Stocks to Watch: Earnings from the financial sector beat all other sectors with a 95% increase in Q3 as the lagging KBW Bank ETF (KBE) rose to its highest level since early August. Conversely, telecom sector earnings fell by 9%. Sprint Nextel (S ) sank to its August lows on fears that mobile provider Clearwire (CLWR) which provides a 4th generation mobile network to Sprint could fail as its cash will last only to the middle of next year unless further credit is secured. Massey Energy (MEE), 6 months after its mining disaster, is the subject of takeover rumors with at least 3 mining companies interested.
Special Note: U.S. stock indexes broke above their April highs with the exception of the S&P 100 (OEX) and Russell 2000. Confirmation from all averages would imply a new cycle breakout starting from the July low that may carry into next year with the bullish seasonal bias from November to January. A note of caution though is the Daily Sentiment Index (trade-futures.com) for S&P traders which at 94% bulls nears a 4 year extreme, and the percentage of bulls minus bears near 30% is the highest since the bear market began in 2007 (American Association of Individual Investors). Also, company insiders are selling at a pace not seen since 1990.
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