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Ken flagg's Blog – June 2011 Archive (147)
SMF Notes Commodities Close:
Natural gas rallies on inventory data; despite modest gains today, crude sheds over 7% on the month
Following yesterday's austerity vote in Greece, it was a somewhat quieter session for commodities. August gold settled lower by 0.5% to $1502.90 per ounce, while Sept silver finished near unchanged at $34.76 per ounce. Both metals gave back modest gains from earlier in the session... August natural gas finished…
Added by ken flagg on June 30, 2011 at 4:09pm — No Comments
SMF Notes U.S. news is relatively light this morning.
First Solar (FSLR) is +6% in the pre-mkt on reports that the Department of Energy will announce $4.5 bln in loan guarantees for three California solar projects. USNA is +16.5% after issuing upside guidance.
While corporate news is light, there are a few pieces of econ data of interest, with weekly Initial Jobless Claims at 8:30 ET, followed by the June Chicago PMI at 9:45 ET. 30-Jun-11 07:40 ET In Play First…
ContinueAdded by ken flagg on June 30, 2011 at 4:07pm — No Comments
SMF Notes NDX 10 Best % Performers:
NTAP, JOYG, BRCM, EBAY, INTC, GRMN, XLNX, AMAT, FSLR, MRVL
NDX 10 Worst % Performers:
VMED, BIIB, NFLX, DLTR, ERTS, FFIV, URBN, LIFE, VRTX, WFM
Added by ken flagg on June 30, 2011 at 4:04pm — No Comments
SMF Notes FSLR First Solar down 8-pts off of its gap up opening momentum highs and back down
challenging the morning lows here near $134.00 (133.95 +4.57)
Added by ken flagg on June 30, 2011 at 4:02pm — No Comments
CF (144.26 -5.09), NFLX (261.50 -3.44), JJG (46.56 -3.34), LXU (42.40 -2.60), V (84.65 -1.92), TVIX (17.62 -1.71), EBIX (18.92 -1.43), MKC (49.58 -1.43), VXZ (50.22 -1.34), DAG (12.16 -1.29), AGU (8…
Added by ken flagg on June 30, 2011 at 3:59pm — No Comments
SMF Notes CF CF Industries ticking lower; Hearing cautious comments from tier 1 firm on
(CF, AGU, MOS, POT)
Added by ken flagg on June 30, 2011 at 3:28pm — No Comments
SMF Notes Chicago PMI Reaccelerates After 3 Months of Softening
The Chicago Purchasing Managers Index from Kingsbury International, Ltd., increased from 56.6 in May to 61.1 in June. This was the first increase in the Chicago PMI since February. The Briefing.com consensus expected the Chicago PMI to fall to 54.0. Since the auto sector factors prominently in the Chicago region, the unexpected increase suggests auto manufacturing is ramping back up quicker than most economists anticipated following the supply-induced slowdown…
ContinueAdded by ken flagg on June 30, 2011 at 10:29am — No Comments
SMF Notes S&P futures vs fair value: +3.70. Nasdaq futures vs fair value: +9.00.
Added by ken flagg on June 30, 2011 at 8:59am — No Comments
SMF Notes RVBD Riverbed Technology: Strength in the field continuing to play out - FBR Capital Markets (38.96 )
Added by ken flagg on June 30, 2011 at 8:53am — No Comments
SMF Notes V Color on final interchange rules -- slightly less onerous; uncertainty reduced - FBR Capital (86.57 )
Added by ken flagg on June 30, 2011 at 8:48am — No Comments
SMF Notes Corn Products (CPO 56.30) initiated with a Hold at KeyBanc Capital Mkts. Firm notes
Added by ken flagg on June 30, 2011 at 8:46am — No Comments
SMF Notes Initial Claims Preview
The initial claims level increased from 420,000 for the week ending June 11 to 429,000 for the week ending June 18. The Briefing.com consensus expects the initial claims level declined back to 420,000 for the week ending June 25. Initial claims have remained above the upper bound (410,000) of our "Recovery Zone" for 10 out of the last 11 weeks. During the entire month of April, the initial claims level was boosted by artificial and one-time exogenous factors.…
ContinueAdded by ken flagg on June 30, 2011 at 8:44am — No Comments
SMF Notes U.S. equity futures are higher again this morning, with S&P futures +4 vs.
fair value and DJ futures +42. This morning's strength adds to the 3% bounce in the S&P 500 over the past three days. While those gains have been made on light volume, they do illustrate some sense of temporary relief around the EU debt situation. Yesterday, Greece passed its first vote on the austerity plan, and today it faces another vote, on the implementation of the plan, which is expected sometime this morning.…
ContinueAdded by ken flagg on June 30, 2011 at 8:31am — No Comments
SMF Notes FSLR Avian initiates select solar stocks (129.42 )
Thursday, June 30, 2011 8:00 AM
Avian initiates FSLR tgt $160, and JKS tgt $43 with Positives. The firm also initiates STP tgt $6.50, YGE tgt $8, and SPWRA tgt $10 with Negatives. The firm initiates CSIQ, HSOL, JASO, SOL, and TSL with Neutrals.
Added by ken flagg on June 30, 2011 at 8:23am — No Comments
SMF Notes MON Monsanto conf. call summary (69.74 +2.84) -Update-
The company continues to see Continuation of seed-and-trait momentum in Latin America. In its Brazil corn portfolio, the co sees a commercial launch of VT PRO Double Stack in the fall of calendar year 2011. In Argentina, the co sees a commercial launch of its Genuity VT Triple PRO product in the fall of calendar year 2011. Overall, Brazil and Argentina are leading the emerbgence of Latin American growth as key contributors in its corn seeds and traits growth…
ContinueAdded by ken flagg on June 29, 2011 at 1:08pm — No Comments
SMF Notes Early Floor Talk: Futures are adding to week's gains
U.S. futures are higher again this morning, adding to the 2.2% gain made over the past two days (S&P futures are +10 vs. fair value, DJ futures are +80). The early strength precedes the first vote on the Greek austerity plan, which is expected sometime later this morning. Today's vote is on the legislation of the plan, and the vote is expected to pass. There is another vote tomorrow on the implementation of austerity measures. Overseas markets were mostly…
ContinueAdded by ken flagg on June 29, 2011 at 8:23am — No Comments
SMF MARKET UPDATES Futures are down
Futures are down very light however this new reversal upside move from our last bottoms is the key as to how far this market travels before stalling again there is a lot of data out there coming in the morning. SMF M.M.T submits an email to me if…
ContinueAdded by ken flagg on June 28, 2011 at 11:11pm — No Comments
SMF Notes Floor Talk:
Futures find a bid as euro recovers -Update-
Futures have recently risen to their best levels of the morning, with S&P futures now +4 vs. fair value, DJ futures are +50. The move higher in futures coincides with a move higher in the euro, which is now roughly flat on the day vs. the dollar at $1.430. This corresponds with a few headlines on the…
Added by ken flagg on June 28, 2011 at 1:24pm — No Comments
SMF Notes Currency, world region, commodity futures, & domestic sector ETF & ETN performance-
Regional (KRE) & Commercial banks (KBE) display Financial Sector (XLF) leadership this morning; CRB Index (BAL, SGG, COW, JJG, JJC) weaker even as the USD (UUP) slides
ETFs and ETNs Posting Relative Strength & Outperformance:
Eurozone- EWD +2.5%, EWI +1.75%, EZU +1.25%, EWK +1%, EWP +1.25%, emerging mkts.- INP +1.75%, VNM +1.5%, PIN +1.75%, FXI +1.5%, GXC…
Added by ken flagg on June 27, 2011 at 12:20pm — No Comments
SMF Notes Commodities Update: Gold Remains Near $1500, Crude Down Modestly
A pullback in the dollar index this morning gave a boost to commodities, but the majority of the complex remains in the red.
Crude oil futures fell as low as $89.60/barrel, which was hit about 40 minutes after floor trading began. Crude has since erased over one points in losses and is currently trading 0.3% lower at $90.92/barrel.
Natural gas has been on a general…
ContinueAdded by ken flagg on June 27, 2011 at 12:18pm — No Comments
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