Two Ways To Play: Toyota Employees Take a Vacation
Strengthen your portfolio in good times and bad.
Toyota To Cut North American Production
The Wall Street Journal reports that Toyota (TM) will cut 250 temporary workers and halt production at its US and Canadian plants for 2 extra days in December.
The company is confronting its first stateside sales decline in over a decade. Earlier this month, the company cut its full-year profit outlook by over 50%. It expects to sell 2.2 million vehicles this year, down from 2.62 million in 2007.
For more, see Professor Jeff Macke's Still Short on Yahoo, Toyota - But a Diehard Dollar Long.
From the Bull Pen: Consumer staples continue to be a favorite in this market. Bulls can look to General Mills (GIS) for an upside play. Sell stops can be set below $63.
From the Bear Cave: Toyota has resistance near $64 in the short term. Bears playing the downside can set a buy stop above that level.
Quick Check Around the World
Asian trading closed with the Hang Seng -0.77%, Nikkei -0.66%, Sensex -1.83%, Taiwan -0.49% and Shanghai 6.04%.
Glancing towards Europe, we see the CAC -2.49%, DAX -3.67%, FTSE -2.60%,
As of 8:15 a.m. EST, S&P Futures are trading -15 to 851, and Nasdaq futures are -22 to 1151.
A Look At Commodities
Crude oil is trading -0.33 to 54.06. Gold is +4.10 to 736.80. Silver is -0.130 to 9.420 and copper is -3.000 to 162.50.
The dollar index is -0.302 to 87.074.
On the Radar
07:00 MBA Mortgage Applications
08:30 Consumer Price Index
08:30 CPI ex Food and Energy
08:30 Housing Starts
08:30 CPI Core Index
08:30 Building Permits
02:00 FOMC Minutes
Click here for the full trading radar.
Good luck today!
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