We witnessed history yesterday as the DOW broke all-time highs only 6 trading sessions after the big drop on the italian election, where everyone and his brother was calling for a pull-back. The story remains the same, Buy the fooooo&ing dip. Until there is a better place to put money, equities will continue to outperform.
Some nice moves yesterday on mostly everything. OPEN and SAM continued to move higher, SHLD broke out on more buys from Lampert, and GOOG continued it’s rampage, reminding me of the run from 600s to 760 last year.
With ADP numbers coming out this morning better then expected, futures are solidly in the green. I wouldn’t be suprised of some gap and trap sometime in the next few days as we are over the upper bollinger band on the SPY so be wary. But I do think we get under 10 on the vix sometime in the next few months, and will look at that area for the possible short term top.
Here are some of the analyst changes today:
IntercontinentalExchange upgraded to Outperform from Market Perform at Keefe Bruyette
Keefe Bruyette upgraded IntercontinentalExchange to reflect benefits from new swaps future products. Price target raised to $184 from $148.
Best Buy upgraded to Buy from Hold at Jefferies
Walter Energy initiated with a Sector Perform at RBC Capital
TripAdvisor revenue poised to accelerate, says Deutsche Bank
After viewing a presentation by TripAdvisor's CFO, Deutsche Bank is increasingly confident that the company's revenue growth can re-accelerate in 2013 and 2014. The firm continues to view the company as one of the top names in online travel, and it reiterates a Buy rating
Baidu growth set to slow amid increased competition, says Citigroup
After Qihoo (QIHU) reported higher than expected Q4 revenue and presented data indicating that its share of the Chinese search market was well over 10%, Citigroup expects Baidu (BIDU) to undergo slowing revenue growth and margin contraction. The firm reiterates a Sell rating on Baidu.
Cree price target raised to $57 from $43 at Piper Jaffray
Piper raised its target on Cree after the company launched a LED bulb for under $10 and issued a positive preannouncement. The firm expects the new bulb to generate at least $194M-$272M in revenue for Cree, while supporting the company's gross margins. Piper maintains an Overweight rating on the shares.
Apple price target lowered to $530 from $575 at Barclays
Barclays lowered Apple estimates to reflect new products that are more back half loaded for the year and a more competitive 1H 2013. The firm lowered its FY13 EPS estimate to $43.75 vs. consensus of $44.81. Shares remain Overweight rated with a $530 price target.
WIll keep small for today as well. Still holding quite a few March positions like SAM, OPEN, SODA, BNNY, SHLD, BPT...ect.
Will look to get some more SODA calls on 50 test as well as grabbing some NFLX calls if it breaks over 185.
Here are the strikes:
|Stock Ticker||Call/Put||Strike||Expiration||Closing Price||Entry Price|
Lets have another great day!