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target
Recent Flag Pattern Breakouts
Commentary
A flag is a small continuation pattern and these four stocks recently broke out of one, or are close to it. Flags provide an entry, stop and target, making them a relatively straightforward pattern to trade. The pattern is created by a strong run higher, followed by a small sideways or downward slanting consolidation, the flag. When the price breaks above the flag, initiate a long position, with a stop below the consolidation/flag. The target is traditionally based on the height of recent run higher, added to the bottom of the flag.On-balance volume can also be added to the chart to gauge the strength of trends and legitimacy of breakouts.
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Stocks on the Verge of Major Support or Resistance Breaks
Commentary
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Key Market Reports and Commentary for Monday 28/04/2014
Morning Markets Report
Prepared on Monday, April 28, 2014
Copyright 2014 INO.com. All Rights Reserved.
Summary
The Dow Future is trending higher 59 points to 16383. The US Dollar Index moved lower 0.202 points to 79.596. Gold has retreated 3.795 dollars to 1301.550. Silver is lower 0.1105 dollars to 19.6150. The Dow Industrials trended lower by 140.19 points, at 16361.46, while the S&P 500 moved lower 15.21 points, last seen at 1863.40. The Nasdaq Composite slipped 72.88 points to 4075.46. Streaming charts of these markets are available 24/7 at MarketClub
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Key Events for Monday
8:30 AM ET. March Chicago Fed Midwest Manufacturing Index
Manufacturing Index (MoM) (previous +0.8%)
Manufacturing Index (YoY) (previous +5.9%)
Auto Output Index (MoM) (previous -0.1%)
Auto Output Index (YoY) (previous +12.4%)
Machinery Output Index (MoM) (previous +1.7%)
Machinery Output Index (YoY) (previous +2%)
Resource Output Index (MoM) (previous +0.5%)
Resource Output Index (YoY) (previous +2.6%)
Steel Output Index (MoM) (previous +1.6%)
Steel Output Index (YoY) (previous +3.8%)
10:00 AM ET. March Pending Home Sales Index
Current (previous 93.9)
MoM Pct Change (Current Period) (previous -0.8%)
YoY Pct Change (Current Period) (previous -10.5%)
10:30 AM ET. April Texas Manufacturing Outlook Survey
Business Activity Index (previous 4.9)
Manufacturing Production Index (previous
7:45 AM ET. ICSC-Goldman Sachs Chain Store Sales Index
Chain Store Sales Index – WoW (previous +0.4%)
Chain Store Sales Index – YoY (previous +1.9%)
8:55 AM ET. Johnson Redbook Retail Sales Index
MoM % Change (previous -0.5%)
12MonChgPct (previous +3.2%)
52WkChgPct (previous +3.7%)
9:00 AM ET. Feb S&P / Case-Shiller Home Price Index
10-city Index, M/M (previous +0%)
10-city Index, Y/Y (previous +13.5%)
20-city Index, M/M (previous -0.1%)
20-city Index, Y/Y (previous +13.2%)
National Q/Q
National Y/Y
10:00 AM ET. 1st Quarter U.S. Housing Vacancies
10:00 AM ET. March Metropolitan Area Employment & Unemployment
10:00 AM ET. U.S. Treasury Sec Lew testifies to House Appropriations Committee on budget
10:00 AM ET. April Consumer Confidence Index
Consumer Confidence Index (previous 82.3)
Expectation Index (previous 83.5)
Present Situation Index (previous 80.4)
4:30 PM ET. API Weekly Statistical Bulletin
Crude Stocks (Net Change) (previous +0.52M)
Gasoline Stocks (Net Change) (previous -3.4M)
Distillate Stocks (Net Change) (previous +0.57M)
Refinery Runs (previous 89.8%)
N/A ICBA Washington Policy Summit
N/A U.S. Federal Open Market Committee
7:00 AM ET. MBA Weekly Mortgage Applications Survey
Market Composite Index (previous 354)
Market Composite Index Cur Chg (previous -3.3%)
Purchase Index (S.A.) (previous 178)
Purchase Index (S.A.) Cur Chg (previous -2.6%)
Refinance Index (previous 1361.4)
Refinance Index Cur Chg (previous -3.7%)
8:15 AM ET. April ADP National Employment Report
Private Payrolls Forecast (previous +191000)
8:30 AM ET. 1st Quarter Employment Cost Index
ECI Qtlry (previous +0.5%)
ECI Yearly (previous +2%)
8:30 AM ET. 1st Quarter Advance estimate GDP
GDP (previous +2.6%)
Chain-Weighted Price Index (previous +1.6%)
PCE Price index (previous +1.1%)
Purchase Price Index (previous +1.5%)
Real Final Sales (previous +2.7%)
Core PCE Price index (Ex Food/Energy) (previous +1.3%)
Personal Consumption (previous +3.3%)
9:45 AM ET. April ISM-Chicago Business Survey – Chicago PMI
Employment Index (previous 50)
New Orders Index (previous 58.8)
Prices Paid Index (previous 55.7)
Purchasing Managers Index (Adjusted) (previous 55.9)
Supplier Deliveries Index (previous 58.6)
10:00 AM ET. April Online Help Wanted Index
10:30 AM ET. EIA Weekly Petroleum Status Report
Crude Oil Stocks (previous 397.66M)
Crude Oil Stocks (Net Change) (previous +3.52M)
Gasoline Stocks (previous 210.01M)
Gasoline Stocks (Net Change) (previous -0.27M)
Distillate Stocks (previous 112.51M)
Distillate Stocks (Net Change) (previous +0.6M)
Refinery Usage (previous 91%)
Total Products Supplied (previous 18.05M)
Total Products Supplied (Net Change) (previous -0.36M)
1:00 PM ET. April Dow Jones Economic Sentiment Indicator
DJ Economic Sentiment Indicator (previous 51.7)
2:00 PM ET. U.S. interest rate decision
Federal Funds Rate
Federal Funds Rate Change (Pts)
Federal Funds Rate (Dir) (previous +0)
Discount Rate
Discount Rate Change
FOMC Vote For Action (previous 8)
FOMC Vote Against Action (previous 1)
High Range Value (Current Period)
Low Range Value
Federal Funds Rate Change High Range (previous 0.25)
Federal Funds Rate Change Low Range (previous 0)
3:00 PM ET. April Agricultural Prices
Farm Prices, M/M (previous
7:30 AM ET. April Challenger Job-Cut Report
Job Cuts, M/M (previous -18%)
8:30 AM ET. Unemployment Insurance Weekly Claims Report – Initial Claims
Weekly Jobless Claims (previous 329K)
Weekly Jobless Claims Net Change (previous +24K)
Cont Jobless Claims (prior week) (previous 2680000)
Cont Jobless Claims Net Chg (prior week) (previous -61K)
8:30 AM ET. U.S. Weekly Export Sales
Corn, In Metric Tons (previous 1436.7K)
Soybeans, In Metric Tons (previous 546.8K)
Wheat, In Metric Tons (previous 728K)
8:30 AM ET. March Personal Income & Outlays
Personal Income (previous +0.3%)
Personal Spending (previous +0.3%)
PCE Price Index Monthly (previous +0.1%)
PCE Price Index Yearly (previous +0.9%)
PCE Core Price Index Monthly +0.1%)
PCE Core Price Index Yearly +1.1%
9:00 AM ET. April US Manufacturing PMI
9:45 AM ET. Bloomberg Consumer Comfort Index
10:00 March Construction Spending – Construction Put in Place
New Construction (previous +0.1%)
Residential Construction
10:00 AM ET. April ISM Manufacturing Report on Business
Manufacturing PMI (previous 53.7)
Prices Index (previous 59)
Employment Index (previous 51.1)
Inventories (previous 52.5)
New Orders Index (previous 55.1)
Production Index (previous 55.9)
10:00 AM ET. DJ-BTMU U.S. Business Barometer
DJ-BTMU Business Barometer (previous -0.1%)
DJ-BTMU Business Barometer (52 Wk) (previous +0.4%)
10:30 AM ET. EIA Weekly Natural Gas Storage Report
Total Working Gas in Storage (previous 899B)
Total Working Gas in Storage (Net Change) (previous +49B)
4:00 AM ET. April Domestic Auto Industry Sales
Annualized Vehicle Sales (previous 16.4M)
4:30 PM ET. Federal Discount Window Borrowings
4:30 PM ET. Foreign Central Bank Holdings
4:30 PM ET. Money Stock
8:30 AM ET. April U.S. Employment Report
Non-Farm Payrolls (previous +192K)
Unemployment Rate (previous 6.7%)
Average Hourly Earnings (previous 24.3)
Average Hourly Earnings Net Change (previous -0.01)
Manufacturing Payrolls (previous -1K)
Overall Workweek (previous 34.5)
Overall Workweek Net Change (previous +0.2)
Service Producing Payrolls (previous +167K)
Government Payrolls (previous +0)
Federal Payrolls (previous -9K)
Non-Farm Payrolls (Bench Net Chg)
Private Payroll (previous +192K)
9:45 AM ET. April ISM-NY Report on Business
US ISM-NY Business Index (previous 52)
10:00 AM ET. March Manufacturers’ Shipments, Inventories & Orders (M3)
Total Orders (previous +1.6%)
Orders, Ex-Defense (previous +1.3%)
Orders, Ex-Transportation (previous +0.7%)
Durable Goods 1st Est (previous +2.2%)
Durable Goods Revised
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CURRENCIES
The June Dollar was lower overnight. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If June renews this month’s decline, weekly support crossing at 78.91 is the next downside target. Closes above the 20-day moving average crossing at 79.98 are needed to confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 79.98. Second resistance is the 38% retracement level of the January-March-decline crossing at 80.24. First support is March’s low crossing at 79.37. Second support is weekly support crossing at 78.91.
The June Euro was higher overnight while extending the trading range of the past three weeks. Stochastics and the RSI have turned bullish signaling that sideways to higher prices are possible near-term. If June renews this month’s rally, March’s high crossing at 139.66 is the next upside target. Closes below the 20-day moving average crossing at 138.04 are needed to confirm that a short-term top has been posted. First resistance is the reaction high crossing at 139.03. Second resistance is March’s high crossing at 139.66. First support is the 20-day moving average crossing at 138.04. Second support is the 62% retracement level of the February-March-rally crossing at 136.67.
The June British Pound was higher overnight and posted a new contract high as it renewed the rally off last November’s low. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If June extends the rally off March’s low, monthly resistance crossing at 1.7043 is the next upside target. Closes below the 20-day moving average crossing at 1.6725 would confirm that a short-term top has been posted. First resistance is the overnight high crossing at 1.6849. Second resistance is monthly resistance crossing at 1.7043. First support is the 20-day moving average crossing at 1.6725. Second support is the reaction low crossing at 1.6640.
The June Swiss Franc was higher overnight as it extends the rally off last week’s low. Stochastics and the RSI have turned bullish signaling that sideways to higher prices are possible near-term. If June extends the rally off last week’s low, April’s high crossing at 1.1443 is the next upside target. If June extends the decline off April’s high, the 50% retracement level of the January-March-rally crossing at 1.1226 is the next downside target. First resistance is April’s high crossing at 1.1443. Second resistance is March’s high crossing at 1.1503. First support is the 38% retracement level of the January-March-rally crossing at 1.1292. Second support is the 50% retracement level of the January-March-rally crossing at 1.1226.
The June Canadian Dollar was slightly higher overnight. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If June extends the decline off April’s high, March’s low crossing at 88.45 is the next downside target. Multiple closes above the 20-day moving average crossing at 90.82 would confirm that a short-term low has been posted. First resistance is April’s high crossing at 91.95. Second resistance is the 38% retracement level of the 2013-2014-decline crossing at 92.96. First support is last Wednesday’s low crossing at 90.35. Second support is March’s low crossing at 88.45.
The June Japanese Yen was lower overnight. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. If June renews the rally off April’s low, March’s high crossing at .9889 is the next upside target. If June extends this month’s decline, April’s low crossing at .9598 is the next downside target. From a broad perspective, June needs to close above .9930 or below .9598 to confirm a breakout of a three-month old trading range. First resistance is March’s high crossing at .9889. Second resistance is February’s high crossing at .9930. First support is last Tuesday’s low crossing at .9737. Second support is April’s low crossing at .9598.
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ENERGIES
June Nymex crude oil was higher due to short covering overnight as it consolidates some of the decline off April’s high but remains below the 20-day moving average. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Multiple closes below the 20-day moving average crossing at 101.57 would confirm that a short-term top has been posted while opening the door for additional weakness into early-May. Closes above the 10-day moving average crossing at 102.34 would signal that a short-term low has been posted. First resistance is April’s high crossing at 104.10. Second resistance is weekly resistance crossing at 107.49. First support is the 38% retracement level of the January-April-rally crossing at 99.10. Second support is the 50% retracement level of the January-April-rally crossing at 97.54.
June heating oil was higher overnight as it extends the trading range of the past seven days. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If June extends this month’s rally, the 87% retracement level of the March-April-decline crossing at 302.19 is the next upside target. Closes below the 20-day moving average crossing at 295.01 would confirm that a short-term top has been posted. First resistance is the 87% retracement level of the March-April-decline crossing at 302.19. Second resistance is March’s high crossing at 304.80. First support is the reaction low crossing at 297.15. Second support is the 20-day moving average crossing at 295.01.
June unleaded gas was slightly higher overnight. Stochastics and the RSI are overbought 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 297.32 would confirm that a short-term top has been posted. If June extends this month’s rally, weekly resistance crossing at 310.95 is the next upside target. First resistance is last Thursday’s high crossing at 306.10. Second resistance is weekly resistance crossing at 310.95. First support is the 10-day moving average crossing at 302.82. Second support is the 20-day moving average crossing at 297.32.
June Henry natural gas was slightly higher overnight. Stochastics and the RSI are neutral to bearish hinting that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 4.589 would confirm that a short-term top has been posted. If June extends this month’s rally, February’s high crossing at 4.893 is the next upside target. First resistance is last Thursday’s high crossing at 4.818. Second resistance is February’s high crossing at 4.893. First support is the 20-day moving average crossing at 4.589. Second support is the reaction low crossing at 4.500.
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FOOD & FIBER
May coffee closed lower due to profit taking on Friday. The low-range close set the stage for a steady to lower opening on Monday. Stochastics and the RSI are diverging and are turning neutral to bearish signaling that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 19.42 would confirm that a short-term top has been posted. If May extends this month’s rally, the 75% retracement level of the 2011-2013-decline crossing at 23.20 is the next upside target.
May cocoa closed lower on Friday. The low-range close sets the stage for a steady to higher opening on Monday. Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near-term. If May extends the decline off March’s high, the reaction low crossing at 28.86 is the next downside target. If May renews the rally off April’s low, March’s high crossing at 30.39 is the next upside target.
May sugar closed higher on Friday. The mid-range close set the stage for a steady opening on Monday. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If May extends the rally off last week’s low, the reaction high crossing at 18.10 is the next upside target. Closes below the 10-day moving average crossing at 16.90 would temper the near-term friendly outlook.
May cotton closed higher on Friday. The high-range close sets the stage for a steady to higher opening on Monday. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If May extends this week’s rally, the reaction high crossing at 94.80 is the next upside target. Closes below the 10-day moving average crossing at 91.03 would temper the near-term friendly outlook.
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GRAINS
May corn was higher overnight as it extends the rally off last Monday’s low. Traders will be looking at this afternoon’s planting progress report along with the extended weather forecast for near-term direction in the market. Given the current weather pattern for this week, it appears unlikely that little if any corn planting will be done in the Midwest this week. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If May extends the rally off last week’s low, April’s high crossing at 5.19 is the next upside target. If May renews the decline off April’s high, the 38% retracement level of the January-April-rally crossing at 4.79 is the next downside target. First resistance is the overnight high crossing at 5.11 3/4. Second resistance is April’s high crossing at 5.19. First support is last Monday’s low crossing at 4.85 1/2. Second support is the 38% retracement level of the January-April-rally crossing at 4.79.
May wheat was higher overnight as it extends last week’s rally. The mid-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. If May extends last week’s rally, the reaction high crossing at 7.11 is the next upside target. Closes below the 20-day moving average crossing at 6.80 3/4 would temper the bearish outlook. First resistance is the reaction high crossing at 7.11. Second resistance is March’s high crossing at 7.23 1/2. First support is the 38% retracement level of this year’s rally crossing at 6.58 3/4. Second support is the 50% retracement level of this year’s rally crossing at 6.38 1/2.
May Kansas City Wheat closed up 16 1/4-cents at 7.75 3/4.
May Kansas City wheat closed higher on Friday. Today’s high-range close sets the stage for a steady to higher opening on Monday. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near-term. If May extends this week’s rally, March’s high crossing at 7.94 1/2 is the next upside target. Closes below the 20-day moving average crossing at 7.46 1/2 would confirm that a short-term top has been posted. First resistance is today’s high crossing at 7.75 3/4. Second resistance is March’s high crossing at 7.94 1/2. First support is the 20-day moving average crossing at 7.46 1/2. Second support is the reaction low crossing at 7.19.
May Minneapolis wheat was higher overnight as it extends this month’s rally. The low-range close sets the stage for a steady to higher opening when the day session begins trading later this morning. Stochastics and the RSI are overbought but remain neutral to bullish signaling that a low might be in or is near. If May extends this month’s rally, March’s high crossing at 7.70 is the next upside target. Closes below the 20-day moving average crossing at 7.26 would confirm that a short-term top has been posted. First resistance is the overnight high crossing at 7.55. Second resistance is March’s high crossing at 7.70. First support is the 38% retracement level of this year’s rally crossing at 7.03 1/4. Second support is the 50% retracement level of this year’s rally crossing at 6.82 1/2.
SOYBEAN COMPLEX http://quotes.ino.com/ex changes/?c=grains
May soybeans were higher overnight as it extends last Friday’s rally. Tight supplies along with weather related concerns are helping to underpin soybean prices. 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 additional strength is possible near-term. If May renews this year’s rally, weekly resistance crossing at 15.61 is the next upside target. Closes below the reaction low crossing at 14.64 would confirm that a short-term top has been posted. First resistance is April’s high crossing at 15.31 3/4. Second resistance is weekly resistance crossing at 15.61. First support is the reaction low crossing at 14.64. Second support is the 38% retracement level of this year’s rally crossing at 14.23.
May soybean meal was sharply higher overnight and posted a new contract high as it extends this year’s rally. 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. If May extends this year’s rally, weekly resistance crossing at 505.90 is the next upside target. Closes below the reaction low crossing at 477.00 would confirm that a short-term top has been posted. First resistance is the overnight high crossing at 500.90. Second resistance is weekly resistance crossing at 505.90. First support is the reaction low crossing at 477.00. Second support is the reaction low crossing at 472.00.
May soybean oil was higher overnight. The mid-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. If May renews this month’s rally, March’s high crossing at 45.05 is the next upside target. Closes below the 20-day moving average crossing at 42.30 would confirm that a short-term top has been posted. First resistance is the reaction high crossing at 43.74. Second resistance is March’s high crossing at 45.05. First support is the 20-day moving average crossing at 42.30. Second support is the reaction low crossing at 41.11.
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U.S. STOCK INDEXES
The June NASDAQ 100 was higher due to short covering overnight as it consolidates some of last Friday’s decline. Stochastics and the RSI remain neutral to bullish signaling that sideways to higher prices are possible near-term. If June extends the rally off April’s low, April’s high crossing at 3669.00 is the next upside target. Closes below the 10-day moving average crossing at 3533.07 would confirm that a short-term top has been posted. First resistance is April’s high crossing at 3669.00. Second resistance is March’s high crossing at 3733.25. First support is the 10-day moving average crossing at 3533.07. Second support is April’s low crossing at 3404.75.
The June S&P 500 was higher overnight as it consolidates some of last Friday’s decline. Stochastics and the RSI remain neutral to bullish signaling that sideways to higher prices are possible near-term. If June extends the rally off April’s low, April’s high crossing at 1892.00 is the next upside target. Closes below the 20-day moving average crossing at 1856.93 would confirm that a short-term top has been posted. First resistance is last Thursday’s high crossing at 1882.30. Second resistance is April’s high crossing at 1892.00. First support is the 20-day moving average crossing at 1856.93. Second support is the 50% retracement level of the February-April-rally crossing at 1809.03.
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INTEREST RATES
June T-bonds were lower overnight as it consolidates some of last week’s rally. Stochastics and the RSI are diverging but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If June renews this month’s rally, weekly resistance crossing at 135-24 is the next upside target. Closes below the 20-day moving average crossing at 133-29 are needed to confirm that a short-term top has been posted. First resistance is this month’s high crossing at 135-10. Second resistance is weekly resistance crossing at 135-24. First support is the 20-day moving average crossing at 133-29. Second support is this month’s low crossing at 131-21.
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LIVESTOCK
June hogs closed down $1.02 at $124.52.
June hogs closed lower on Friday as it consolidated some of its recent gains. The low-range close sets the stage for a steady to lower opening when Monday’s night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If June extends the rally off April’s low, the reaction high crossing at 130.60 is the next upside target. Closes below the 10-day moving average crossing at 123.69 would confirm that a short-term top has been posted. First resistance is the reaction high crossing at 130.60. Second resistance is March’s high crossing at 133.40. First support is the reaction low crossing at 118.55. Second support is the 38% retracement level of the 2012-2014-rally crossing at 115.98.
June cattle closed up $0.92 at 135.77.
June cattle closed higher on Friday and above the 20-day moving average crossing at 135.83 confirming that a low has been posted. The high-range close sets the stage for a steady to higher opening when Monday’s session begins trading. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near-term. If June extends today’s rally, March’s high crossing at 139.00 is the next upside target. First resistance is today’s high crossing at 136.95. Second resistance is March’s high crossing at 139.00. First support is the 38% retracement level of the November-March-rally crossing at 134.24. Second support is the 50% retracement level of the November-March-rally crossing at 132.75.
May feeder cattle closed up $0.40 at $180.00.
May Feeder cattle closed higher on Friday. Today’s mid-range close sets the stage for a steady to higher opening when Monday’s night session begins trading. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near-term. If May extends the rally off Monday’s low, April’s high crossing at 180.45 is the next upside target. Closes below Monday’s low crossing at 177.50 would confirm that a short-term top has been posted. First resistance is today’s high crossing at 180.25. Second resistance is April’s high crossing at 180.45. First support is Monday’s low crossing at 177.50. Second support is the reaction low crossing at 176.62.
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PRECIOUS METALS
June gold was lower overnight as it consolidates some of the rally off last Thursday’s low. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If June extends the rally off last week’s low, April’s high crossing at 1331.40 is the next upside target. If June renews the decline off April’s high, the 62% retracement level of the January-March-rally crossing at 1265.10 is the next downside target. First resistance is April’s high crossing at 1331.40. Second resistance is the reaction high crossing at 1343.20. First support is the 62% retracement level of the January-March-rally crossing at 1265.10. Second support is the 75% retracement level of the January-March-rally crossing at 1237.80.
May silver was lower overnight. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Multiple closes above the 20-day moving average crossing at 19.743 are needed to confirm that a short-term low has been posted. If May extends the decline off February’s high, January’s low crossing at 18.800 is the next downside target. First resistance is the 20-day moving average crossing at 19.743. Second resistance is April’s high crossing at 20.400. First support is last Thursday’s low crossing at 18.930. Second support is January’s low crossing at 18.800.
May copper was slightly higher overnight as it extends the rally off March’s low. 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 March’s low, the 50% retracement level of the December-March crossing at 314.55 is the next upside target. Closes below the 20-day moving average crossing at 305.03 would confirm that a short-term top has been posted. First resistance is the 50% retracement level of the December-March-decline crossing at 314.55. Second resistance is the 62% retracement level of the December-March-decline crossing at 320.90. First support it the 20-day moving average crossing at 305.03. Second support is the reaction low crossing at 296.55.
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Consolidations Leading to Upside Breakouts?
Commentary
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Stocks with the Strongest Uptrends
Commentary
While the S&P 500 remains in an uptrend, despite more of a sideways pause last week, these four stocks are in “super-trends.” Respecting moving average support levels and continually pushing to new highs, these are stocks to keep on the watch list for buying opportunities.
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Stocks Close to Triangle Breakouts
Commentary
Triangles are a common chart pattern. Often viewed as a continuation pattern, the breakout direction ultimately determines if the prior trend is continuing or reversing. These four stocks have all experienced strong trends recently, so the breakout direction will help determine if that trend continues or reverses.
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Financials and Industrials on the Radar This Week
Commentary
The financial and industrial sectors led the S&P 500 to a new high last week, as the uptrend continues. These sectors are led by stocks performing very strongly, having seen aggressive runs higher. While it’s tempting to jump in and avoid missing more of the move, taking a step back, analyzing the situation and waiting for solid entry points is always the more prudent play over the long run.
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Sectors and Stocks to Watch This Week
Commentary
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Fatti ed Effetti by Websim 12/02/2014
FATTO
Astaldi (AST.MI) ha riaperto il collocamento del bond senior emesso a fine novembre per ulteriori 150 milioni di euro. Il titolo con scadenza 2020 prevede una cedola del 7,125% e un rendimento del 6,21%.
EFFETTO
L’emissione sarà destinata al rimborso di parte del debito in corso con la finalità di allungare la durata media e ridurre la dipendenza dai finanziamenti bancari.
Confermiamo la nostra visione positiva sul titolo, giudizio INTERESSANTE con target price a 8,15 euro.
FATTO
Iren (IRE.MI) ha completato ieri un collocamento privato di un’obbligazione per un ammontare di 100 milioni di euro con la durata di 5 anni e cedola pari al 3% annuo. Le obbligazioni, quotate sulla Borsa Irlandese, sono state interamente sottoscritte da Morgan Stanley.
EFFETTO
Notizia positiva in quanto l’emissione contribuisce a migliorare ulteriormente il profilo dell’indebitamento del gruppo (costo medio del debito attuale 3,9%) anche attraverso un allungamento della scadenza media ed un maggiore grado di differenziazione delle fonti di finanziamento.
Confermiamo la raccomandazione NEUTRALE e il target price a 1,15 euro.
FATTO
Moody’s ha deciso di abbassare il corporate rating di Fiat (F.MI) a B1 da Ba3 ed ha alzato l’outlook (giudizio sulle prospettive future) a stabile da negativo. La decisione è giustificata principalmente dall’andamento peggiore del previsto delle attività in America Latina, che mette a rischio il raggiungimento dei target di redditività per il 2014.
EFFETTO
La decisione di Moody’s era attesa e non ci aspettiamo avrà un impatto rilevante sul titolo e sulla capacità di Fiat di accedere ai mercati finanziari, come ampiamente dimostrato dalle recenti emissioni per 5 miliardi di dollari concluse da Chrysler negli scorsi giorni.
La raccomandazione è NEUTRALE, il target price è 7,70 euro.
FATTO
Diasorin (DIA.MI) ha annunciato il lancio del test “Liaison” per la determinazione qualitativa del Rotavirus su campioni di feci, disponibile sul mercato al di fuori degli Stati Uniti e del Regno Unito.
Il nuovo test del Rotavirus è il quinto del menù Liaison su campioni di feci. La soluzione CLIA su campioni di feci di DiaSorin ha lo scopo di migliorare la tecnica con cui il test viene eseguito, permettendo di ottenere risultati rapidi su grandi volumi di campioni.
Secondo recenti stime il test del Rotavirus viene eseguito in ogni parte del mondo. Oggi l’Europa da sola conta circa 6 milioni di test all’anno con un valore di mercato stimato oltre i 10 milioni di euro.
EFFETTO
Il lancio di questo nuovo test, seppur non implicando un cambio materiale nelle nostre stime, va a supportare le nostre attese in termini di crescita a doppia cifra per la tecnologia CLIA al netto dei test sulla Vitamina D (ricavi attesi in crescita del 16% in 2014).
Reiteriamo il nostro rating NEUTRALE con target price a 33,6 euro.
FATTO
Unicredit (UCG.MI) (UCG.MI) sta lavorando con Intesa Sanpaolo (ISP.MI) alla creazione di una “bad bank”. Lo ha detto ieri l’amministratore delegato Federico Ghizzoni parlando con i giornalisti chiamati ad assistere all’inaugurazione della nuova sede del gruppo, il grattacielo progettato da Cesar Pelli.
“Bad Bank” viene definita una banca, o un fondo, nel quale un istituto di credito colloca gli impieghi in sofferenza o deteriorati.
La decisione finale sul piano di dismissione dei crediti problematici in un veicolo sarà presa non oltre la metà dell’anno. Ghizzoni ha escluso che si tratti di un progetto che coinvolga tutte le banche italiane, messo a punto con la regia di Banca d’Italia.
Sullo stesso tema, il presidente del Consiglio di Sorveglianza di Intesa (ISP.MI), Giovanni Bazoli, ha precisato che nel veicolo al quale stanno lavorando le due banche saranno collocati anche crediti in bonis e ristrutturati fino a un miliardo di euro.
Maggiori dettagli verranno comunicati da Intesa in occasione della presentazione del piano industriale, il 28 marzo.
EFFETTO
Per il momento, non sembra emergere un coinvolgimento dello Stato nella gestione delle sofferenze, si tratta di iniziative private.
FATTO
Marco Fossati, socio con il 5% di Telecom Italia (TIT.MI), ha mandato una lettera al consiglio di amministrazione nella quale chiede una modifica in senso proporzionalista dei meccanismi di voto per la nomina del board: oggi i membri sono eletti con un metodo che, a suo parere, lascia poco spazio alle minoranze.
Nella lettera, che ricalca quanto è stato anticipato in recenti interviste, Fossati sollecita un cambio di statuto che garantisca la presidenza della società ai soci di minoranza.
Secondo quanto riferiscono alcuni quotidiani, Telco (primo azionista di Telecom Italia) non ha nessuna intenzione di fare proprie le istanze di Fossati: grazie agli attuali meccanismi di voto, la finanziaria controlla il consiglio di amministrazione di Telecom Italia avendo solo il 22,4% del capitale.
Un compromesso in grado di accontentare Fossati potrebbe essere la presentazione, da parte di Telco, di una propria lista di membri indipendenti, che ovviamente sarebbero di suo gradimento.
Fossati non demorde e, secondo Il Sole 24 Ore, lavora a raccogliere sostegno tra i fondi, soggetti normalmente poco interessati a partecipare al governo dell’azienda.
Sono da segnalare anche i movimenti all’interno di Telco, sui quotidiani viene rilanciata la possibilità che i soci italiani (Generali, Intesa e Mediobanca) possano abbandonare la compagine azionaria avvalendosi delle clausole di uscita previste per giugno.
Infine, per chiudere la puntata odierna della telenovela, il Tar del Lazio discute oggi il ricorso contro la multa di 103 milioni inflitta a Telecom Italia dall’Antitrust italiano per abuso di posizione dominante nella fornitura di servizi di accesso all’ingrosso alla rete e alla banda larga.
EFFETTO
Il negoziato in atto tra soci di controllo e soci che aspirano ad entrare negli organismi di controllo della società dovrebbero portare, prima o poi, ad un consiglio d’amministrazione con più membri indipendenti: non ci aspettiamo rivoluzioni, solo piccoli cambiamenti.
Confermiamo la nostra raccomandazione INTERESSANTE, per altri motivi e non per eventuali cambiamenti della governance. Il target price è 1,0 euro.
FATTO
In un’intervista al Sole 24 Ore, l’amministratore delegato di Mondadori (MN.MI), Ernesto Mauri, anticipa che nel 2013 Mondadori sarà in perdita a causa di circa 50 milioni di euro di oneri di ristrutturazione.
Dal 2014 ci sarà invece un netto miglioramento dei conti, con l’obiettivo di arrivare al 2016 con tutte le divisioni in utile, anche grazie al piano di taglio costi da 100 milioni, di cui 70 quest’anno.
Non saranno cedute le attività in Francia, anche se sono possibili alleanze. Anche le radio non saranno vendute, mentre saranno venduti asset non strategici come gli immobili. Mauri ribadisce l’obiettivo di crescere nel digitale, anche tramite acquisizioni mirate e arrivare con queste attività a realizzare il 13-15% del fatturato complessivo nel 2016.
EFFETTO
Le indicazioni sono in linea con le attese e con le precedenti indicazioni, anche se i costi di ristrutturazione da noi stimati sul 2013 sono leggermente inferiori (40 milioni di euro)
Confermiamo la nostra raccomandazione NEUTRALE e il target di 1,65 euro.
FATTO
Piaggio (PIA.MI) archivia il mese di gennaio in India con vendite in crescita dell’1,9% rispetto allo stesso periodo dell’anno precedente, a 15.347 unità.
Bene il comparto 4 ruote a 620 unità (+900%) e l’export in crescita del 114% a 1.742 unità.
In calo dell’8,5% le vendite dei 3 ruote (gli Ape) a 12.985 unità, penalizzati dall’andamento negativo di mercato che ha registrato un calo del 25%. La quota di mercato di Piaggio nei 3 ruote quindi cresce al 36% rispetto al 29,2% dello scorso anno.
Debole Vespa con 2.000 unità vendute rispetto a 4.000 dello scorso anno.
EFFETTO
I dati di gennaio sono ancora deboli in valore assoluto ma con indicazioni positive sull’andamento di Piaggio rispetto al resto del mercato.
Per quest’anno prevediamo una crescita del 10% delle vendite in India, obiettivo che potrebbe essere ottimistico se il mercato continuerà la fase di rallentamento registrata degli ultimi mesi.
Confermiamo la raccomandazione NEUTRALE con target price a 2,15 euro. Nelle nostre stime è previsto un recupero dei ricavi ne corso dei prossimi mesi.
FATTO
Recordati (REC.MI) ha annunciato i risultati dell’esercizio 2013, chiuso con un utile netto di 133,7 milioni di euro, in crescita del 12,6% (nostra stima 135 milioni). I ricavi sono saliti del 13,7% a 941,6 milioni, in linea con la nostra stima. L’Ebitda è risultato pari a 230,1 milioni (+20%) con un’incidenza sui ricavi del 24,4%. Positivo il dato del debito netto pari a 261 milioni di euro (la nostra stima era di 303 milioni).
Per il 2014 Recordati prevede di realizzare ricavi di oltre 1 miliardo di euro (senza tenere conto di eventuali acquisizioni) , un utile operativo di oltre 220 milioni con Ebit margin del 22% e un utile netto di 150 milioni.
EFFETTO
I risultati 2013 e le indicazioni sul 2014 sono in linea con le nostre attese. In aggiunta, la società ha rivisto al rialzo le indicazioni sul 2015 alzando l’obiettivo di fatturato a 1,05-1,10 miliardi di euro (dalla precedente indicazione di 1,025-1,075 miliardi) e confermando che anche nel 2015 l’utile netto sarà pari al 15% dei ricavi. Nel complesso alziamo la nostra stima di utile per azione 2015 del 2,2%.
Ribadiamo la nostra raccomandazione NEUTRALE mentre portiamo il target price 13,20 euro per effetto dell’aumento delle stime.
FATTO
Alenia Aermacchi (gruppo Finmeccanica (FNC.MI)) ha siglato con Boeing un nuovo accordo che ridefinisce il contratto per la fornitura di componenti di fusoliera dell’aereo Boeing 787. Il nuovo patto di durata decennale prevede una gestione della fornitura basata sui risultati.
EFFETTO
Buona notizia per Finmeccanica, che dimostra ancora una volta la qualità dei prodotti del gruppo.
Confermiamo la nostra raccomandazione sul titolo Finmeccanica: INTERESSANTE con target price a 8,50 euro
SAIPEM – Risultati quarto trimestre 2013 sotto le attese, prospettive 2014 deboli 12/02/2014 10:06 – WS
FATTO
Saipem ha registrato nel quarto trimestre 2013 un utile netto di 70 milioni e un Ebit di 161 milioni di euro. Le attese erano per un utile netto di 123 milioni e un Ebit di 237 milioni. Per quanto riguarda le proiezioni, Saipem prevede per l’intero 2014 un Ebit tra 600 e 750 milioni di euro su ricavi tra 12,5 miliardi e 13,6 miliardi. L’utile netto è stimato tra 280 e 380 milioni.
Le previsioni del consensus degli analisti erano posizionate più in alto.
EFFETTO
Si tratta di risultati inferiori alle nostre attese e del consensus. Abbassiamo le stime.
Confermiamo la raccomandazione NEUTRALE con target price che passa a 15,50 euro.
SAIPEM – L’Analisi Tecnica di Websim 12/02/2014 10:34 – WS
FATTO
Saipem (SPM.MI) ha subito un brutto colpo dopo la pubblicazione dei risultati trimestrali ieri pomeriggio. Il titolo ha perso il 3,5% e oggi cerca faticosamente di rimbalzare (+0,7% a 16,05 euro).
Malgrado la caduta, la performance da inizio 2014 è ancora positiva (+2,5%). Il 2013 si era chiuso con un pesantissimo -47%.
EFFETTO
Graficamente, la fase di recupero avviata lo scorso luglio da quota 12 euro ha perso consistenza in queste ultime settimane.
Segnali negativi sono arrivati con il fallito tentativo di riportarsi sopra la media mobile a 200 periodi e con il fallito tentativo di riportarsi sopra la prima fascia resistenziale in area 19/20 euro.
Ad oggi il titolo si muove all’interno della zona neutra tra 15 e 19 euro.
Massima allerta in caso di cedimento di quota 15 euro perché si avrebbe l’elevato rischio di un nuovo avvitamento verso i minimi dello scorso anno in area 12 euro.
Operativamente, scegliamo la prudenza e saremo nuovamente compratori solo verso quota 12 euro.
SAIPEM
FATTO
Mediobanca (MB.MI) guadagna lo 0,6% a 7,18 eu. I prezzi sono tornati sui top dell’anno (15 gennaio scorso), avendo così recuperato la perdita del 10% circa da tali valori.
Da inizio anno guadagna il titolo guadagna il 13% contro il +5% dell’indice FtseMib.
EFFETTO
Graficamente, i prezzi rimangono saldamente nell’uptrend partito da area 2,5 eu a metà 2012.
Gli obiettivi “naturali” per quest’anno transitano in area 8 eu, ma non si possono escludere estensioni anche verso 9/9,5 eu (allerta sotto 6,2 eu).
Sopra 7,2 eu si apre una nuova strategia di trading: maggiori dettagli nella scheda di Analisi Tecnica sul titolo.
MEDIOBANCA
FATTO
TripAdvisor (TRIP.O), leader nelle recensioni di ristoranti e alberghi, ha battuto ieri le stime di consensus sia sull’utile sia sulle vendite. Nonostante ciò, il titolo ha chiuso senza grandi variazioni a 84,20 usd.
Da inizio anno TripAdvors guadagna il 2%, rispetto al -2% dell’SP500. A 12 mesi segna +82%, rispetto al +20% dell’indice.
Oggi sono arrivati diversi aggiustamenti di target verso l’alto. I più generosi arrivano a valutare l’azienda 92/94 usd per azione.
EFFETTO
Graficamente, dalla quotazione nel 2011 i prezzi hanno inanellato continui nuovi massimi, con pause di breve durata.
Negli ultimi mesi l’uptrend ha perso un po’ di smalto ed ha iniziato una fase di consolidamento nel range 70-90 usd.
Operativamente, è lecito entrare sulla forza in caso di nuovi massimi (sopra 91 usd) per primi target verso 100 usd. Sulla debolezza, suggeriamo acquisti verso 74/72 usd per target 88/90 usd (stop su chiusure sotto 68 usd).
TRIPADVISOR INC
Deere & C. (87,4 usd, +0,1%), tra i leader globali nella produzione di macchine utilizzate in agricoltura e nelle costruzioni, ha comunicato la trimestrale, i dati sono sopra le attese grazie al taglio costi ma le indicazioni sull’anno sono prudenti.
EFFETTO
Graficamente, i prezzi stanno consolidando ormai da mesi tra 80-86 usd. Una simile configurazione, a ridosso dei top assoluti, ci fa propendere per una fase distributiva, propedeutica a nuovi ribassi piuttosto che ad una fase di bottom.
Sotto 80 usd (lecite operazioni short) la nuova fascia supportiva si sposta verso 74/70 usd e poi 60 usd.
Seguiremmo al rialzo il movimento solo in ottica di trading e in seguito ad una chiusura sopra 92 usd per target verso 95/100 usd e stop sotto 88 usd.
DEERE
Ford (F.N) guadagna l’1% a 15 usd nel a Wall Street.
La performance da inizio anno è sostanzialmente invariata (-1%), il 2013 si è chiuso in guadagno del 20%.
EFFETTO
Graficamente, da luglio in poi il titolo si è mosso in un ristretto range compreso tra 16 e 18 usd.
A ridosso della forte barriera a 18 usd il titolo ha completato un “triangolo” di natura distributiva, che ha prodotto una correzione protrattasi varie settimane sino al raggiungimento a inizio febbraio dell’importante sostegno verso 14,3 usd.
Operativamente, sono scattati gli acquisti verso 14 usd, come indicato in occasione dell’ultimo Fatti & Effetti del 28 gennaio scorso.
Manteniamo le posizioni per target verso 16 usd e stop loss sotto 14 usd.
FORD
Procter & Gamble (PG.N) perde l’1,6% a 77,56 usd, peggior blue chip del Dow Jones, dopo aver tagliato le previsioni di vendite e utili per l’anno in corso a causa della svalutazione in diversi Paesi emergenti.
Il gruppo è leader mondiale nella produzione e vendita di prodotti di largo consumo, molti dei quali notissimi anche ai consumatori italiani: Dash, Mastro Lindo, Viakal, Duracell, Gilette, Pringles.
EFFETTO
Graficamente, il trend di lungo periodo è chiaramente al rialzo e ha fornito un rinnovato segnale positivo in occasione del superamento (lo scorso anno) di quota 75 usd, precedente massimo storico.
Il quadro di breve periodo si presenta invece in fase di stallo, cioè di trading range tra 75 e 86 usd.
Dopo aver corretto per diverse settimane, i prezzi stanno provando a reagire dai supporti in area 75 usd.
Operativamente ci collochiamo quindi in acquisto all’interno dell’area 76/74 usd per target verso i massimi storici a 82/86 usd.
Lo stop di sicurezza va messo sotto 73 usd. Sotto tale livello si può tentare qualche Short per target 66 usd.
PROCTER & GAMBLE
L’indice FtseMib, che raggruppa le prime 40 blue chip di Piazza Affari, oggi ha chiuso in rialzo dell’1,3% a 20.144 punti.
A quota 20.253 ha segnato un livello che non vedeva dal luglio 2011.
La borsa italiana si conferma pertanto la migliore in Europa da inizio 2014 con un guadagno del 6,5% che si confronta con il -0,5% registrato dall’indice Eurostoxx 50.
EFFETTO
Graficamente, dall’area dei minimi a 12mila punti, segnati nel 2012 ha avviato un solido movimento di recupero, ben descritto dal canale crescente (evidenziato nel grafico) che ne descrive il ritmo.
L’indice si è nuovamente riportato nella nostra area obbiettivo di breve 20mila/20.500 punti dove transita una importante resistenza dinamica che potrebbe generare qualche presa di profitto.
Ribadendo la strategia precedente: si possono sfruttare gli strappi al rialzo per vendere in attesa di un consolidamento.
La nostra visione di più lungo periodo resta tuttavia improntata all’ottimismo. Pertanto suggeriamo (come nel recente passato) di sfruttare le flessioni per comprare.
Al rialzo, una volta superata l’area 20mila/20.500 si potrà cominciare a guardare ad un più ambizioso obbiettivo per l’anno in corso posto in area 21.500 punti, monitorando sempre con attenzione il comportamento degli altri indici principali.
Al ribasso prima allerta sotto 19.500 e primo sostegno di rilievo è in area 18.800 punti.
FTSE-MIB