After a green open, the markets faded and closed mostly red with the SPY down for the 2nd time in 14 sessions. The futures have treaded mostly in the red overnight and this morning, with a pop into green, followed by a dip back into the red as St.Louis Fed President Bullards said Octobers meeting could result in a taper. Gold dropped 1% on that remark.
Would be nice to close the week out strong headed into the weekend and see the SPY near $173. Talks continue to heat up around the debt ceiling and the impending Government shutdown. We shall see how that pans out next week.
The scary moment of the morning was seeing this article as the headline piece on Marketwatch : http://www.marketwatch.com/story/the-bulls-are-in-charge-of-the-sp-500-2013-09-20?dist=beforebell
I love bearish headlines, so a little worrisome for me.
AAPL is getting some serious action this morning as the IPHONE 5C/S launch looks to be going well. I checked this morning and the Gold Iphone 5S seems to be the most popular with availability for October, where the rest of the models were 1-3 days. Not sure how far she runs today but a break over $480 and she could run to $490.
TSLA soared out of a channel yesterday and looks poised to continue the run. UPB has been all over the stock : https://www.optionmillionaires.com/2013/tesla-motors-tsla-going-explode-upside/ One of his many pieces on the continued break to $200. Should provide some opportunities today.
Will be hoping for some big moves in SSYS, SCTY, SFLY, SINA, FFIV, RAX, PCLN, GOOG, and some others today to salvage some positions.
Here are some of the analyst changes for today:
|UBRN Urban Outfitters upgraded to Buy from Hold at Canaccord|
|Canaccord upgraded Urban Outfitters based on valuation, mid-single-digit growth, and eCommerce penetration. Price target is $48|
|CF CF Industries upgraded to Buy from Neutral at Citigroup|
|Citigroup upgraded CF Industries on its belief that nitrogen fertilizer prices are bottoming. Citi sees an attractive entry point into CF shares and raised its price target for the name to $240 from $199|
|PIR Pier 1 Imports upgraded to Outperform from Neutral at Credit Suisse|
|Credit Suisse believes Pier 1's Q2 miss was due to correctable marketing errors and not the beginning of reduced product demand. The firm upgraded shares to Outperform and views yesterday's sell-off as overdone. Price target raised to $25 from $23|
|FFIV F5 Networks initiated with a Buy at Cantor|
|FB Facebook upgraded at Cowen|
|As previously reported, Cowen upgraded Facebook to Outperform from Market Perform. The analyst believes strong ROI in the newsfeed is sustainable with increasing advertising demand meeting rising inventory and prices. Also, Cowen sees Instagram and Video as additional monetization opportunities that are not fully reflected in shares. Price target raised to $53 from $29|
|BBBY Bed Bath & Beyond price target raised to $84 from $79 at Canaccord|
|Canaccord believes Buy rated Bed Bath & Beyond's revamped websites are gaining sustainable share and that valuation does not fully reflect growth potential|
|WDAY Workday poised to be next Tier 1 software supplier, says Oppenheimer|
|After conducting checks at a Workday conference, Oppenheimer reports that the checks indicate that the company is poised to be the industry's next Tier 1 software provider. The firm thinks the company is well-positioned to continue outperforming expectations, and it increased its price target on the shares to $92 from $85 while reiterating an Outperform rating|
|XONE ExOne price target raised to $75 from $50 at FBR Capital|
|FBR Capital raised its price target for ExOne to $75 and reinstated coverage of the stock with an Outperform rating following the company's recent secondary offering. FBR believes the global market for 3D printing in sand alone could be an annual opportunity of at least $8B, well above recent sell-side reports suggest, it says|
Will be keeping it small today as I have quite a few positions once again:
|Stock Ticker||Call/Put||Strike||Expiration||Closing Price||Entry Price|
Lets have a great trading day!!