Two Ways: Wall Street Flight of Quality
Strengthen your portfolio in good times and bad.
Chief North American economist David Rosenberg and chief stock-market strategist Richard Bernstein, two of the best known analysts of the old Merrill Lynch which is now part of Bank of America (BAC), are leaving the Wall Street firm. Their research reports were more widely distributed than any other of the analysts at the Banc of America Securities – Merrill Lynch research unit, according to the Wall Street Journal.
Mr. Bernstein, who is also an adjunct professor at New York University's Stern Business School, will devote more time teaching and writing when he resigns in April. Mr. Rosenberg will switch to the "buy side" and continue producing research for his clients when his resignation becomes effective in May.
From the Bull Pen: This countertrend rally is still in place. Look to high beta for any signs of a fizzing-out. Bulls can still consider Apple (AAPL) for a trade with a target near 115 and a sell stop below 105-104.
From the Bear Cave: These departures are of little surprise as Wall Street compensation comes under increased scrutiny. We talked about a downside play in Goldman Sachs (GS) last night. A buy stop can still be set on the other side of the 200 DMA ($115.50).
Quick Check Around the World
Asian trading closed with the Hang Seng -2.07%, India 2.08%, Nikkei -0.10%, Taiwan 1.99% and Shanghai -2.00%.
Glancing towards Europe, we see the CAC -0.75%, DAX -0.82%, FTSE -1.05%,
As of 8:05 AM EST, S&P Futures are trading +3 to 806, and Nasdaq futures are +1 to 1236.
A Look At Commodities
Crude oil is trading -1.24 to 52.74. Gold is -3.40 to 920.40. Silver is -0.11 to 13.240, and copper -2.20 to 178.40.
The dollar index is +0.170 to 84.5000.
On the Radar
07:00 MBA Mortgage
08:30 Durable Goods Orders -2.0%
08:30 Durables Ex Transportation -2.0%
10:00 New Home Sales 300k
10:00 New Home Sales MoM -2.9%
Click here for the full trading radar.
It's Wednesday! Let's get over this hump. Good luck!
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