Daily Markets - Financial News And Opinions

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• Coffee’s Downtrend Starting To Get Cold?
• Forex Trading: USDCHF Reaches Downside Target At 1.0646.
• Solid Auto Sales Boost Platinum, Palladium ETFs
• Patni Beats Handily
• Mutual Funds: Top 5 Real Estate Funds
• U.S. Cellular Cut To Underperform
• Forex Trading: USDJPY Looking Toward The Target At 88.23
• ISM Services Better Than Expected
• Sprint To Jettison “Helio” Soon
• Video: Revisions Have Helped Push The Dow Into Positive Territory
• URS Beats Estimates
• Australian Dollar: Bounce
• Canadian Dollar: Rebound In Sight
• Video: Sensex Soars While Rest Of Asia Remains Quiet
• Does Your Portfolio Need A “RAFI ETF”?
• Forex Trading: AUDUSD Testing The 100 Day MA At 0.9070
• Tessera Wins Cash, Ups Guidance
• Forex Trading: EURUSD Breaking Higher As London Fix Shows Buying Interest
• Morning News Notes: 3/3/2010
• U.S. Auto Sales Exceed 10 Million
• Video: NYSE Opening Bell Market Monitor: BJ, COST, PFE
• GDP And Dollar Growth: It’s All Happening In Australia
• Dress Barn Beats, Lifts View
• Forex Trading: GBPUSD Holding The Short Term Support Level, But Upside Resistance Not Too Far Away.
• Bayer Reports Lower Revenue
• The Bearish Case For Equities

Coffee’s Downtrend Starting To Get Cold? Posted: 03 Mar 2010 09:17 AM PST Fundamentals Since reaching 14-month highs back in mid December of last year, Coffee futures have turned cold, having fallen over 20-cents per pound on expectations of large supplies this season out of Brazil, the world’s largest Arabica Coffee producer. Also setting a negative tone for the Coffee market as well as other commodities has been the resurgence of the U.S. Dollar, with the Dollar index futures hovering near 9-month highs. It appears that traders are ignoring current tight world … [visit site to read more]

Forex Trading: USDCHF Reaches Downside Target At 1.0646. Posted: 03 Mar 2010 09:15 AM PST As per prior post (click here), the USDCHF broke through support and moved toward the target level at teh 1.0646 level. The low reached and has bounced.  The level remains a key level below with a break leading to further liquidation toward 1.0609.  On the topside, look for resistance at the 1.0675 … [visit site to read more]

Solid Auto Sales Boost Platinum, Palladium ETFs Posted: 03 Mar 2010 09:11 AM PST After weathering a severe and prolonged downturn that saw multiple bankruptcies, unprecedented government intervention, and the near demise of the entire industry, American automakers finally have some good news to report. Ford sold more cars than rival General Motors for the first time in 50 years in February (excluding two months in 1998 when GM was crippled by strikes), as car and light truck sales jumped more than 40% from the same period in 2009. Despite losing the monthly sales crown, GM … [visit site to read more]

Patni Beats Handily Posted: 03 Mar 2010 09:10 AM PST Patni Computer Systems Ltd. (NYSE:PTI) reported earnings from continuing operations of 46 cents per ADS for the fourth quarter of 2009, compared to the Zacks Consensus Estimate of 38 cents. Revenue during the quarter rose 1.8% sequentially to $170.2 million (INR 7,896.1 million), from $ 167.2 million (INR 8,040.2 million) in the preceding quarter. Number of active clients was 272 at year end as compared to 331 at the end of 2008. New clients acquisitions during the quarter were 20. On calendar … [visit site to read more]

Mutual Funds: Top 5 Real Estate Funds Posted: 03 Mar 2010 08:56 AM PST Real estate has weathered rough seas recently, but investments in this sector will continue to play a key role in a long-term portfolio strategy. With comparatively lower initial investment requirements and risk levels, real estate funds are a convenient way to invest in this sector. These funds either purchase or lease out property or hold securities backed by real estate. Investors with a long-term horizon would do well to consider them since they offer protection against inflation and bring … [visit site to read more]

U.S. Cellular Cut To Underperform Posted: 03 Mar 2010 08:53 AM PST We downgrade our recommendation for U.S. Cellular (NYSE:USM), the wireless subsidiary of Telephone and Data Systems (NYSE:TDS), to Underperform following the lower-than-expected fourth quarter 2009 results. The carrier reported disappointing results in the quarter with earnings coming in below the Zacks Consensus Estimate on account of lofty impairment charges.   U.S. Cellular remains challenged by the increasingly competitive domestic wireless market and intense pricing pressure which is … [visit site to read more]

Forex Trading: USDJPY Looking Toward The Target At 88.23 Posted: 03 Mar 2010 08:52 AM PST As per earlier post, the USDJPY is looking to test the 61.8% retracement of the move up from the November low to the January high. The level comes in at the 88.23 price.  A break of that level will look toward 87.50. Look for profit taking buyers against the 88.23 level with stops on a break. Topside should find sellers against the 88.46 level now (low from earlier … [visit site to read more]

ISM Services Better Than Expected Posted: 03 Mar 2010 08:46 AM PST The Institute for Supply Management's (ISM) non-manufacturing, or Services, index came in at 53.0 for February, up from 50.5% in January. This was well ahead of the consensus expectation that it would increase to 51.0. Any reading over 50 indicates that the service side of the economy is expanding. While the Services index is still lagging behind the Manufacturing index, which was reported on Monday at 56.5, at least it is rising — the Manufacturing index pulled back (showing a slower rate … [visit site to read more]

Sprint To Jettison “Helio” Soon Posted: 03 Mar 2010 08:36 AM PST Sprint Nextel (NYSE:S), the third-largest US carrier, announced that it will discontinue the postpaid wireless service (marketed under the "Helio” brand) of its wholly-owned subsidiary Virgin Mobile USA effective May 25, 2010. However, the prepaid service, which is being offered under the "Virgin” brand, will not be affected by the decision.   Virgin Mobile USA, which is predominantly a prepaid operator, began its postpaid operation following the acquisition of mobile virtual network … [visit site to read more]

Video: Revisions Have Helped Push The Dow Into Positive Territory Posted: 03 Mar 2010 08:27 AM PST Floor trader Alan Valdes shares his thoughts behing this session’s upswing and what it means for the upcoming days. … [visit site to read more]

URS Beats Estimates Posted: 03 Mar 2010 08:19 AM PST URS Corp. (NYSE:URS) reported fourth-quarter earnings per share from continuing operations of 65 cents, which was ahead of the Zacks Consensus Estimate of 58 cents. The company reported revenues of $2.11 billion, compared to revenues of $2.71 billion in the fourth quarter of 2008. Segment Results URS changed the names of its 3 financial reporting segments in the fourth quarter of fiscal 2009. The new segment names are: Infrastructure and Environment (formerly the URS Division); Federal Services … [visit site to read more]

Australian Dollar: Bounce Posted: 03 Mar 2010 08:19 AM PST Update on supports and resistances. … [visit site to read more]

Canadian Dollar: Rebound In Sight Posted: 03 Mar 2010 08:19 AM PST Update on supports and resistances. … [visit site to read more]

Video: Sensex Soars While Rest Of Asia Remains Quiet Posted: 03 Mar 2010 08:15 AM PST India’s BSE Sensex index posted quite the hefty gain this session following a large rise in domestic banks and technology stocks. … [visit site to read more]

Does Your Portfolio Need A “RAFI ETF”? Posted: 03 Mar 2010 08:12 AM PST In recent years, investors have begun moving away from traditional active management in favor of more cost-efficient indexing strategies. The result has been a tremendous surge in the popularity of ETFs and a serious threat to actively-managed mutual funds that have dominated the investment industry for decades. As market indexes have transitioned from performance benchmarks to investable baskets of securities, the underlying methodologies have, not surprisingly, been the subject of increased … [visit site to read more]

Forex Trading: AUDUSD Testing The 100 Day MA At 0.9070 Posted: 03 Mar 2010 08:11 AM PST A break should lead to higher … [visit site to read more]

Tessera Wins Cash, Ups Guidance Posted: 03 Mar 2010 08:03 AM PST After the closing bell on Monday, Tessera Technologies Inc. (NASDAQ:TSRA) announced that it had signed a six-year licensing agreement with United Test and Assembly Center Ltd.   While the exact value of the new licensing agreement was not disclosed, the company, however, mentioned that United Test and Assembly Center would pay $15 million upfront in lieu of past royalties to Tessera.   Shares jumped 4.44% yesterday, as the market digested the news.   Both companies have been in … [visit site to read more]

Forex Trading: EURUSD Breaking Higher As London Fix Shows Buying Interest Posted: 03 Mar 2010 08:02 AM PST The EURUSD has broken higher at the London 11:00 AM NYT fixing.  The price is testing the key 1.3691 level (moved to a high of 1.3698) and has paused.  The activity is picking up but we have seen these extremes be rejected on a number of occassions, so one can expect some hesitation once again.  Support now comes in at 1.3673-78.  Below, the 1.3654 … [visit site to read more]

Morning News Notes: 3/3/2010 Posted: 03 Mar 2010 07:58 AM PST The “Morning News Notes” as prepared by TL…Greece, US economic growth revisions, and mortgage rates. Just click on the link or the coffee mug below. “Morning News Notes”: March 3, … [visit site to read more]

U.S. Auto Sales Exceed 10 Million Posted: 03 Mar 2010 07:45 AM PST Sales in the U.S. auto industry grew 13% to 10.4 million vehicles in February, driven by strong fleet sales (sales to rental companies as well as corporate and government houses). Comparable month sales recorded high figures, since February 2009 was the weakest month last year. However, sales were lower than expected due to winter storms and Toyota Motor's (NYSE:TM) safety crisis, which kept many consumers away from the showrooms.   Ford Motor Co. (NYSE:F) ruled among the U.S. automakers, … [visit site to read more]

Video: NYSE Opening Bell Market Monitor: BJ, COST, PFE Posted: 03 Mar 2010 07:37 AM PST The latest in news, commentary, and information on what’s moving the US equities markets. … [visit site to read more]

GDP And Dollar Growth: It’s All Happening In Australia Posted: 03 Mar 2010 07:34 AM PST I have to say front and center this morning, that while it may have taken the currency traders half a day to realize that Australia had raised rates, they finally began pushing the Aussie dollar (AUD) higher versus the green/peachback. I was beginning to think that I would have egg all over my face again, when the Aussie dollar didn't respond right away… But it was all right on the night. I had someone send me a note yesterday that was a little confused about the statement I made about the … [visit site to read more]

Dress Barn Beats, Lifts View Posted: 03 Mar 2010 07:30 AM PST The Dress Barn Inc. (NASDAQ:DBRN) recently posted fiscal 2010 second-quarter results. The company swung to a GAAP net income of $21.7 million, from a GAAP net loss of $1.8 million in the year-ago quarter. Excluding special items, adjusted earnings per share came in at 37 cents, which surged past the Zacks Consensus Estimate of 25 cents.   The company has a good track record of beating earnings expectations as it has topped the Zacks Consensus Estimate in each of the last 4 quarters with an … [visit site to read more]

Forex Trading: GBPUSD Holding The Short Term Support Level, But Upside Resistance Not Too Far Away. Posted: 03 Mar 2010 07:30 AM PST The GBPUSD held the converged 100 and 200 bar MA at the 1.0530 level and bounced.  The ability to hold suggest higher prices but will also provide a stop level should the price not advance.   Traders are still not comfortable with the moves and with a ceiling on the same chart at the 1.5066, the bulls have a level to lean against and the bears do too.  So watch closely and look for a … [visit site to read more]

Bayer Reports Lower Revenue Posted: 03 Mar 2010 07:15 AM PST Revenues of Bayer (BAYRY) during the fourth quarter declined marginally by 0.6% to €7.87 billion from €7.92 billion in the corresponding period last year. For 2009, revenues came in at €31.16 billion, down 5.3% from €32.91 billion in 2008. Bayer's core earnings per share (EPS) came in at €0.90 (approx $1.23) compared to €0.71 (approx. $0.96) in the year-ago period. The Zacks Consensus Estimate during the reported quarter was $1.14. For 2009, the company recorded a 12.7% decline … [visit site to read more]

The Bearish Case For Equities Posted: 03 Mar 2010 06:16 AM PST From this perch, the bearish case for equities is really one of sentiment. The “smart money” is bearish and the “dumb money” never really got too bearish after the mid - January correction. As discussed in “Why I Think We Need To Go Lower Before Going Higher” this is a market “call” where context matters. The best dips to buy are those where the “dumb money” turns bearish and the “smart money” turns bullish. Neither of these happened after the mid - January correction. It would be my … [visit site to read more]

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