0.230 +1.52 3.06M
RY 44.250 47.210 +1.430 +3.12 1.78M
CCL 37.610 39.810 +1.550 +4.05 8.79M

 Portfolio VOLUME
SYMB LAST %C VOL %ADSV
PTR 140.600 -9.4 3.5M +274
DB 111.710 -2.6 2.2M +216
CCJ 34.640 +1 7.3M +204
TOT 73.440 -6.1 7M +186
RIO 26.860 -6.8 60.2M +185
BMY 22.910 -6.4 46.4M +181
SU 85.800 -5.2 6.4M +177
UBS 40.500 +1.2 9.1M +162
TM 96.660 -3 1.3M +153
HBC 72.970 -2.1 5.1M +145
MFC 34.865 -1.6 3M +143
CEO 137.710 -8.2 1.1M +135
RY 47.210 +3.1 1.8M +134
JNJ 65.310 -1.5 29.1M +131
PBR 96.810 +2.6 16.9M +129
BBBY 29.190 +7.9 14.7M +127
BHP 57.820 -4.8 9M +124
IMO 47.170 -4 674.6K +121
MBT 85.000 -4.3 3M +120
VCP 24.940 -3.4 1.3M +120
ABB 23.270 -1.7 13.3M +118
VIP 32.330 -4.8 8.4M +118
WMT 49.200 +3.4 44.3M +118
PG 65.140 -3 25.6M +117
CCL 39.810 +4.1 8.8M +116

 Analysts UPGRADES
SYMB ANALYST OLD   NEW BEFORE   AFTER
INFY JP Morgan ---
--- Neutral
Overweight
BBBY Bernstein ---
--- Mkt Perform
Outperform
KSS Bernstein ---
--- Mkt Perform
Outperform
ABX CSFB 43.00
59.00 Equal Weight
Outperform
• PREVIOUS SESSION
NONE FOUND.

 Analysts DOWNGRADES
SYMB ANALYST OLD   NEW BEFORE   AFTER
HBC Morgan Stanley ---
--- Overweight
Equal-weight
MBT CSFB ---
--- Outperform
Neutral
JCP Piper Jaffray ---
40.00 Buy
Neutral
• PREVIOUS SESSION
NONE FOUND.


Cara 100 Daily RSI-7 Charts


At least one RSI value >70:
TickerLastRSI-7MRSI-7WRSI-7DZone
ABX49.5878.1170.0561.25Sell alert (trig. 5 days ago (on 2008-01-15 at $50.25, -1.33% chg), after a 8 day DZ)
ATVI26.5077.7158.2134.15
IBN61.6874.4649.9835.46Sell alert (trig. 5 days ago (on 2008-01-15 at $66.03, -6.59% chg), after a 3 day DZ)
COST66.1471.7748.8151.53
PBR96.5871.1245.6531.68
GG36.0370.3660.1352.05Sell alert (trig. 5 days ago (on 2008-01-15 at $36.60, -1.56% chg), after a 1 day DZ)
SLW16.0770.0153.8244.85
WMT49.2064.0263.8270.59
TGT53.8341.2447.5373.79
AMAT18.0040.4146.6072.39
JCP43.3221.1843.6970.15Buy alert (trig. 8 days ago (on 2008-01-10 at $37.55, +15.37% chg), after a 5 day AZ)
BBBY29.2617.9944.9671.93Buy alert (trig. 6 days ago (on 2008-01-14 at $26.66, +9.75% chg), after a 1 day AZ)

At least one RSI value <30:

TickerLastRSI-7MRSI-7WRSI-7DZone
BC15.3014.3119.5138.98Buy alert (trig. 2 days ago (on 2008-01-18 at $15.09, +1.39% chg), after a 3 day AZ)
SBUX18.6716.0721.7737.78
KSS42.8916.9935.7463.60Buy alert (trig. 4 days ago (on 2008-01-16 at $39.57, +8.39% chg), after a 9 day AZ)
BBBY29.2617.9944.9671.93Buy alert (trig. 6 days ago (on 2008-01-14 at $26.66, +9.75% chg), after a 1 day AZ)
UBS40.5620.0630.7826.89Buy alert (trig. 1 days ago (on 2008-01-22 at $40.56, +0.00% chg), after a 2 day AZ)
JCP43.3221.1843.6970.15Buy alert (trig. 8 days ago (on 2008-01-10 at $37.55, +15.37% chg), after a 5 day AZ)
WAG34.0721.6332.0445.95Buy alert (trig. 4 days ago (on 2008-01-16 at $33.24, +2.50% chg), after a 2 day AZ)
HBC73.1122.7818.9814.89Accumulation Zone (for 4 days)
LLTC26.9525.0117.4925.27Accumulation Zone (for 2 days)
SNDK26.9725.1514.6324.84Accumulation Zone (for 4 days)
PAYX32.1225.7417.5624.43Accumulation Zone (for 1 days)
TM96.9126.4321.2025.57Accumulation Zone (for 1 days)
DELL20.2526.9825.7626.40Accumulation Zone (for 1 days)
DIS28.1229.2915.3310.63Accumulation Zone (for 2 days)
GOL18.2329.4619.498.39Accumulation Zone (for 1 days)
BMY22.8929.9722.7913.85Accumulation Zone (for 1 days)
CTSH25.4030.4923.1024.72Buy alert (trig. 4 days ago (on 2008-01-16 at $26.20, -3.05% chg), after a 1 day AZ)
DOW34.9430.5923.9225.32
WFMI35.4330.6925.5235.08
BA77.6030.7720.9429.61Buy alert (trig. 4 days ago (on 2008-01-16 at $79.87, -2.84% chg), after a 1 day AZ)
YHOO19.8631.5521.3618.62Buy alert (trig. 2 days ago (on 2008-01-18 at $20.78, -4.43% chg), after a 1 day AZ)
CSCO23.4831.5618.2316.02
INTC18.6131.9219.5615.93
INFY37.9332.2930.7119.48
TGP28.5532.3332.8921.16
CCL39.8432.5428.3145.66Buy alert (trig. 1 days ago (on 2008-01-22 at $39.84, +0.00% chg), after a 2 day AZ)
ADBE34.0032.6019.409.23
DB111.7532.6327.9115.25
TS36.6333.0716.1321.33
TCK29.2934.3325.6018.47
GRMN59.3637.1122.1214.31
GE34.0537.3424.0335.56
CCJ34.5039.0630.1324.58
ERTS49.4940.7130.3120.66
MFC34.8040.8922.296.48
ERJ41.2741.5928.1322.00
GSK48.8441.9536.7622.05
DEO76.7342.0219.6323.19
UTX67.2442.5322.4713.31
STO26.0942.9328.9925.80
SU85.8046.0527.0012.58
PTR140.7046.8628.0417.10
BHP57.8247.6128.3319.68
PG65.1347.8124.685.88
TOT73.4549.2433.8019.95
CVX81.2549.8528.6216.79
XOM82.4549.8728.6320.41
NTES18.2050.5839.9223.81
EXC73.1350.9330.0116.66
VCP24.9451.9431.4421.90
BBD25.8652.7434.0919.20
NKE57.2952.9427.5831.43
OXPS27.7553.0937.4823.16
ECA60.9753.6930.6020.48
ABB23.2854.5533.6623.21
RIO26.8554.8031.2119.76
GGB24.8454.8236.9123.66
PDA41.0754.8832.9920.45
NOK31.7055.1928.3021.83
IMO47.1755.2636.9720.85
CEO137.7156.3835.9120.53
JNJ65.2756.9341.1823.84
GOOG584.3557.1932.0618.76
MICC94.4658.2337.5525.85
AET53.4359.3635.7726.81
CHL75.5361.6034.5829.85
TEF88.7066.6735.4325.24
KO58.7967.6337.4520.82Sell alert (trig. 7 days ago (on 2008-01-11 at $63.77, -7.81% chg), after a 2 day DZ)
HDB113.1568.7541.8829.55
MBT85.0069.5643.2929.92
VIP32.2669.6940.1719.95

International Equity Markets Review

Europe

Here is the latest session data for the bourses of Europe.


Here is the latest session data for the London stock exchange FTSE.


Here is the latest session data for the German DAX.


Here is the latest session data for the French CAC 40.


Here is the latest session data for the Milan Italy stock exchange MIBTEL.


Here is the latest session data for the Swiss market index.


Asia-Pacific

Here is the latest session data for the Asia-Pacific stock exchanges.


Here is the latest chart for the Japanese Nikkei 225 index.


Here is the latest chart for the Singapore index .


Here is the latest chart for the Shanghai Composite index .


Here is the latest chart for the Hong Kong Hang Seng index .


Here is the latest chart for the India BSE 30 index .

Here is the latest chart for the Australian All Ordinaries index .


US Equity Markets Review

DJIA (interactive) chart

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