Folks are waking up this morning with futures up over 1%, Gold and Silver up over 3%, the USD down over 1.5%, and Yields down... all can be credited to the Bald Eagle - Helicopter Ben Bernanke. His reign at the helm of the Central bank is nearing it’s end, and you can be sure he will not allow it to be tarnished. With rates sky rocketing since the start of june, Ben felt he needed to quell anxiety over the Great Taper and pretty much has the market expecting what they were expecting before his announcement in May when we hit all time highs, that the QE is not ending anytime soon.
Of course the market reacted as one would think as folks will continue to be forced into equities. All this does is drag this on for months, and I wish he had just kept the status quo. Either way, my bearish position on Gold is shot for now and will revisit sometime in the next few weeks/months.
So much for the great Digestion.. huh?
Folks were asking my thoughts in chat this morning on where we are headed, and I think Ben has changed things. Im thinking SPY can hit $180+ before the years out, I think we had over all-time highs in the next week or two, and I see no reason we cannot hit $168 today even with Weekly Jobless claims that were higher then expected this morning. Heck, we are back to good and bad news being good news for the market.... oh well.
UPB has a nice video up this morning, you can check it out here : http://www.youtube.com/watch?v=Fy3tpbk2XKg&feature=em-upload_owner
Here are some of the analyst changes for today:
|WDC / STX Needham ups price targets for Western Digital, Seagate|
|Needham raised its price target for Western Digital (WDC) to $77 from $65 and its target for Seagate (STX) to $51 from $45 citing higher unit volume assumptions and areal density transition savings. The firm sees further upside in both names and keeps a Strong Buy rating on Western Digital and Buy rating on Seagate|
|P Pandora pullback a buying opportunity, says Needham|
|Needham attributes the 14% pullback since Monday in shares of Pandora (P) to slowing listener hour growth and anticipated streaming competition from Apple (AAPL). The firm believes Pandora is purposely slowing listener hour growth to maximize profitability and recommends using the sell-off as a buying opportunity. Needham keeps a Buy rating on the name with a $20 price targe|
|ZUMZ Zumiez June comps miss but showed improvement, says RW Baird|
|Baird remains undeterred with its Zumiez thesis despite June comps coming in slightly below consensus. The firm noted weekly comps improved during the month and expects July to show improvement based on easier comparisons. Shares remain Outperform rated with a $37 price target|
|DIS Disney outlook favorable despite 'Lone Ranger' loss, says JPMorgan|
|JPMorgan says Disney's long-term outlook remains favorable despite the weak opening of "The Lone Ranger." The firm believes Disney is likely to take an impairment charge in Q4, but continues to recommend the stock with an Overweight rating and $75 price target.|
|FDO Family Dollar downgraded to Equal Weight from Overweight at Barclays|
|Barclays downgraded Family Dollar due to the difficult macro environment and slower comp growth. Price target remains $67|
|BLK BlackRock initiated with an Overweight at Evercore|
Will try to grab some lottos on the premise that the market rallies into the weekend. Will look for high fliers like more PCLN calls and more LNKD calls.
|Stock Ticker||Call/Put||Strike||Expiration||Closing Price||Entry Price|
|PCLN||Call||$930.00||Weekly||no bid , ask .30||0.25|
Lets have a great day folks!