Weekly Stock Trader Info Letter, 8 September, 2008
The Week Ahead: With 605,000 jobs now lost in 8 consecutive months for 2008 many are concerned that the economy is at a tipping point for a prolonged recession or worse. Each economic report from here will carry more weight than usual starting with consumer credit numbers on Monday followed by wholesale trade inventories and pending home sales on Tuesday. It's Friday though that contains the most content with retail sales figures, the Producer Price Index, business inventories, and an important consumer confidence index.
Stocks to Watch: Freeport Mcmoran (FCX) continued its torrid sell off after copper prices reached a 7 month low, but the stock looks oversold short term. Abm Industries (ABM) missed its earnings forecast for Q3 and lowered estimates for next year as the stock gapped strongly lower. Pike Electric (PEC) gave a very cautious outlook after revenues dropped 4.5% in Q4. Cooper Companies (COO) doubled earnings in Q3 but lowered estimates for all of 08', while Martek Biosciences (MATK) beat Q3 estimates and offered an upbeat outlook.
Special Note: News of the official and historic bailout of Fannie Mae and Freddie Mac by the US Treasury this weekend will no doubt have markets souring early on Monday. Oversold conditions had developed before this news hit so stocks were due for a strong bounce anyway. Tech stocks have thus far led the way down to the latest low as the (NDX) and (QQQQ) actually closed below there July closing lows. This may be a harbinger of things to come for the other major indexes after the next rally fades.
Commentary provided by Barry Ward, Registered Principal, NobleTrading.com, Inc.
Click here to open an account.
NobleTrading Direct Access Trading
email: info@nobletrading.com
phone: 877.872.3311
web: http://www.nobletrading.com
Stocks to Watch: Freeport Mcmoran (FCX) continued its torrid sell off after copper prices reached a 7 month low, but the stock looks oversold short term. Abm Industries (ABM) missed its earnings forecast for Q3 and lowered estimates for next year as the stock gapped strongly lower. Pike Electric (PEC) gave a very cautious outlook after revenues dropped 4.5% in Q4. Cooper Companies (COO) doubled earnings in Q3 but lowered estimates for all of 08', while Martek Biosciences (MATK) beat Q3 estimates and offered an upbeat outlook.
Special Note: News of the official and historic bailout of Fannie Mae and Freddie Mac by the US Treasury this weekend will no doubt have markets souring early on Monday. Oversold conditions had developed before this news hit so stocks were due for a strong bounce anyway. Tech stocks have thus far led the way down to the latest low as the (NDX) and (QQQQ) actually closed below there July closing lows. This may be a harbinger of things to come for the other major indexes after the next rally fades.
Commentary provided by Barry Ward, Registered Principal, NobleTrading.com, Inc.
To view all of NobleTrading's historical newsletters, click here.
Click here to open an account.
NobleTrading Direct Access Trading
email: info@nobletrading.com
phone: 877.872.3311
web: http://www.nobletrading.com
posted by NobleTrading at
10:01 AM
<< Home