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The markets traded lower again yesterday. They also showed how vulnerable they are to pulling back as we had opened the morning and were up 100 points on the Dow, and then after a few negative headlines and a move in the dollar, the markets quickly sold off. We closed at 1067 on the S&P, below the 1070 support area, but within range. This morning we had the Case Schiller home price index coming in above expectations, and this has led to futures pushing higher. We continue to believe looking for opportunities to cut your long exposure is the right trade. As for the day trade for today, we would wait to see how the market trades in the first hour before making any predictions since after yesterday things could go either way. As always, use stops/trailing stops you are comfortable with. Currently, futures are pointing to a higher opening.
Futures Glance:
Index |
Futures
|
Fair Value
|
+/- FairValue
|
|
Dow Jones
|
+1.00
|
-21.04
|
+22.04
|
|
S&P 500
|
-0.10
|
-2.80
|
+2.70
|
|
NASDAQ
|
-2.75
|
-2.75
|
+0.00
|
Picks Sheet Notes:
CRS- CRS reported earnings this morning that beat analyst estimates by $0.05, but missed on Revenue. We are short this one from $21.25 and will look to cover right on the open.
TTWO-We are long this one from $11.90, and are currently using a watch stop of $11.25. A watch stop means we will revisit this position if it trades down to $11.25 instead of having an actual stop loss set at this price.
This Mornings POI's (Points of Interest):
LULU- Raised guidance for their Q3 last night to $0.17-0.19, above consensus of $0.14; Currently trading up about 6.6% or $1.70 Pre-Mkt
HTZ- Raised FY2009 EPS and Revenue guidance above consensus; Currently trading up about 9.3% or $0.90 Pre-Mkt
BIDU- Beat by $0.35; Revenue In-Line; Guided Q4 Revenue below consensus; Currently trading down about 19.2% or $83.10 Pre-Mkt
Other Earnings:
Company |
Symbol
|
Actual
|
First Call
|
+/- Est
|
Yr Ago
|
Yr/Yr Rev
|
|
A.M. Castle
|
CAS
|
-0.28
|
-0.15
|
-0.13
|
0.50
|
-52.70%
|
|
AGCO Corp
|
AGCO
|
0.13
|
0.04
|
0.09
|
|
-32.70%
|
|
AK Steel
|
AKS
|
0.06
|
0.01
|
0.05
|
1.67
|
-51.70%
|
|
Albemarle
|
ALB
|
0.57
|
0.55
|
0.02
|
0.61
|
-22.00%
|
|
AMCORE Fncl
|
AMFI
|
-2.39
|
-0.96
|
-1.43
|
-0.79
|
|
|
AMEDISYS
|
AMED
|
1.29
|
1.27
|
0.02
|
0.89
|
1128.80%
|
|
American Ecology
|
ECOL
|
0.23
|
0.24
|
-0.01
|
0.23
|
-8.60%
|
|
American Fincl
|
AFG
|
1.07
|
0.92
|
0.15
|
0.98
|
|
|
Ametek
|
AME
|
0.42
|
0.40
|
0.02
|
0.66
|
-23.20%
|
|
Anixter
|
AXE
|
0.61
|
0.56
|
0.05
|
1.58
|
-22.20%
|
|
Arris
|
ARRS
|
0.25
|
0.24
|
0.01
|
0.24
|
|
|
Avery Dennison
|
AVY
|
0.82
|
0.57
|
0.25
|
0.81
|
-10.20%
|
|
Baidu.com
|
BIDU
|
2.16
|
1.81
|
0.35
|
1.47
|
38.70%
|
|
Ballard Power
|
BLDP
|
-0.14
|
-0.12
|
-0.02
|
-0.19
|
-26.80%
|
|
BE Aerospace
|
BEAV
|
0.36
|
0.32
|
0.04
|
0.59
|
-21.80%
|
|
Bemis
|
BMS
|
0.48
|
0.39
|
0.09
|
0.44
|
-8.70%
|
|
Benchmark Elec
|
BHE
|
0.27
|
0.20
|
0.07
|
0.36
|
-20.40%
|
|
Boyd Gaming
|
BYD
|
0.09
|
0.10
|
-0.01
|
0.16
|
-6.60%
|
|
BP
|
BP
|
0.28
|
1.04
|
-0.76
|
2.84
|
-35.80%
|
|
Cabela's
|
CAB
|
0.28
|
0.18
|
0.10
|
0.15
|
2.00%
|
|
Cabot Oil & Gas
|
COG
|
0.41
|
0.36
|
0.05
|
0.65
|
-15.40%
|
|
Canadian Pacific
|
CP
|
0.85
|
0.78
|
0.07
|
1.11
|
-14.00%
|
|
Capella Education
|
CPLA
|
0.57
|
0.51
|
0.06
|
0.34
|
28.20%
|
|
Carpenter Tech
|
CRS
|
-0.21
|
-0.26
|
0.05
|
0.58
|
-43.50%
|
|
Celanese
|
CE
|
0.58
|
0.43
|
0.15
|
0.78
|
-28.50%
|
|
Centene
|
CNC
|
0.51
|
0.50
|
0.01
|
0.48
|
20.80%
|
|
Ceradyne
|
CRDN
|
0.26
|
0.28
|
-0.02
|
1.04
|
-35.60%
|
|
CF Industries
|
CF
|
0.78
|
1.02
|
-0.24
|
3.70
|
-57.90%
|
|
Ciber
|
CBR
|
0.08
|
0.06
|
0.02
|
0.13
|
-14.50%
|
|
Commscope
|
CTV
|
0.61
|
0.56
|
0.05
|
1.17
|
-29.40%
|
|
Concurrent
|
CCUR
|
-0.12
|
-0.13
|
0.01
|
0.01
|
-30.10%
|
|
Convergys
|
CVG
|
0.27
|
0.23
|
0.04
|
0.29
|
13.20%
|
|
Corn Products
|
CPO
|
0.70
|
0.63
|
0.07
|
1.15
|
-10.50%
|
|
Covenant Transport
|
CVTI
|
-0.14
|
-0.09
|
-0.05
|
-0.05
|
-28.00%
|
|
Crane
|
CR
|
0.60
|
0.48
|
0.12
|
0.60
|
-14.30%
|
|
Cynosure
|
CYNO
|
-0.15
|
-0.16
|
0.01
|
0.37
|
-53.10%
|
|
Daimler AG
|
DAI
|
0.04
|
-0.14
|
0.18
|
0.21
|
-21.10%
|
|
DineEquity
|
DIN
|
0.55
|
0.30
|
0.25
|
-0.47
|
-14.70%
|
|
Dixie Group
|
DXYN
|
-0.16
|
-0.08
|
-0.08
|
-0.06
|
-30.80%
|
|
Dollar Thrifty
|
DTG
|
1.15
|
0.79
|
0.36
|
0.89
|
-12.30%
|
|
DryShips
|
DRYS
|
0.27
|
0.20
|
0.07
|
3.53
|
-30.40%
|
|
DSP Group
|
DSPG
|
0.18
|
0.11
|
0.07
|
0.27
|
-25.10%
|
|
EarthLink
|
ELNK
|
0.28
|
0.25
|
0.03
|
0.49
|
-24.40%
|
|
Ecolab
|
ECL
|
0.61
|
0.60
|
0.01
|
0.55
|
-4.90%
|
|
Entegris
|
ENTG
|
-0.07
|
-0.04
|
-0.03
|
0.06
|
-24.10%
|
|
EPIQ Systems
|
EPIQ
|
0.17
|
0.18
|
-0.01
|
0.15
|
-1.40%
|
|
EV3
|
EVVV
|
0.06
|
0.01
|
0.05
|
0.04
|
5.40%
|
|
Extreme Networks
|
EXTR
|
-0.05
|
-0.02
|
-0.03
|
0.02
|
-25.90%
|
|
First Advantage
|
FADV
|
|
0.22
|
-0.22
|
0.24
|
|
|
FirstEnergy
|
FE
|
1.11
|
1.05
|
0.06
|
1.54
|
-12.80%
|
|
FirstMerit Corp
|
FMER
|
0.27
|
0.27
|
0.00
|
0.37
|
|
|
Flextronics
|
FLEX
|
0.13
|
0.09
|
0.04
|
0.28
|
0.80%
|
|
FPL Group
|
FPL
|
1.38
|
1.41
|
-0.03
|
1.25
|
|
|
Franklin Electric
|
FELE
|
0.40
|
0.49
|
-0.09
|
0.74
|
-23.10%
|
|
Franklin Resources
|
BEN
|
1.60
|
1.33
|
0.27
|
1.30
|
-6.30%
|
|
Fresh Del Monte
|
FDP
|
0.61
|
0.37
|
0.24
|
0.46
|
-8.00%
|
|
G&K Svcs
|
GKSR
|
0.22
|
0.19
|
0.03
|
0.50
|
-15.10%
|
|
Group 1 Auto
|
GPI
|
0.71
|
0.69
|
0.02
|
0.42
|
-13.10%
|
|
Hanger Orthopedic
|
HGR
|
0.30
|
0.27
|
0.03
|
0.23
|
7.60%
|
|
Health Management
|
HMA
|
0.10
|
0.09
|
0.01
|
0.07
|
5.80%
|
|
Heartland Finl
|
HTLF
|
0.13
|
0.17
|
-0.04
|
0.18
|
|
|
Heidrick & Struggles
|
HSII
|
0.25
|
0.08
|
0.17
|
0.80
|
-34.60%
|
|
Hexcel
|
HXL
|
0.10
|
0.11
|
-0.01
|
0.22
|
-22.40%
|
|
Hospira
|
HSP
|
0.90
|
0.69
|
0.21
|
0.63
|
8.90%
|
|
Iconix Brand
|
ICON
|
0.31
|
0.28
|
0.03
|
0.30
|
7.70%
|
|
Insulet
|
PODD
|
-0.88
|
-0.70
|
-0.18
|
-0.75
|
85.30%
|
|
Int. Intelligence
|
ININ
|
0.31
|
0.30
|
0.01
|
0.11
|
10.30%
|
|
InterActive
|
IACI
|
0.34
|
0.13
|
0.21
|
0.25
|
-8.90%
|
|
Intevac
|
IVAC
|
-0.08
|
-0.15
|
0.07
|
-0.15
|
-32.90%
|
|
Inverness Medical
|
IMA
|
0.74
|
0.61
|
0.13
|
0.46
|
22.10%
|
|
Johnson Controls
|
JCI
|
0.52
|
0.51
|
0.01
|
0.73
|
-15.50%
|
|
Kilroy Realty
|
KRC
|
0.66
|
0.59
|
0.07
|
1.00
|
-10.90%
|
|
L-3 Comms
|
LLL
|
2.12
|
1.85
|
0.27
|
1.73
|
4.90%
|
|
LCA Vision
|
LCAV
|
-1.07
|
-0.30
|
-0.77
|
-0.25
|
-26.20%
|
|
Life Technologies
|
LIFE
|
0.73
|
0.62
|
0.11
|
|
2.70%
|
|
Masco
|
MAS
|
0.14
|
0.09
|
0.05
|
0.10
|
-16.40%
|
|
Matrixx Initiatives
|
MTXX
|
0.55
|
0.30
|
0.25
|
0.86
|
-23.80%
|
|
Meritage
|
MTH
|
-0.56
|
-0.63
|
0.07
|
-4.69
|
0.00%
|
|
Mindspeed
|
MSPD
|
0.00
|
-0.02
|
0.02
|
0.07
|
6.80%
|
|
NuStar Energy
|
NS
|
1.03
|
1.03
|
0.00
|
2.60
|
-31.40%
|
|
Olin
|
OLN
|
0.50
|
-0.08
|
0.58
|
0.68
|
-21.10%
|
|
Orbital Sciences
|
ORB
|
0.16
|
0.10
|
0.06
|
0.22
|
-0.50%
|
|
OSI Systems
|
OSIS
|
0.14
|
0.07
|
0.07
|
0.04
|
-9.70%
|
|
Owens & Minor
|
OMI
|
0.83
|
0.71
|
0.12
|
0.61
|
13.90%
|
|
PACCAR
|
PCAR
|
0.04
|
0.02
|
0.02
|
0.82
|
-52.20%
|
|
PartnerRe
|
PRE
|
4.77
|
3.20
|
1.57
|
2.27
|
2.60%
|
|
Patriot Coal
|
PCX
|
0.58
|
-0.47
|
1.05
|
0.99
|
3.40%
|
|
Plum Creek
|
PCL
|
0.14
|
0.08
|
0.06
|
0.40
|
-29.00%
|
|
Pool Corp
|
POOL
|
0.35
|
0.41
|
-0.06
|
0.45
|
-12.80%
|
|
Potlatch
|
PCH
|
1.15
|
1.11
|
0.04
|
0.65
|
25.20%
|
|
QLT Inc
|
QLTI
|
0.04
|
0.04
|
0.00
|
0.05
|
-19.30%
|
|
Rayonier
|
RYN
|
0.40
|
0.41
|
-0.01
|
0.50
|
7.90%
|
|
Reinsurance Group
|
RGA
|
1.56
|
1.53
|
0.03
|
1.86
|
35.80%
|
|
Rent-A-Center
|
RCII
|
0.55
|
0.51
|
0.04
|
0.44
|
- |
|
|
