Another green day for Markets yesterday, although they pulled off their highs near the end of the day. Right now futures are higher and we are looking to open above all-time highs on the SPY. China data out last night shows a trade deficit for China for the first time in recent memory, meaning China is importing more then it is exporting... a very good sign and could signal better demand in the country going forward. Whether the cheaper Yen has had that much effect or not is yet to be seen.
Seems the story at the end of last year and start of this year was US economy and Eurozone. Now it seems Japan and China will fuel the next leg of this rally. Still love the SPY until the VIX breaks under $10, then I will start to look at possible pullbacks.
Silver, Gold, and Miners took off yesterday, but I think that is one last gasp before they continue to fall. SLV under 25 is a good play and will look for entry soon.
FSLR had an amazing day yesterday, and those in chat were shown the mistake of the month my myself (JB) as I sold FSLR 29.50 calls bought Monday at .26 for .35 yesterday morning. So the 30 contracts I sold for $1050 went for $30k+ a few hours later. Live and learn and just goes to show that you need to stick with your trading plan(which 99% of the time I do!)
Here are some of the analyst changes today:
AGU Agrium downgraded to Neutral from Overweight at Piper Jaffray
Piper Jaffray downgraded Agrium citing a lack of catalysts following yesterday's proxy vote results. Piper believes the ongoing proxy battle with Jana could weigh on Agrium's valuation and lowered its price target for shares to $105 from $133.
FSLR First Solar guidance encouraging, but questions remain, says Deutsche Bank
Deutsche Bank says that while First Solar's above-consensus guidance was encouraging, shares will remain in a trading range pending further evidence of accelerating organic pipeline growth. The firm raised its price target for shares to $34 from $27 and keeps a Hold rating on the stock.
FSLR First Solar rally on guidance looks overdone, says Jefferies
Jefferies says First Solar's above-consensus guidance is largely the result of a revenue pull-in from 2015 due to an accounting change. As such, the firm believes the 45% rally in shares yesterday seems overdone and keeps a Hold rating on the stock. Jefferies thinks First Solar's outlook has not changed radically, but remains positive on the company's long-term positioning
FSLR First Solar rally leaves little room for upside, says Piper Jaffray
Piper Jaffray raised its price target for First Solar shares to $40 from $28 following the company's better than expected 2013 guidance, but keeps a Neutral rating on the stock. Piper believes yesterday's rally leaves little room for further share upside.
SRPT Sarepta drug still looks best in class, says William Blair
William Blair believes an abstract highlighting Phase II data for GlaxoSmithKline (GSK) and Prosensa's drisapersen indicates that Sarepta's (SRPT) eteplirsen remains the best-in-class therapy for the treatment of Duchenne muscular dystrophy. The firm keeps an Outperform rating on shares of Sarepta with a $52 price target. Note shares of Sarepta rallied 11% to $39.85 late yesterday after the abstract was posted.
(IBM IBM upgraded to Buy from Neutral at UBS
UBS believes IBM is well positioned to be a force as a service provider to private cloud and converged infrastructure and that its hosting capability and support of OpenStack will benefit it in the future. Price target to $235 from $210
NFLX Netflix initiated with an Underweight at Evercore
BIDU Baidu upgraded to Buy from Hold at 86 Research
86 Research changed its view on Baidu to a Buy given favorable risk/reward and mobile search growth over then next five years. The firm believes incremental positive data could drive shares higher and that macro fundamentals have stabilized.
Wednesday is premium erosion day so will not look to play much. BBBY reports after the bell and think they may suprise to the upside after dropping the last few quarters. Will nibble some calls. China numbers and BIDU upgrade should help China ADRs so will grab more SINA. There is a disclaimer somewhere on the site saying DO NOT TRADE SINA, as it always seems to lose money. SO PLEASE BE WARY!
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Lets have a great day today!!!