Weekly Metals Channel Newsletter

Metals Channel
Weekly Metals Newsletter
Weekly DividendRank Metals Toplists & Metals ETF Movers

Metals Prices

Looking at metals prices this week, gold moved lower, with spot prices currently at $1594.97/ounce, down $19.16 (-1.2%) compared to $1614.13 on 03/21. Silver is currently trading at $28.39/ounce, down $0.72 (-2.5%) from $29.11 on 03/21. And turning to copper, the current spot price of $3.43/pound, has copper down $0.01 from $3.44 on 03/21, a week over week loss of -0.3%.

Metals ETF Movers

The Steel ETF (SLX) outperformed other Metals ETFs this week, trading flat. Components of that ETF showing particular strength this week include shares of Worthington Industries (WOR), up about 5.2% and shares of Gerdau SA (GGB), up about 4% on the week.

And underperforming other Metals ETFs this week is the Junior Gold Miners ETF (GDXJ), down about 2.7% this week. Among components of that ETF with the weakest showing for the week were shares of Banro (BAA.CA), lower by about 14.3%, and shares of Golden Minerals (AUMN), lower by about 10.2% on the week.

Other ETF standouts this week include the Silver Miners ETF (SIL), lower by about 0.7% but still outperforming other ETFs for the week. And the Global Gold and Precious Metals Portfolio (PSAU) was an underperformer, falling about 2.7% this week.

 

DividendRank Metals Toplist

At sister site Dividend Channel, we screen through our coverage universe of dividend paying stocks each week, and we look at a variety of data — dividend yield, book value, quarterly earnings — and compare it to the stock’s trading data to come up with certain calculations about profitability and about the stock’s valuation (whether we think it looks ”cheap” or ”expensive”).

History has shown that the bulk of the stock market’s returns are delivered by dividends, and so we pay special attention to dividend history. And of course, only consistently profitable companies can afford to keep paying dividends, so profitability is of critical importance. Dividend investors should be most interested in researching the strongest most profitable companies, that also happen to be trading at an attractive valuation — maybe there is a company-specific reason causing the stock to be ”cheap” or maybe the entire sector is taking a hit, but whatever the reason, we think there is great value in ranking the Metals Channel coverage universe weekly using our proprietary DividendRank formula, and sharing the list of the week’s top ranked metals stocks with our subscribers.

These are the metals stocks our DividendRank system has identified as the top most ”interesting” in the Metals and Mining category … this is meant purely as a research tool to generate ideas that merit further research.

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Metals & Mining

DividendRank Symbol Dividend Recent Yield* 
#1 RNO Q 1.78 13.27% 
#2 NEM Q 1.70 4.08% 
#3 FRD Q 0.32 3.17% 
#4 ARLP Q 4.43 6.94% 
#5 BVN Q 1.20 4.68% 
#6 NRP Q 2.20 9.27% 
#7 SCCO Q 0.96 2.61% 
#8 IAG S 0.25 3.45% 
#9 AHGP Q 2.96 5.70% 
#10 GORO M 0.72 5.56% 
#11 SCHN Q 0.75 2.80% 
#12 ABX Q 0.80 2.73% 
#13 FCX Q 1.25 3.75% 
#14 PAAS Q 0.50 3.02% 
#15 DRD A 0.16 2.06% 


*(updated 13 hours, 4 minutes ago) Yield calculations vary and may not be reliable nor comparable. Not all publicly traded securities are ranked; data may be incorrect or out of date. Rankings are for informational purposes only and do not constitute investment advice. Full disclaimer
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Weekly Energy Stock Channel Newsletter

Energy Stock Channel
Weekly Energy Stock Newsletter
Weekly DividendRank Energy Toplists & Energy ETF Movers

Energy Prices

Looking at energy prices this week, oil moved higher, with WTI Crude currently at $96.68/barrel, up $4.14 (+4.5%) compared to $92.54 on 03/21, and Brent Crude currently at $109.32/barrel, up $1.95 (+1.8%) from $107.37 on 03/21. And turning to Natural Gas, the current spot price of $4.06/MMBtu, has Natural Gas up $0.12 from $3.94 on 03/21, a week over week gain of +3.0%.

Energy ETF Movers

The iShares MSCI ACWI ex-US Utilities Sector Index Fund ETF (AXUT) outperformed other Energy ETFs this week, up about 3.4%. Components of that ETF showing particular strength this week include shares of Companhia Paranaense de Energia (ELP), up about 8.6% and shares of SABESP (SBS), up about 5.3% on the week.

And underperforming other Energy ETFs this week is the Solar Energy ETF (KWT), down about 3.9% this week. Among components of that ETF with the weakest showing for the week were shares of Renesola Limited (SOL), lower by about 17.8%, and shares of Yingli Green Energy Holding (YGE), lower by about 13.4% on the week.

Other ETF standouts this week include the Oil Services ETF (OIH), outperforming this week with a 2.7% gain. And the WilderHill Clean Energy Portfolio (PBW) was an underperformer, falling about 2.3% this week.

 

DividendRank Energy Toplists

At sister site Dividend Channel, we screen through our coverage universe of dividend paying stocks each week, and we look at a variety of data — dividend yield, book value, quarterly earnings — and compare it to the stock’s trading data to come up with certain calculations about profitability and about the stock’s valuation (whether we think it looks ”cheap” or ”expensive”).

History has shown that the bulk of the stock market’s returns are delivered by dividends, and so we pay special attention to dividend history. And of course, only consistently profitable companies can afford to keep paying dividends, so profitability is of critical importance. Dividend investors should be most interested in researching the strongest most profitable companies, that also happen to be trading at an attractive valuation — maybe there is a company-specific reason causing the stock to be ”cheap” or maybe the entire sector is taking a hit, but whatever the reason, we think there is great value in ranking the Energy Stock Channel coverage universe weekly using our proprietary DividendRank formula, and sharing the list of the week’s top ranked energy stocks with our subscribers.

These are the energy stocks our DividendRank system has identified as the top most ”interesting” in the Energy, and Utilities categories … this is meant purely as a research tool to generate ideas that merit further research.

Energy

DividendRank Symbol Dividend Recent Yield* 
#1 ECT Q 2.73 23.73% 
#2 PWE Q 1.08 9.97% 
#3 VNR M 2.43 8.54% 
#4 BBEP Q 1.88 9.35% 
#5 SDT Q 2.60 18.96% 
#6 EROC Q 0.88 9.20% 
#7 CPLP Q 0.93 11.31% 
#8 QRE Q 1.95 11.11% 
#9 SFL Q 1.56 8.94% 
#10 CMLP Q 2.04 8.58% 
#11 HFC Q 1.20 2.33% 
#12 WHZ Q 2.60 18.00% 
#13 SDR Q 2.13 17.23% 
#14 CHKR Q 2.68 19.01% 
#15 XTEX Q 1.32 7.23% 

 

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Utilities

DividendRank Symbol Dividend Recent Yield* 
#1 NVE Q 0.76 3.80% 
#2 ALTV Q 1.08 11.88% 
#3 APL Q 2.32 6.72% 
#4 WIN Q 1.00 12.52% 
#5 NJR Q 1.60 3.58% 
#6 CIG A 0.23 1.98% 
#7 NWE Q 1.52 3.84% 
#8 HTCO Q 0.58 5.64% 
#9 BIP Q 1.72 4.54% 
#10 NRG Q 0.36 1.38% 
#11 AT M 0.40 8.00% 
#12 CVA Q 0.66 3.33% 
#13 CWCO Q 0.30 3.11% 
#14 FTR Q 0.40 10.48% 
#15 APU Q 3.20 7.15% 


*(updated 8 hours, 42 minutes ago) Yield calculations vary and may not be reliable nor comparable. Not all publicly traded securities are ranked; data may be incorrect or out of date. Rankings are for informational purposes only and do not constitute investment advice. Full disclaimer

Weekly Dividend Channel Newsletter

Dividend Channel
Weekly Dividend Newsletter
Weekly DividendRank Toplists
Each week at Dividend Channel, we screen through our coverage universe of dividend paying stocks, and we look at a variety of data — dividend yield, book value, quarterly earnings — and compare it to the stock’s trading data to come up with certain calculations about profitability and about the stock’s valuation (whether we think it looks ”cheap” or ”expensive”).

History has shown that the bulk of the stock market’s returns are delivered by dividends, and so we pay special attention to dividend history. And of course, only consistently profitable companies can afford to keep paying dividends, so profitability is of critical importance. Dividend investors should be most interested in researching the strongest most profitable companies, that also happen to be trading at an attractive valuation — maybe there is a company-specific reason causing the stock to be ”cheap” or maybe the entire sector is taking a hit, but whatever the reason, we think there is great value in ranking our coverage universe weekly using our proprietary DividendRank formula, and sharing those lists with our subscribers, neatly divided into 17 sectors/categories.

These are the stocks our DividendRank system has identified as the top most ”interesting” … this is meant purely as a research tool to generate ideas that merit further research.

 

Business Services & Equipment

DividendRank Symbol Dividend Recent Yield* 
#1 CODI Q 1.44 9.16% 
#2 INTX Q 0.80 8.24% 
#3 IRM Q 1.08 3.03% 
#4 WU Q 0.50 3.37% 
#5 SPRO Q 0.06 3.75% 
#6 GK Q 0.78 1.74% 
#7 MGRC Q 0.96 3.05% 
#8 GEO Q 2.00 5.46% 
#9 HCSG Q 0.67 2.60% 
#10 ROL Q 0.36 1.49% 
#11 VSEC Q 0.32 1.29% 
#12 NSP Q 0.68 2.44% 
#13 BBSI Q 0.52 1.02% 
#14 FIS Q 0.88 2.26% 
#15 HSII Q 0.52 3.48% 


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Construction

DividendRank Symbol Dividend Recent Yield* 
#1 ELRC Q 0.80 4.35% 
#2 DE Q 2.04 2.34% 
#3 BZT Q 1.88 6.73% 
#4 URS Q 0.84 1.79% 
#5 AYR Q 0.66 4.96% 
#6 MLR Q 0.56 3.51% 
#7 CAT Q 2.08 2.40% 
#8 TRN Q 0.44 1.00% 
#9 GVA Q 0.52 1.64% 
#10 TTC Q 0.56 1.22% 
#11 GLDD Q 0.08 1.25% 
#12 TWIN Q 0.36 1.45% 
#13 RAIL Q 0.24 1.10% 
#14 BKR Q 0.64 2.64% 
#15 WAB Q 0.20 0.21% 

Consumer Goods

DividendRank Symbol Dividend Recent Yield* 
#1 ESCA Q 0.32 5.30% 
#2 NC Q 1.00 1.86% 
#3 LCUT Q 0.12 1.11% 
#4 IPAR Q 0.48 1.98% 
#5 CIX Q 0.50 3.95% 
#6 BWL.A Q 0.66 5.24% 
#7 VLGEA Q 1.00 2.96% 
#8 TIS Q 1.20 5.16% 
#9 EDUC Q 0.32 8.56% 
#10 SWY Q 0.70 2.66% 
#11 HAS Q 1.60 3.67% 
#12 BGS Q 1.16 3.82% 
#13 BKE Q 0.80 1.71% 
#14 RNDY Q 0.48 7.33% 
#15 FUN Q 2.50 6.38% 

Consumer Services

DividendRank Symbol Dividend Recent Yield* 
#1 NAUH Q 0.16 4.09% 
#2 STON Q 2.36 9.35% 
#3 CLCT Q 1.30 11.05% 
#4 HRB Q 0.80 2.75% 
#5 TUC Q 0.35 2.72% 
#6 UTI Q 0.40 3.17% 
#7 STEI Q 0.16 1.72% 
#8 HI Q 0.78 3.10% 
#9 STRA Q 4.00 8.17% 
#10 LINC Q 0.28 4.74% 
#11 DV S 0.34 1.06% 
#12 BID Q 0.80 2.18% 
#13 SCI Q 0.24 1.46% 
#14 MNRO Q 0.40 1.00% 
#15 CVG Q 0.24 1.41% 


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Energy

DividendRank Symbol Dividend Recent Yield* 
#1 ECT Q 2.73 23.73% 
#2 PWE Q 1.08 9.97% 
#3 VNR M 2.43 8.54% 
#4 BBEP Q 1.88 9.35% 
#5 SDT Q 2.60 18.96% 
#6 EROC Q 0.88 9.20% 
#7 CPLP Q 0.93 11.31% 
#8 QRE Q 1.95 11.11% 
#9 SFL Q 1.56 8.94% 
#10 CMLP Q 2.04 8.58% 
#11 HFC Q 1.20 2.33% 
#12 WHZ Q 2.60 18.00% 
#13 SDR Q 2.13 17.23% 
#14 CHKR Q 2.68 19.01% 
#15 XTEX Q 1.32 7.23% 

Financial

DividendRank Symbol Dividend Recent Yield* 
#1 TICC Q 1.16 11.88% 
#2 MCGC Q 0.50 10.42% 
#3 OXLC Q 2.20 13.84% 
#4 SAN Q 0.79 11.67% 
#5 RIVR Q 0.84 4.33% 
#6 AI Q 3.50 13.73% 
#7 BANC Q 0.48 4.20% 
#8 PSEC M 1.32 12.08% 
#9 HRZN M 1.38 9.11% 
#10 PNNT Q 1.12 9.74% 
#11 KCAP Q 1.12 10.29% 
#12 CSWC S 5.50 4.78% 
#13 TCRD Q 1.32 8.82% 
#14 NGPC Q 0.64 9.01% 
#15 MCC Q 1.44 9.23% 

Healthcare

DividendRank Symbol Dividend Recent Yield* 
#1 BDMS Q 0.88 4.89% 
#2 SPAN Q 0.50 2.45% 
#3 PMD Q 0.60 5.03% 
#4 CAH Q 1.10 2.64% 
#5 NHC Q 1.20 2.61% 
#6 NRCI Q 1.24 2.15% 
#7 PFE Q 0.96 3.36% 
#8 MDT Q 1.04 2.24% 
#9 ASEI Q 2.00 3.28% 
#10 DVCR Q 0.22 4.20% 
#11 BMY Q 1.40 3.44% 
#12 BDX Q 1.98 2.09% 
#13 BAX Q 1.80 2.51% 
#14 MRK Q 1.72 3.91% 
#15 JNJ Q 2.44 3.01% 


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Industrial

DividendRank Symbol Dividend Recent Yield* 
#1 RTN Q 2.20 3.77% 
#2 FF Q 0.44 3.60% 
#3 ITW Q 1.52 2.51% 
#4 APD Q 2.84 3.30% 
#5 SWK Q 1.96 2.46% 
#6 PLOW Q 0.83 5.85% 
#7 LLL Q 2.20 2.75% 
#8 MIC Q 2.75 5.15% 
#9 CVR Q 0.60 2.37% 
#10 TROX Q 1.00 5.00% 
#11 GLPW Q 0.36 2.10% 
#12 UTX Q 2.14 2.31% 
#13 SWU Q 4.75 3.76% 
#14 GD Q 2.24 3.19% 
#15 ESLT Q 1.20 2.77% 

Manufacturing

DividendRank Symbol Dividend Recent Yield* 
#1 BSET Q 0.20 1.30% 
#2 CRWS Q 0.32 5.37% 
#3 JCS Q 0.64 6.52% 
#4 IEP Q 4.00 7.18% 
#5 LEA Q 0.68 1.24% 
#6 ALV Q 2.00 2.91% 
#7 TCCO Q 0.40 9.88% 
#8 WRLS Q 0.48 4.66% 
#9 MGA Q 1.28 2.21% 
#10 THO Q 0.72 1.98% 
#11 CMTL Q 1.10 4.52% 
#12 CSCO Q 0.56 2.69% 
#13 DFZ Q 0.36 2.74% 
#14 COH Q 1.20 2.42% 
#15 LEG Q 1.16 3.49% 

Materials

DividendRank Symbol Dividend Recent Yield* 
#1 DSWL Q 0.20 7.94% 
#2 DOW Q 1.28 4.03% 
#3 TUP Q 2.48 3.04% 
#4 PKG Q 1.25 2.82% 
#5 SWM Q 1.20 3.13% 
#6 POPE Q 1.80 2.92% 
#7 SQM S 1.90 3.44% 
#8 SMG Q 1.30 2.99% 
#9 KOP Q 1.00 2.28% 
#10 NWL Q 0.60 2.34% 
#11 MOS Q 1.00 1.71% 
#12 UFS Q 1.80 2.34% 
#13 RNF Q 3.00 8.65% 
#14 NP Q 0.60 1.95% 
#15 TNH Q 14.52 6.62% 


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Every one of the stocks that I have named in this hot-off-the-presses report is perfectly poised to hand investors a veritable profit bonanza in the coming months.

That’s because each of these stocks offers so much more right now than just soaring income…all 5 also have the potential to hand investors spectacular underlying gains as well!

Get their names, and all the juicy details, in my brand-new report, “5 Explosive Dividend Paying Stocks for the Next 12 Months.”

 

Media

DividendRank Symbol Dividend Recent Yield* 
#1 SCHL Q 0.50 1.89% 
#2 AHC Q 0.24 4.31% 
#3 QUAD Q 1.20 5.00% 
#4 AM Q 0.60 3.66% 
#5 MDP Q 1.63 4.23% 
#6 JW.A Q 0.96 2.50% 
#7 BLC Q 0.32 3.31% 
#8 SJR M 1.02 4.14% 
#9 GCI Q 0.80 3.66% 
#10 IPG Q 0.30 2.31% 
#11 OMC Q 1.60 2.73% 
#12 CCZ Q 1.58 3.75% 
#13 TWC Q 2.60 2.71% 
#14 HHS Q 0.34 4.37% 
#15 VCI Q 1.24 4.16% 

Metals & Mining

DividendRank Symbol Dividend Recent Yield* 
#1 RNO Q 1.78 13.27% 
#2 NEM Q 1.70 4.08% 
#3 FRD Q 0.32 3.17% 
#4 ARLP Q 4.43 6.94% 
#5 BVN Q 1.20 4.68% 
#6 NRP Q 2.20 9.27% 
#7 SCCO Q 0.96 2.61% 
#8 IAG S 0.25 3.45% 
#9 AHGP Q 2.96 5.70% 
#10 GORO M 0.72 5.56% 
#11 SCHN Q 0.75 2.80% 
#12 ABX Q 0.80 2.73% 
#13 FCX Q 1.25 3.75% 
#14 PAAS Q 0.50 3.02% 
#15 DRD A 0.16 2.06% 

Real Estate

DividendRank Symbol Dividend Recent Yield* 
#1 DX Q 1.16 10.88% 
#2 NLY Q 1.80 11.50% 
#3 AMTG Q 2.80 12.65% 
#4 ARI Q 1.60 9.21% 
#5 EFC Q 3.00 12.10% 
#6 MITT Q 3.20 12.65% 
#7 CMO Q 1.24 9.61% 
#8 MTGE Q 3.60 14.10% 
#9 ARR M 0.84 13.04% 
#10 CXS Q 1.00 7.69% 
#11 JMI M 2.76 14.08% 
#12 AGNC Q 5.00 15.38% 
#13 CLNY Q 1.40 6.26% 
#14 PMT Q 2.28 8.90% 
#15 HTS Q 2.80 10.22% 


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Get their names, and all the juicy details, in my brand-new report, “5 Explosive Dividend Paying Stocks for the Next 12 Months.”

 

Technology

DividendRank Symbol Dividend Recent Yield* 
#1 NTE Q 0.60 4.36% 
#2 PWRD A 0.45 4.15% 
#3 GA A 0.42 6.48% 
#4 INTC Q 0.90 4.13% 
#5 CA Q 1.00 4.00% 
#6 MSFT Q 0.92 3.25% 
#7 XRX Q 0.23 2.70% 
#8 EVOL Q 0.32 5.15% 
#9 AMSWA Q 0.40 4.74% 
#10 TESS Q 0.72 3.30% 
#11 XRTX Q 0.30 2.98% 
#12 MOLX Q 0.88 3.04% 
#13 STX Q 1.52 4.15% 
#14 CPSI Q 2.04 3.87% 
#15 BAH Q 0.36 2.73% 

Transportation

DividendRank Symbol Dividend Recent Yield* 
#1 DCIX Q 1.20 22.39% 
#2 TEU Q 0.88 18.85% 
#3 NMM Q 1.77 12.26% 
#4 STB M 0.56 8.74% 
#5 SSW Q 1.00 4.98% 
#6 TAL Q 2.56 5.68% 
#7 FLY Q 0.88 5.45% 
#8 SB Q 0.20 3.95% 
#9 ISH Q 1.00 5.30% 
#10 TGH Q 1.80 4.57% 
#11 VLCCF Q 0.70 8.66% 
#12 CMRE Q 1.08 6.81% 
#13 NM Q 0.24 5.37% 
#14 CHRW Q 1.40 2.37% 
#15 CSX Q 0.56 2.30% 

Travel & Entertainment

DividendRank Symbol Dividend Recent Yield* 
#1 AERL S 0.24 5.83% 
#2 EPAX Q 0.24 5.56% 
#3 MCS Q 0.34 2.82% 
#4 CBRL Q 2.00 2.48% 
#5 LVS Q 1.40 2.49% 
#6 DRI Q 2.00 3.95% 
#7 WEN Q 0.16 2.77% 
#8 FRS Q 0.64 3.58% 
#9 MCD Q 3.08 3.12% 
#10 WWE Q 0.48 5.50% 
#11 EAT Q 0.80 2.16% 
#12 THI Q 1.04 1.95% 
#13 VIAB Q 1.10 1.80% 
#14 CEC Q 0.96 2.93% 
#15 VIA Q 1.10 1.77% 


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Every one of the stocks that I have named in this hot-off-the-presses report is perfectly poised to hand investors a veritable profit bonanza in the coming months.

That’s because each of these stocks offers so much more right now than just soaring income…all 5 also have the potential to hand investors spectacular underlying gains as well!

Get their names, and all the juicy details, in my brand-new report, “5 Explosive Dividend Paying Stocks for the Next 12 Months.”

 

Utilities

DividendRank Symbol Dividend Recent Yield* 
#1 NVE Q 0.76 3.80% 
#2 ALTV Q 1.08 11.88% 
#3 APL Q 2.32 6.72% 
#4 WIN Q 1.00 12.52% 
#5 NJR Q 1.60 3.58% 
#6 CIG A 0.23 1.98% 
#7 NWE Q 1.52 3.84% 
#8 HTCO Q 0.58 5.64% 
#9 BIP Q 1.72 4.54% 
#10 NRG Q 0.36 1.38% 
#11 AT M 0.40 8.00% 
#12 CVA Q 0.66 3.33% 
#13 CWCO Q 0.30 3.11% 
#14 FTR Q 0.40 10.48% 
#15 APU Q 3.20 7.15% 


*(updated 8 hours, 31 minutes ago) Yield calculations vary and may not be reliable nor comparable. Not all publicly traded securities are ranked; data may be incorrect or out of date. Rankings are for informational purposes only and do not constitute investment advice. Full disclaimer

Cyprus: Here’s What You Need to Know – 03/31/2013

Cyprus: Here’s What You Need to Know
by Mitch Zacks, Senior Portfolio Manager

The situation in Cyprus has dominated the headlines over the past two weeks. In this article, we will help explain what caused the situation in Cyprus and help you understand what effects these headline events have on your equity and fixed income investments.

Cyprus Background

Cyprus is a country that has long operated as a tax haven, much like the Caymans or Bermuda. The Cyprus GDP is just $22 billion, but they hold up to $120 billion in its tax haven banks. By 2012, an awkward and unstable situation emerged.

The worldwide financial collapse continues to have lingering effects in Cyprus. The unemployment rate in Cyprus went from 6.2% in 2010 all the way up to 12.5% in 2013. The Cypriot sovereign credit rating is “CCC” by S&P, which is default status. In other words, Cyprus is in a situation where their government can’t access sovereign debt markets to finance its debt.

Cyprus needed a bailout to finance their debt. However, the European Union, especially Germany, didn’t want to reward Cyprus’s tax haven status banks. There was the discussion of a levy on all depositors of Cyprus banks.

The Deal

A last minute meeting of Europe’s finance ministers ran late into Sunday night on March 24th. This group approved a focused reduction of the two largest banks, the Bank of Cyprus, and Popular Bank of Cyprus.

As part of this draft package, the EU will assist with the recapitalization of the two major banks and will finance Cyprus’ government. The draft deal protected small depositors below 100,000 euros from any levy or haircut, but effectively forced a 30% haircut onto large depositors, which is the same haircut that was put onto holders of the ill-fated Greek bonds. Furthermore, the deal wipes out the major bank’s equity holders as well as the senior and junior bondholders.

Smaller banks in Cyprus emerged unscathed, but now operate in a much weaker economic environment. Likely, this will cause suffering and banking problems for many years to come. The banking system in Cyprus is also set to shrink to EU ratios relative to the Cyprus economy by 2018.

Effectively, the EU has retroactively taken away the tax haven status and restructured/downsized its banking system. It was done in a focused two-bank fashion to maximize the positive impact on banking system problems, but minimize the effect on the country’s voting public.

At the end of the day, a deal was always inevitable because a disorderly exit from the Euro would have been disastrous for all parties involved.

——————————

Tax Haven Status

Cyprus’ economy has been largely supported by an extremely entrenched banking sector. Russian oligarchs have long looked to Cyprus as a safe haven for their accounts. This tax haven status is how Cyprus developed a banking problem. If there was no consequence and a full bail out was made, then a very clear message would be sent to other peripheral European countries that the EU would come to the rescue, again and again. Instead, the new deal closed down the tax haven status, and now the new, smaller banking system is more involved with the rest of Europe’s banking sector.

We also saw this recently in the U.S. with the passage and implementation of the FATCA, or Foreign Account Tax Compliance Act of 2010.

Under FATCA, U.S. taxpayers with specified foreign financial assets that exceed certain thresholds must report those assets to the IRS. In addition, FATCA requires foreign financial institutions to report directly to the IRS information about financial accounts held by U.S. taxpayers.

In effect, tax haven attacks are underway globally.

Retroactively bringing Cyprus’ tax status to Europe’s standards is likely to be beneficial for the continent’s major banks. Investors are now incentivized to leave bank deposits throughout the continent or in the U.S. This money can then trickle into the real economy of continental Europe and the U.S. and stimulate economic activity and job growth.

Effectively, by closing out the Cypriot tax haven, it has strengthened the banking systems in Europe and the U.S.

Effects on the U.S. Equity Markets

Reaction to both Cyprus’ banking crisis and ensuing bailout has been relatively muted in U.S. equity markets. However, the Euro currency has continued to trade lower and some market participants have sought safety in U.S. treasuries. As stated in the previous market commentary piece, we believe that a rally in the Euro and a further resolution of this mini-crisis will bolster U.S. stock markets even further.

The market seems to understand that banking events like these will occur. Cyprus is a very small country. This is a relatively small banking issue for the European Union to handle. For Europe, 20 finance ministers hailing from 20 countries can easily squelch the problem. That is what the market anticipated and that is what occurred.

About Mitch Zacks

Mitch is a Senior Portfolio Manager at Zacks Investment Management. He wrote a weekly column for the Chicago Sun-Times and has published two books on quantitative investment strategies. He has a B.A. in Economics from Yale University and an M.B.A. in Analytic Finance from the University of Chicago.

Mitch also is a Portfolio Manager for the Zacks Small Cap Core Fund ( ZSCCX ).

To contact us by mail:
Zacks Investment Management
Attn: Wealth Management Group
One South Wacker Drive, Suite 2700
Chicago, IL 60606

CWS Market Review – March 29, 2013

CWS Market Review

March 29, 2013

“See, the stock market only deals in facts, in reality, in reason, and the
stock market is never wrong. Traders are wrong.” – Jesse Livermore

Ladies and gentlemen, it finally happened. Write down this date: Thursday, March 28, 2013, A.D. That’s the day the S&P 500 finally (finally!) closed at a new all-time high. The official close was 1,569.19, which breaks the old record of 1,565.15 set on October 9, 2007. That was 1,997 days ago. It’s hard to believe that it took us five-and-a-half years to get back to the peak of the bubble. Of course, maybe we’re lucky. The Dow didn’t break its 1929 peak for more than a quarter of a century.

Now that the first quarter is on the books, our Buy List gained 8.01%, which trails the S&P 500’s gain of 10.02% (dividends not included). I’m happy with the gain, but my competitive spirit doesn’t like losing to the market. We’ve beaten the market for six years in a row, and I’m confident we will do so again in 2013. As always, patience and discipline are our keys. Speaking of which, later on I’ll talk about DirecTV (DTV), which suddenly sprang to life after traders ignored a blow-out earnings report.

Measured from its low close on March 9th, 2009, the S&P 500 has now gained an amazing 131.95%. If we include dividends, investors have made 152.96%, and our Buy List has done ever better. Over the last two weeks, the index had a heck of a frustrating time lurching past the goal line. On seven of the ten days before Thursday, the S&P 500 had gotten above 1,560 during the day but had never broken 1,565. Early in the day on Thursday, the S&P 500 even went up to 1,565.14, just a measly 0.01 away from the previous high, before retreating. We didn’t break though the magic market number until about 30 minutes before the close. I should add that trading volume has been pretty tame this week. I think a lot of traders are getting a head start on the three-day weekend.

In this week’s CWS Market Review, I want to take a look at the upcoming first-quarter earnings season. For several months, analysts have been paring back on their forecasts for Q1, but we’ll get to see the results soon. Investors need to understand that earnings season is Judgment Day for Wall Street, and that’s when we learn who’s been performing well and who hasn’t.

What to Expect This Earnings Season

The market is closed on Friday for Good Friday, so that means that Thursday was the final trading day of the first quarter. Overall, it was a very good quarter for the stock market. I’m pleased to say that T.S. Eliot had it wrong. Far from being the cruelest month, April has been pretty good for investors. The Dow has risen for the last seven Aprils in a row. Let’s hope we can make it eight, but that will depend on earnings season.

According to the numbers from S&P, Wall Street expects the S&P 500 to report earnings of $25.51 for the first quarter. Just to be clear, that’s the index-adjusted number (every point in the S&P 500 is worth about $8.9 billion).

Nine months ago, Wall Street was expecting earnings of $27.71 for Q1. It’s interesting that the market has climbed more than 15% since then, even though earnings estimates are 7% lower. I think this is less due to the market’s overvaluation of today and more because of the big undervaluation of last summer. If you recall, traders were extremely nervous about events in Europe. You can really see how much Mr. Draghi’s famous promise to “do whatever it takes to preserve the euro” comment changed the market’s sentiment.

If Wall Street’s forecast is correct, then Q1 earnings will represent an increase of 5.2% from the first quarter of 2012. It will also break the two-quarter streak of profit declines. Lakshman Achuthan of the Economic Cycle Research Institute got a lot of attention recently when he made a bold forecast that the U.S. is in a recession. Achuthan was criticized by most sensible analysts and I, too, think he’s way off base. But one of his reasons was that back-to-back quarters of earnings decline often line up with recessions. Well, it looks like this time will be an exception.

The earnings outlook appears to be changing. Wall Street currently expects earnings to accelerate for the rest of this year, meaning the rate of growth will itself increase. I continue to be a bit skeptical of exactly how strong this re-acceleration will be. A lot of this depends on our friends from Europe. Some areas are already showing improvement. Right now, the analyst community expects full-year earnings for the S&P 500 of $111.16. That would be a healthy 14.80% increase over 2012. Furthermore, the Street expects the S&P 500 to rake in $124.77 for 2014, which would be a 12.24% increase over this year. Breaking out some math, this means that the S&P 500 is going for just over 12.5 times next year’s earnings. That’s quite attractive, compared with a 10-year Treasury that fetches you a puny 1.85%.

This favorable math isn’t exactly a secret. Over the past few days, some of the big-name firms on Wall Street have been raising their year-end targets for the S&P 500. Bull markets tend to do that. Morgan Stanley just raised their target from 1,434 to 1,600. Goldman raised their target by 50 points to 1,625. Deutsche Bank increased theirs from 1,600 to 1,625.

Of the ten S&P 500 sectors, the largest growth is expected to come from the financials. Profits for the financials are expected to rise by 19.08%, which is more than double their closest rival (consumer discretionary at 6.52%). This is good news for our financial stocks like JPMorgan (JPM) and Wells Fargo (WFC). Wall Street expects JPM to report earnings of $1.38 per share, which is a 16% increase over last year’s Q1. Remember, of course, that JPMorgan has made a nice habit of trouncing Wall Street’s forecasts. For last year’s Q2, they beat analysts by more than 70%! The Street expects 88 cents per share from Wells, which would be a 17.3% increase over last year. Both WFC and JPM remain very good buys.

Buy DirecTV up to $59 per Share

In mid-February, DirecTV (DTV) had a great earnings report. The satellite TV company crushed earnings by 42 cents per share. Unfortunately, traders were spooked by an earnings charge due to the currency devaluation in Venezuela. I thought that was pretty minor stuff, but it was enough to bring the stock down below $48 per share. I’ll never understand traders. DTV’s earnings report was about as good as it could be. Sure enough, once all the suckers got cleared out, the stock started to rally. The shares also got a bump after the company wisely pulled out of the bidding for Vivendi’s Brazilian division. Now we’re sitting on a rather nice gain. On Thursday, DTV got as high as $57.64. DirecTV continues to be an excellent stock. I’m raising my Buy Below to $59 per share.

Before I go, I want to name some of the stocks that look especially good on our Buy List. First is Harris (HRS). Its solid dividend is ideal for conservative investors. HRS is a buy up to $53. Bed Bath & Beyond (BBBY) continues to look very good. The home-furnishings store will report earnings on April 9th. That will be for their important fourth quarter, which ends in February. I’m raising my Buy Below on BBBY to $65. There’s no news on Nicholas Financial (NICK). Don’t be alarmed by the volatility here. Traders are going on absolutely nothing. I’ll let you know once there’s real news. Let me put in a final word for boring old Microsoft (MSFT). Business is improving, and the 3.2% yield ain’t bad. MSFT is a solid buy up to $30.

That’s all for now. Remember, the stock market is closed on Good Friday, and Monday is the start of Q2. Next week, we’ll get a look at the ISM report for March. The report for February was surprisingly good. The ADP jobs report will come out on Wednesday. Then, next Friday, the government releases its big jobs report. Wall Street forecasts that 185,000 jobs were created in March. Be sure to keep checking the blog for daily updates. I’ll have more market analysis for you in the next issue of CWS Market Review!

– Eddy

Named by CNN/Money as the best buy-and-hold blogger, Eddy Elfenbein is the editor of Crossing Wall Street. His free Buy List has beaten the S&P 500 for the last six years in a row. This email was sent by Eddy Elfenbein through Crossing Wall Street.

2223 Ontario Road NW, Washington, DC 20009, USA

Navellier Market Outlook Letter: March 2013

Market Outlook Letter

March 22, 2013

Investment Commentary & Outlook

The stock market typically becomes more selective as it moves higher, and we believe this trend will continue considering the analyst community only expects the S&P 500 to post 1.5% annual earnings growth when first quarter earnings are announced between mid-April through late May. While the stock market may be characterized by decelerating sales and earnings, our average Small-to-Mid Growth Portfolio stock is currently characterized by 34% average annual sales growth and 360% average annual earnings growth, while our average Large Cap Growth Portfolio stock is characterized by 11% average annual sales growth and 168% average annual earnings growth.
In the meantime, yield hungry investors continue to bid up high dividend stocks like those in our Power Dividend Portfolio, which had a strong 2012 returning 24.12% (pure gross) and 22.17% (net) versus 16.42% for the Russell 3000 Index. Moreover, as inflation heats up, bond yields could rise, effectively causing the “bond bubble” to burst. Ironically, fear of the bond bubble bursting could cause investors’ asset inflows into high dividend yielding stocks to accelerate, since investors might start fleeing bonds.

We are now in the first quarter earnings pre-announcement season, and the S&P 500 has had its earnings estimates cut by 3.6% in the past month, while the Russell 1000 Growth and Value indices have seen their earnings estimates cut by 8.4% and 7.1%, respectively. So while the analyst community is slashing earnings estimates, our average Fundamental ‘A’ Portfolio stock has had its earnings revised up 11.21% in the past month. Typically, positive analyst earnings revisions precede future earnings surprises, so we are excited about the upcoming first quarter earnings announcement season.

Despite these earnings woes, The Wall Street Journal recently reported that companies in the S&P 500 are expected to pay out at least $300 billion in dividends in 2013, which is higher than 2012’s record $282 billion dividend payout, which included many special year-end dividends. The Wall Street Journal also reported that in February, Corporate America announced plans to buy back $117.8 billion in outstanding stock, which is the highest monthly buyback amount announced since records began in 1985. Clearly, the Fed’s 0% interest rate policy remains a “flashing light” for Corporate America to issue bonds and aggressively buyback their outstanding stock. Due to the Fed’s 0% interest rate policy, plus record stock buybacks and dividend payouts, investor confidence is soaring.

Thanks largely to relentless stock buybacks and rising dividends, the stock market’s day-to-day volatility has declined considerably and the VIX index that measure volatility continues breaking into new low territory. So far this year, any market pullback is quickly met with a new wave of buying pressure. As investors continue to decrease their “cash on the sidelines,” we suspect that inflows into market may persist for the next several months. Historically, however, the stock market typically gets a bit “bumpy” after the pension funding season winds down in April.
Interestingly, as the foregoing chart illustrates, May 2012 was a down month with almost daily price erosion. However, for our Large Cap Growth Portfolio, May 2012 was our best month relative to the overall stock market, since many of our Large Cap Growth stocks were announcing better-than-expected earnings and gapping higher. This “flight to quality” may very well be repeated in the upcoming months. One of concerns of the overall stock market is that many low quality stocks have been rallying, especially on strong days when there is obvious short covering.

Despite the great foundation underneath the stock market from rising dividends, increasing stock buybacks, and persistent inflows, we believe the market will narrow as it climbs higher. We expect that our fundamentally strong growth stocks will stand to benefit most when the going gets tough, just like our Large Cap Growth Portfolio did in May 2012 in the wake of better-than-expected first quarter earnings results.

FOCUS ON THE FED

The stock market is addicted to the Fed’s 0% interest rate policy – Quantitative Easing to “infinity” and Operation Twist to “eternity,” so investors can be wondering how long the low rates will last. According to the Fed, rates will remain low until the unemployment rate falls to 6.5%. Currently, the unemployment rate is 7.7%, and the February payroll report posted the biggest monthly job gain since last November. Furthermore, new claims for unemployment are at the lowest level in five years. Overall, the job market appears to be on the road to recovery, so speculation is rising about how long the Fed will keep its seemingly eternal money pump on.

Investors gained insight to the Fed’s thinking from the latest Federal Open Market Committee (FOMC) minutes. These minutes revealed the infighting within the Fed between the doves and hawks as “several” FOMC members were growing increasingly “uneasy” that the costs and risks of the $85 billion per month in quantitative easing was becoming less effective and may have negative repercussions. The minutes also identified a new idea backed by a “number” of Fed officials: that the Fed should tap the monetary brake a bit. Other ideas were also floated. The impression from the FOMC minutes was best summarized by Millan Mulraine, senior economist at TD Securities, who said, “The minutes … show a committee that is far less unified than any other time in the past few years.”

Wall Street immediately reacted negatively after the release of the FOMC minutes because it feared the Fed would scale down its $85 billion per month in quantitative easing and that the 10-year Treasury bond might rise to 3% or more, based on research recently published by Goldman Sachs. Much of the stock market’s recent strength is from investors seeking higher yields, corporate stock buybacks, plus money the Fed is pumping into the bond and mortgage-back market that is spilling into the stock market. So if the Fed “taps the brakes,” the stock market should also slow down.

The day after the stock market reacted negatively to the FOMC minutes, FOMC members started damage control and tried to calm spooked financial markets. For example, San Francisco Fed President John Williams said the Fed’s quantitative easing is providing a “much needed boost” to the economy and will be needed well into the second half of the year. Williams added that “We need powerful and continuing monetary accommodation,” and stated that “Unemployment is far too high and inflation is too low.” In a clear contrast, St. Louis Fed President James Bullard said the U.S. economy is on the mend and that Fed may consider raising interest rates by 2014 and boldly predicted that the unemployment rate will fall below 6.5% by June 2014. However, Bullard also admitted his unemployment forecast is more optimistic than his other Fed colleagues. Bullard also implied that the Fed should consider adjusting its asset purchases by $10 or $15 billion per month based on the FOMC’s interpretation of economic data. In the end, Bullard concluded that the Fed’s quantitative easing will continue for “a while” and gave the impression he was in a minority on the FOMC. Finally, an outspoken hawk, Dallas Fed President Richard Fisher said the Fed would not go “cold turkey” in halting its asset purchases.

Longer-term, one increasingly obvious negative repercussion of the Fed’s money pump is the possibility of runaway commodity inflation and the eventual decay of the U.S. dollar. In fact, we would argue that a weak U.S. dollar was largely responsible for gasoline prices going up one cents per day in the first two months of this year, since crude oil prices rise as the U.S. dollar falls. In other words, the Fed’s excessive monetary pumping is clearly sowing the seeds of inflation.

As further evidence that inflation is brewing, the Labor Department recently announced that the Producer Price Index (PPI) rose 0.7% in February. Excluding food and energy, the core PPI rose 0.2%, since energy prices rose 3%, with wholesale gasoline prices rising a whopping 7.2%. The PPI component for intermediate goods rose 1.3% in February, so it appears businesses are passing on higher energy costs.

The Labor Department also recently announced that the Consumer Price Index (CPI) rose 0.7% in February, which was slightly above economists’ consensus estimate of 0.6%. Excluding food and energy, the core CPI rose a more modest 0.2%, due largely to energy prices rising 5.4% due largely to a 9.1% rise in the price of gasoline. Core inflation in the past year is running 2% based on the CPI and 1.3% based on the Fed’s preferred Personal Consumption Expenditure (PCE) index. Despite that the PCE is still low, the Fed’s goal of keeping inflation under 2% is becoming more difficult. Since it is becoming increasingly evident that CPI inflation is rising at the fastest pace in three years, the Fed may need to tap the brakes on its money pump sooner than later, especially as the unemployment rate nears its stated target of 6.5%.

In the meantime, the U.S. dollar rose in recent weeks after Moody’s downgraded Britain from a cherished AAA rating to an Aa1 rating. Another factor bolstering the U.S. dollar is that a comedian, Beppe Grillo, won the recent Italian election in an anti-austerity protest vote. Since Beppe Grillo only won 26% of the overall vote and cannot put together a ruling coalition with former Prime Minister Silvio Berlusconi, who received 25% of the vote, another Italian election is expected resulting in voters’ success at deferring austerity cuts via political chaos.

With a temporally stronger U.S. dollar, which helps reduce commodity inflation near-term, the Fed is still clear to continue its seemingly endless money pump. This was made clear by Fed Chairman Ben Bernanke who recently went before Congress to defend the Fed’s unprecedented quantitative easing. Bernanke openly admitted that he and his colleagues on the FOMC are debating whether or not to curtail its $85 billion per month in quantitative easing amidst concerns that the Fed’s $3.1 trillion balance sheet (up from approximately $800 billion in 2008) may encourage excessive risk-taking by investors and complicate the Fed’s eventual exit from its relentless quantitative easing. However, the most fascinating comment from Chairman Bernanke was when he said the Fed’s policies “are increasing demand globally and helping not only our businesses but the businesses in other countries that export to us.”

In other words, Bernanke feels the Fed’s responsibility is to not only right America’s economic ship, but to also save the world economy. The other interesting exchange was when Senator Bob Corker of Tennessee called the Fed Chairman a “dove” and Bernanke responded by saying, “Well maybe in some respects I am, but on the other hand my inflation record is the best of any Federal Reserve chairman in the postwar period … at least one of the best, about 2% average inflation.” The bottom line is that Chairman Bernanke essentially admitted he was a proud “dove” that was saving the world and left the impression that the Fed would likely continue its quantitative easing for up to 3 years.
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Corporate earnings can be a key driver in the movement of stock prices. The Navellier stock selection methodology has long focused on identifying those stocks with the capacity for strong earnings growth.

If you would like to review next quarter’s stocks’
Sales and Earnings Projections please Click Here
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With the perception that the Fed pump might be perpetual, the stock market rose after Chairman Bernanke’s testimony before the Senate Banking Committee. Bernanke said, “In the current economic environment, the benefits of asset purchases are clear.” Translated from Fedspeak, the Fed Chairman is saying the Fed cannot turn off the money pump without causing interest rates to soar. As far as the stock market rallying due to the low interest rate environment the Fed created, Bernanke said Fed policy was not fostering a bubble in the stock market, “I don’t see much evidence of an equity bubble.” Bernanke added that “Earnings are very high, and equity holders are risk-averse in their behavior,” but tried to assure Congress the Fed was on the lookout for excessive risk-taking. In the end, Bernanke’s comments ignited an impressive stock market rally.

Adding fuel to the stock market’s fire was also Fed Vice Chairman Janet Yellen who stated in a speech at a San Francisco Fed research conference, “At present, I view the balance of risks as still calling for a highly accommodative monetary policy to support a stronger recovery and more rapid growth in employment.” Interestingly, Yellen essentially admitted there is some inflation risk to the Fed’s aggressive quantitative easing but said, “at this stage, I do not see any that would cause me to advocate a curtailment of our purchase program.” Since Yellen is viewed as a potential replacement for Fed Chairman Ben Bernanke when his term expires in 2014, her dovish stance on the benefits of relentless quantitative easing further helped spark the stock market and propel the Dow Industrials to new highs.

Yellen’s most controversial statement was that “A premature removal of accommodation could, by slowing the economy, perversely serve to extend the period of low long-term rates.” Translated from Fedspeak, Yellen admitted she plans to keep quantitative easing in full force, so the stock market naturally celebrated the Fed’s intervention. In an attempt to thwart criticism that the Fed may be creating a stock market bubble, Yellen defended it by saying, “At this stage, there are some signs that investors are reaching for yield, but I do not now see pervasive evidence of trends such as rapid credit growth, a marked buildup in leverage, or significant asset bubbles that would clearly threaten financial stability.” It appears the Fed’s money pump is going to be on for at least the next couple years.

While we are talking about the Fed, we must add that the recently released Beige Book survey indicated that the federal government is getting in the way of a sustainable economic recovery. The survey cited that retail sales had slowed in many districts through late February and cited muddled fiscal policy and higher gasoline prices as the culprit behind slowing retail sales. Interestingly, the Fed reported that employers in several districts also cited “unknown effects” of the Affordable Care Act as reasons for planned layoffs and a reluctance to hire more staff. Despite these distractions, 10 of the Fed’s 12 districts reported gradual economic growth through late February, while the Boston and Chicago districts reported slower economic activity. Overall, it is clear the Fed will use this latest Beige Book survey to continue to justify its aggressive money pump at its March FOMC meeting. So the seeming eternal Fed money pump will remain on, and the stock market is the primary beneficiary.

SUMMARY

The stock market is behaving like a great party where everyone is having a wonderful time. However, like at any great party, we must identify the designated drivers and try to ensure everybody gets home safe. Like last May 2012, we expect the market will experience some sort of correction this year. We believe the most likely time for this correction is in May after the pension funding season winds down in April and the seemingly flow of funds into the stock market ebbs a bit.

In preparation for the bumpy road ahead, we have been concentrating many of our growth portfolios in fewer stocks and selling companies that have become increasingly volatile. Ironically, the vast majority of stocks we have been selling in the past couple months are still characterized by fundamentally strong sales and earnings. However, we believe to control volatility, we sometimes have to sell good stocks to buy better stocks.

The overall stock market has a good foundation thanks largely to stock buybacks and dividend payouts, plus the Fed’s seemingly eternal money pump. That is the good news. The bad news is that the first quarter earnings announcement season is expected to be tough for the S&P 500, since overall earnings are expected to rise only 1.5%. We are now in the first quarter earnings pre-announcement season, and the S&P 500 has had its earnings estimates cut by 3.6% in the past month, while the Russell 1000 Growth and Value indices have seen their earnings estimates cut by 8.4% and 7.1%, respectively.

Similar to what occurred in May 2012, we believe a flight to quality is inevitable, since too many low quality stocks have been rallying this year. We have been focusing our growth portfolios on fundamentally strong stocks that can best weather the expected bumps that typically occur when the stock market becomes increasingly selective after a strong bull market. As a result, we have been selling stocks that have become too volatile in recent months.

We should add that we anticipate that any of these “bumps” will be temporary, since the stock market’s earnings are expected to pick up in the second half of 2013. We are excited by the larger trends of the market: companies increasing dividends and aggressively buying back outstanding stock, plus the Fed pumping $85 billion per month into the financial markets is aiding stock buybacks as companies rush to issue bonds yielding less than 3%. Corporate America is now raising almost $2 trillion per year in the bond market to refinance existing debt, buy other companies, and aggressively buyback existing stock.

The Fed’s 0% interest rate policy and seemingly eternal money pump is a big “flashing light” for Corporate America to aggressively buy back its outstanding stock before the Fed turns off its money pump. This will likely happen when the unemployment rate approaches 6.5%, down from 7.7% currently. According to St. Louis Fed President Bullard, the Fed may end its quantitative easing by mid-2014, since he is optimistic the unemployment rate will hit 6.5%. However, Bullard is in the minority, and the consensus of most economists is that the unemployment rate will not reach 6.5% until mid-2015. On the other hand, there is Fed Chairman Bernanke who said the Fed would likely continue quantitative easing for up to 3 years. Whether or not the Fed will turn off its money pump in 2014 (Bullard), 2015 (consensus of economists), or 2016 (Bernanke), the bottom line is the stock market has emerged as the primary beneficiary of the Fed’s seeming eternal money pump.

We want to assure you that despite what we believe will be an increasingly bumpy stock market by May, we believe fundamentally strong growth stocks will fare especially well, as they did last May. The average dividend yield associated with our growth portfolios continues to rise and now stands at 1.61% for our flagship Large Cap Growth Portfolio. Corporate stock buybacks remain relentless, especially after Corporate America announced plans in February to buy back $117.8 billion in outstanding stock, which is the highest monthly buyback amount announced since records began in 1985. As always, our growth portfolios remain characterized by stocks with strong sales and earnings. And though we believe we are still in the early innings of a stock market rally, remember that typically the longer the rally persists, the fewer stock market leaders will emerge.

P.S. Please visit our stock rating system on over 5,000 stocks at http://www.navellier.com/StockGrader. The enhanced version of our stock rating system allows you to save portfolios, so that you can check the stock ratings on separate portfolios every week. We update our stock database every Monday following our weekend research.

Key Market Reports and Commentary for Wednesday 27/03/2013

W E D N E S D A Y   M O R N I N G   E X T R E M E   M A R K E T S
A complimentary service from INO.com ( http://www.ino.com/ )

KEY EVENTS TO WATCH FOR:
Wednesday, March 27, 2013
7:00 AM ET. MBA Weekly Mortgage Applications Survey

Market Composite Index (previous 765.1)

Market Composite Index Cur Chg (previous -7.1%)

Purchase Index (S.A.) (previous 196.4)

Purchase Index (S.A.) Cur Chg (previous -3.9%)

Refinance Index (previous 4108.8)

Refinance Index Cur Chg (previous -8%)

8:30 AM ET. 4 Quarter State Quarterly Personal Income

10:00 AM ET. Feb Pending Home Sales Index
Current (previous 105.9)

MoM Pct Change (Current Period) (expected -0.3%; previous +4.5%)

YoY Pct Change (Current Period) (previous +9.5%)

10:30 AM ET. EIA Weekly Petroleum Status Report

Crude Oil Stocks (previous 382.66M)

Crude Oil Stocks (Net Change) (expected +0.8M; previous -1.31M)

Gasoline Stocks (previous 222.83M)

Gasoline Stocks (Net Change) (expected -1.2M; previous -1.48M)

Distillate Stocks (previous 119.77M)

Distillate Stocks (Net Change) (expected -1.1M; previous -0.67M)

Refinery Usage (expected 83.8%; previous 83.5%)

Total Products Supplied (previous 17.77M)

Total Products Supplied (Net Change) (previous -0.83M)

3:00 PM ET. Mar Agricultural Prices

Farm Prices, M/M (previous -9.2%)

Key Events and Commentary available earlier every morning, via MarketClub (http://www.marketclub.com/)

U.S. STOCK INDEXES http://quotes.ino.com/exchanges/?c=indexes

The June NASDAQ 100 was lower overnight while extending this month’s trading
range. Stochastics and the RSI are diverging and are turning neutral signaling
that sideways trading is possible near-term. If June renews the rally off
November’s low, last September’s high crossing at 2872.50 is the next upside
target. Multiple closes below last Monday’s low crossing at 2748.25 would
confirm that a short-term top has been posted. First resistance is this month’s
high crossing at 2817.00. Second resistance is last September’s high crossing
at crossing at 2872.50. First support is last Monday’s low crossing at 2748.25.
Second support is February’s low crossing at 2683.50.

The June S&P 500 was lower overnight while extending the trading range of
the past two-weeks. Stochastics and the RSI are diverging but remain neutral to
bearish signaling that sideways to lower prices are possible near-term. Closes
below the reaction low crossing at 1529.60 would confirm that a short-term top
has been posted. If June renews the rally off November’s low, weekly resistance
crossing at 1586.50 is the next upside target. First resistance is Monday’s
high crossing at 1560.30. Second resistance is weekly resistance crossing at
1586.50. First support is the 20-day moving average crossing at 1541.42. Second
support is the reaction low crossing at 1529.60.

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INTEREST RATES http://quotes.ino.com/exchanges/?c=interest

June T-bonds was higher overnight and has broken out to the topside of the
recent trading range. Stochastics and the RSI remain bullish signaling that
sideways to higher prices are possible near-term. If June extends the rally off
March’s low, March’s high crossing at 144-29 is the next upside target. Closes
below the March 18th gap crossing at 142-02 would confirm that a short-term top
has been posted. First resistance is the overnight high crossing at 144-20.
Second resistance is March’s high crossing at 144-29. First support is the
March 18th gap crossing at 142-02. Second support is March’s low crossing at
140-14.

NYMEX CRUDE OIL http://quotes.ino.com/exchanges/?c=energy

May crude oil was lower due to profit taking overnight as it consolidates
some this month’s rally. Stochastics and the RSI are bullish signaling that
sideways to higher prices are possible near-term. If May extends the rally off
March’s low, the reaction high crossing at 97.92 is the next upside target.
Closes below the 20-day moving average crossing at 92.98 would confirm that a
short-term top has been posted. First resistance is Tuesday’s high crossing at
96.45. Second resistance is the reaction high crossing at 97.92. First support
is the 10-day moving average crossing at 94.05. Second support is the 20-day
moving average crossing at 92.98.

May heating oil was higher due to short covering overnight while extending
the trading range of the past six days. Stochastics and the RSI are turning
neutral to bullish hinting that a low might be in or is near. Closes above the
20-day moving average crossing at 302.00 are needed to confirm that a
short-term low has been posted. If May extends the decline off February’s high,
November’s low crossing at 291.83 is the next downside target. First resistance
is the 20-day moving average crossing at 302.00. Second resistance is the
reaction high crossing at 310.26. First support is the 87% retracement level of
the December-February rally crossing at 296.26. Second support is November’s
low crossing at 291.83.

May unleaded gas was higher due to short covering overnight. Stochastics and
the RSI are diverging and are turning bullish hinting that a low might be in or
is near. Multiple closes above the 20-day moving average crossing at 310.38 are
needed to confirm that a short-term low has been posted. If May extends the
decline off February’s high, the 38% retracement level of the June-February
rally crossing at 294.94 is the next downside target. First resistance is the
20-day moving average crossing at 310.38. Second resistance is the reaction
high crossing at 316.45. First support is last Wednesday’s low crossing at
301.51. Second support is the 38% retracement level of the June-February rally
crossing at 294.94.

May Henry natural gas was slightly higher overnight. Stochastics and the RSI
are overbought, diverging and are turning neutral to bearish hinting that a
short-term top might be in or is near. Closes below the 20-day moving average
crossing at 3.776 are needed to confirm that a short-term top has been posted.
If May extends the rally off February’s low, the reaction high crossing at
4.290 is the next upside target. First resistance is last Thursday’s high
crossing at 4.050. Second resistance is the reaction high crossing at 4.290.
First support is the 10-day moving average crossing at 3.943. Second support is
the 20-day moving average crossing at 3.776.

CURRENCIES http://quotes.ino.com/exchanges/category.html?c=currencies

The June Dollar was higher overnight while extending this month’s trading
range. Stochastics and the RSI are diverging but are turning bullish signaling
that sideways to higher prices are possible near-term. If June renews the rally
off February’s low, the 75% retracement level of the July-February decline
crossing at 83.75 is the next upside target. Closes below the reaction low
crossing at 82.25 are needed to confirm that a short-term top has been posted.
First resistance is the 75% retracement level of the July-February decline
crossing at 83.75. Second resistance is the 87% retracement level of the
July-February decline crossing at 84.52. First support is the reaction low
crossing at 82.25. Second support is the 38% retracement level of the
February-March rally crossing at 81.76.

The June Euro was lower overnight extending the decline off February’s high.
Stochastics and the RSI are diverging but are turning bearish signaling that
sideways to lower prices are possible near-term. If June extends the decline
off February’s high, the 62% retracement level of the November-February rally
crossing at 127.37 is the next downside target. Closes above the 20-day moving
average crossing at 129.84 are needed to confirm that a low has been posted.
First resistance is the 20-day moving average crossing at 129.84. Second
resistance is the reaction high crossing at 130.94. First support is the
overnight low crossing at 127.89. Second support is the 62% retracement level
of the November-February rally crossing at 127.37.

The June British Pound was lower overnight as it consolidates some of the
rally off March’s low. Stochastics and the RSI are overbought and are turning
bearish signaling that sideways to lower prices are possible near-term. Closes
below the 20-day moving average crossing at 1.5068 would signal that a
short-term top has been posted. If June extends the rally off March’s low, the
38% retracement level of the January-March decline crossing at 1.5388 is the
next upside target. First resistance is the 25% retracement level of the
January-March decline crossing at 1.5194. Second resistance is the 38%
retracement level of the January-March decline crossing at 1.5388. First
support is the 20-day moving average crossing at 1.5068. Second support is
March’s low crossing at 1.4823.

The June Swiss Franc was lower overnight as it extends this week’s decline.
Stochastics and the RSI have turned bearish signaling that sideways to lower
prices are possible near-term. If June extends this week’s decline, March’s low
crossing at .10463 is the next downside target. Closes above the reaction high
crossing at .10673 are needed to confirm that a short-term low has been posted.
First resistance is the reaction high crossing at .10673. Second resistance is
Monday’s high crossing at .10738. First support is the overnight low crossing
at .10506. Second support is March’s low crossing at .10463.

The June Canadian Dollar was lower overnight as it consolidates some of the
rally off March’s low. Stochastics and the RSI are bullish signaling that
sideways to higher prices are possible near-term. If June extends the rally off
March’s low, the 38% retracement level of the January-March decline crossing at
98.38 is the next upside target. Closes below the 20-day moving average
crossing at 97.34 would signal that a short-term top has been posted. First
resistance is Tuesday’s high crossing at 98.29. Second resistance is the 38%
retracement level of the January-March decline crossing at 98.38. First support
is the 20-day moving average crossing at 97.34. Second support is March’s low
crossing at 96.46.

The June Japanese Yen was higher overnight. Stochastics and the RSI remain
bullish signaling that sideways to higher prices are possible near-term. If
June extends the rally off March’s low, February’s high crossing at .11014 is
the next upside target. Closes below the reaction low crossing at .10407 would
temper the near-term friendly outlook. If June renews this winter’s decline,
monthly support crossing at .10228 is the next downside target. First
resistance is Monday’s high crossing at .10698. Second resistance is February’s
high crossing at .11014. First support is the reaction low crossing at .11014.
Second support is March’s low crossing at .10345.

PRECIOUS METALS http://quotes.ino.com/exchanges/?c=metals

April gold was lower overnight as it consolidates some of last week’s rally.
The low-range close sets the stage for a steady to lower opening when the day
session begins trading. Stochastics and the RSI are overbought and are turning
bearish hinting that a short-term top might be in or is near. Closes below the
20-day moving average crossing at 1590.10 would confirm that a short-term top
has been posted. Closes above the reaction high crossing at 1619.70 are needed
to confirm a short-term trend change has taken place while opening the door for
additional gains near-term. First resistance is last Thursday’s high crossing
at 1616.50. Second resistance is the reaction high crossing at 1619.70. First
support is the 20-day moving average crossing at 1590.10. Second support is
March’s low crossing at 1560.40.

May silver was sharply lower overnight while extending the trading range of
the past five weeks. Stochastics and the RSI are bearish signaling that
sideways to lower prices are possible near-term. If May renews this winter’s
decline, the 87% retracement level of the June-October rally crossing at 27.529
is the next downside target. Closes above the reaction high crossing at 29.495
are needed to confirm that a short-term low has been posted. First resistance
is the reaction high crossing at 29.350. Second resistance is the reaction high
crossing at 29.495. First support is the reaction low crossing at 27.925.
Second support is the 87% retracement level of the June-October rally crossing
at 27.529.

May copper was lower overnight and the low-range close sets the stage for a
steady to lower opening when the day session begins trading. Stochastics and
the RSI are neutral to bearish signaling that sideways to lower prices are
possible near-term. If May renews the decline off February’s high, last July’s
low crossing at 332.00 is the next downside target. Closes above the 20-day
moving average crossing at 348.68 are needed to confirm that a short-term low
has been posted. First resistance is the 10-day moving average crossing at
345.53. Second resistance is the 20-day moving average crossing at 348.68.
First support is March’s low crossing at 338.80. Second support is last July’s
low crossing at 332.00.

FOOD & FIBER http://quotes.ino.com/exchanges/category.html?c=food

May coffee closed higher on Tuesday as it consolidates some of this winter’s
decline. The high-range close set the stage for a steady to higher opening on
Wednesday. Stochastics and the RSI are turning bullish hinting that a low might
be in or is near. Closes above the 20-day moving average crossing at 13.96 are
needed to confirm that a short-term low has been posted. If May renews the
decline off January’s high, weekly support crossing at 13.20 is the next
downside target.

May cocoa posted an inside day with a higher close on Tuesday. The mid-range
close sets the stage for a steady opening on Wednesday. Stochastics and the RSI
are neutral to bullish signaling that sideways to higher prices are possible
near-term. If May renews the rally off this month’s low, the reaction high
crossing at 22.60 is the next upside target. If May renews the decline off last
September’s high, weekly support crossing at 19.70 is the next downside target.

May sugar closed lower on Tuesday as it extends the decline off March’s
high. The low-range close set the stage for a steady to lower opening on
Wednesday. Stochastics and the RSI remain bearish signaling that sideways to
lower prices are possible near-term. If May extends this month’s decline,
February’s low crossing at 17.67 is the next downside target. Closes above the
10-day moving average crossing at 18.36 would temper the bearish outlook.

May cotton closed higher due to short covering on Tuesday. The high-range
close sets the stage for a steady to higher opening on Wednesday. Stochastics
and the RSI remain bearish signaling that sideways to lower prices are possible
near-term. If May extends the decline off March’s high, the 38% retracement
level of the November-March rally crossing at 85.21 is the next downside
target. Closes above the 10-day moving average crossing at 89.31 would temper
the near-term bearish outlook. If May renews this winter’s rally, the 75%
retracement level of the 2011-2012-decline crossing at 96.93 is the next upside
target.
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GRAINS http://quotes.ino.com/exchanges/category.html?c=grains

May corn was higher overnight as it extends the trading range of the past
six days. Stochastics and the RSI are overbought but remain neutral to bullish
signaling that sideways to higher prices are possible near-term. If May extends
this month’s rally, the 38% retracement level of the August-January decline
crossing at 7.39 1/2 is the next upside target. Closes below the 20-day moving
average crossing at 7.15 1/2 would confirm that a short-term top has been
posted. First resistance is the 38% retracement level of the August-January
decline crossing at 7.39 1/2. Second resistance is February’s high crossing at
7.47 1/2. First support is the 10-day moving average crossing at 7.26 3/4.
Second support is the 20-day moving average crossing at 7.15 1/2.

May wheat was fractionally higher overnight as it extends the trading range
above the November-February downtrend line. The high-range close sets the stage
for a steady to higher opening when the day session begins trading. Stochastics
and the RSI are overbought but remain neutral to bullish signaling that
sideways to higher prices are possible near-term. If May extends the rally off
this month’s low, the 25% retracement level of the November-March decline
crossing at 7.43 3/4 is the next upside target. Closes below the 20-day moving
average crossing at 7.15 would temper the near-term friendly outlook. First
resistance is last Wednesday’s high crossing at 7.36 3/4. Second resistance is
the 25% retracement level of the November-March decline crossing at 7.43 3/4.
First support is the 20-day moving average crossing at 7.15. Second support is
March’s low crossing at 6.81.

May Kansas City Wheat closed up 9 1/2-cents at 7.68 1/2.

May Kansas City wheat closed higher on Tuesday and in doing so renewed the
rally off March’s low. The high-range close sets the stage for a steady to
higher opening on Wednesday. Stochastics and the RSI are overbought but remain
neutral to bullish signaling that sideways to higher prices are possible
near-term. If May extends this month’s rally, the 25% retracement level of the
November-March decline crossing at 7.83 1/2 is the next upside target. Closes
below the 20-day moving average crossing at 7.47 1/2 would confirm that a
short-term top has been posted. First resistance is today’s high crossing at
7.68 1/2. Second resistance is the 25% retracement level of the November-March
decline crossing at 7.83 1/2. First support is the 20-day moving average
crossing at 7.47 1/2. Second support is March’s low crossing at 7.24 1/2.

May Minneapolis wheat was fractionally lower overnight while at the same
time extending the trading range of the past six- weeks. The high-range close
sets the stage for a steady to higher opening when the day session begins to
trade. Stochastics and the RSI are overbought but remain neutral to bullish
signaling that sideways to higher prices are possible near-term. Closes above
the reaction high crossing at 8.11 1/2 are needed to confirm that a short-term
low has been posted and would open the door for additional gains. If May renews
this winter’s decline, last May’s low crossing at 7.53 1/2 is the next downside
target. First resistance is the reaction high crossing at 8.11 1/2. Second
resistance is the reaction high crossing at 8.44 1/2. First support is March’s
low crossing at 7.80. Second support is last May’s low crossing at 7.53 1/2.

SOYBEAN COMPLEX http://quotes.ino.com/exchanges/?c=grains

May soybeans were higher overnight and the high-range close sets the stage
for steady to higher opening when the day session begins trading later this
morning. Stochastics and the RSI are neutral to bullish signaling that sideways
to higher prices are possible near-term. If May extends the rally off March’s
low, March’s high crossing at 14.84 3/4 is the next upside target. If May were
to renew this month’s decline, February’s low crossing at 13.93 1/2 is the next
downside target. Closes above November’s high crossing at 14.99 1/4 or below
the reaction low crossing at 13.37 3/4 are needed to confirm a breakout of this
winter’s trading range and point the direction of the next trending move. First
resistance is the reaction high crossing at 14.51 1/2. Second resistance is
March’s high crossing at 14.84 3/4. First support is March’s low crossing at
14.03. Second support is February’s low crossing at 13.93 1/2.

May soybean meal was higher overnight and the high-range close sets the
stage for a steady to higher opening when the day session begins trading.
Stochastics and the RSI are neutral to bullish signaling that sideways to
higher prices are possible near-term. Closes above the 20-day moving average
crossing at 426.40 are needed to confirm that a short-term low has been posted
and would open the door for additional gains near-term. If May renews the
decline off March’s high, February’s low crossing at 402.10 is the next
downside target. First resistance is the 20-day moving average crossing at
426.40. Second resistance is February’s high crossing at 443.90. First support
is March’s low crossing at 410.70. Second support is February’s low crossing at
402.10.

May soybean oil was higher overnight and has renewed the rally off March’s
low. The high-range close sets the stage for a steady to higher opening when
the day session begins trading. Stochastics and the RSI are becoming overbought
but remain bullish signaling that sideways to higher prices are possible
near-term. If May extends this week’s rally, the 50% retracement level of the
February-March decline crossing at 51.34 is the next upside target. First
resistance is the 50% retracement level of the February-March decline crossing
at 51.34. Second resistance is the 62% retracement level of the February-March
decline crossing at 51.97. First support is the 20-day moving average crossing
at 50.08. Second support is March’s low crossing at 48.67.

LIVESTOCK http://quotes.ino.com/exchanges/?c=livestock

April hogs closed up $1.03 at $79.50.

April hogs gapped up and closed higher on Tuesday. The high-range close sets
the stage for a steady to higher opening when Wednesday’s night session begins
trading. Stochastics and the RSI are diverging and are turning bullish hinting
that a low might be in or is near. Closes above the 20-day moving average
crossing at 79.97 are needed to confirm that a short-term low has been posted.
If April renews this winter’s decline, weekly support crossing at 76.65 is the
next downside target. First resistance is the 20-day moving average crossing at
79.97. Second resistance is the reaction high crossing at 82.25. First support
is last Wednesday’s low crossing at 76.90. Second resistance is weekly support
crossing at 76.65.

April cattle closed down $0.50 at 125.95.

April cattle closed lower on Tuesday. The low-range close sets the stage for
a steady to lower opening when Wednesday’s night session begins trading.
Stochastics and the RSI have turned bullish signaling that a low might be in or
is near. Closes above the 20-day moving average crossing at 127.79 are needed
to confirm that a low has been posted. If April renews this year’s decline,
weekly support crossing at 124.25 is the next downside target. First resistance
is the 10-day moving average crossing at 126.48. Second resistance is the
20-day moving average crossing at 127.79. First support is last Wednesday’s low
crossing at 124.75. Second support is weekly support crossing at 124.25.

April feeder cattle closed up $0.20 at $138.60.

April Feeder cattle closed higher on Tuesday. The high-range close sets the
stage for a steady to higher opening when Wednesday’s night session begins
trading. Stochastics and the RSI are turning bullish hinting that a low might
be in or is near. Closes above the 20-day moving average crossing at 141.18 are
needed to confirm that a short-term low has been posted. If April renews this
year’s decline, weekly support crossing at 133.05 is the next downside target.
First resistance is the 10-day moving average crossing at 139.21. Second
resistance is the 20-day moving average crossing at 141.18. First support is
last Wednesday’s low crossing at 136.77. Second support is weekly support
crossing at 133.05.

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T H A N K   Y O U
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