THE DAILY BRIEF

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Wednesday 11.11.2009

CURRENT MARKET SENTIMENT

Squeezola and Shake and Bake did the job upside, the Dow may reach a new high around
adding 20 points to the Dow significantly 10322 and the S&P may attempt to the reach
closing above 10200. While the S&P did not 1099-1101 level on its way to 1200. The down
fair as well, it managed to finish above the side may be supported by the pivot given
crucial 1090. With the Bond Market close, this there is no selling pressure.
leaves the same scenario in play. On the

PRISM CALL

The futures are pointing up on the Chinese and Japanese economic numbers. This implies that the US
companies doing business overseas will benefit dearly. No economic data and a closed bond market
are the perfect combination for volatility. The initial move is a fade, yet limited on the downside.
Look for pullback as long as there are no sellers.

ECONOMIC CALENDAR INDU & SPUZ TECHNICALS

TIME INDICATOR RANGE EXPECTATION PRIOR ACTUAL INDICES S2 S1 PIVOT R1 R2

NONE TODAY INDU
10172 10196 10235 10274 10298
(DOW)
SPUZ
(S&P) 1083 1087 1092 1098 1101

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 FOREIGN MARKETS NEWS

ING ING posts 3Q09 underlying net

MARKET PRICE
 %
profit of EUR 778 mln (14.50 )
FTSE 5286.55 56.00 1.07
UPS UPS sees 2010 volume growth,
DAX 5685.27 72.07 1.28 higher rates - Reuters (56.85 )

HANG SENG 22627.21 359.05 1.61 China says capital flows, major F/X
to decide yuan value – Reuters
NIKKEI 9871.68 0.95 0.01

KFN KKR Financial tgt raised to

CHINA 3175.192 3.418 -0.11 $7 at FBR Capital due to long-term
book value upside (5.59 )

DOW STOCKS TO WATCH COMMODITY PRICES ECHO Echo Global Logistics

initiated with a Overweight at
STRONG WEAK COMMODITY PRICE
 Thomas Weisel (14.28 )

IBM BA ECHO Echo Global Logistics

OIL 79.66 0.61 initiated with a Outperform at
MMM HD Credit Suisse; tgt $20 (14.28 )
CAT KFT
GOLD 1115.7 13.20 TYC Tyco tgt upped to $41 at FBR
WMT MCD Capital following earnings; buy the
dip (34.85 )

China October new loans CNY253

UPGRADES & DOWNGRADES bln, lowest this year – DJ

RUK Reed Elsevier sees 1H trends

STOCKS UPGRADED
continued into 2H; CEO quits - DJ
COMPANY
BROKERAGE
RATINGS CHANGE PRICE TARGET (32.41 )
FIRM
T.Rowe Price LVS Las Vegas Sands to relaunch
Credit Suisse Outperform 50.58 60
(TROW)
stalled Macau construction in
Toll Brothers (TOL) Wells Fargo Outperform
January - WSJ (16.97 )
FPL Group (FPL) Citigroup Hold » Buy
$55 » $58 WMT Wal-Mart: Most Wal-Mart
Hewitt Associates Deutsche Hold » Buy stores to stay open overnight on
$35 » $55 Thanksgiving - LA Times (52.31 )
(HEW) Securities
Fluor (FLR) Citigroup Sell » Hold
$44 » $50 CBY Cadbury Schweppes: Kraft's
hostile bid for Cadbury notified to
STOCKS DOWNGRADED
the EU - Reuters.com (51.31 )
BROKERAGE
COMPANY RATINGS CHANGE PRICE TARGET
FIRM CX CEMEX credit default swaps
Zions Bancorp frozen by credit-event review - DJ
Morgan Keegan Market Perform 13.26
(ZION)
(11.56 )
Priceline.com Credit Suisse Outperform »
$210
(PCLN) Neutral GME Gamestop removed from
JP Morgan Overweight » Neutral Americas Conviction Buy list at
Tyson Foods (TN) $14 » $12
Goldman; keeps Buy rating-
Reuters (25.18 )

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 EARNINGS

WYNN Wynn Resorts resumed with a Buy at BofA/Merrill (64.09 )

Japan September core machinery orders +10.5% on month – DJ

ADBE Adobe Systems ests and tgt raised to $40 at Jefferies following a surprise 9% employee
restructuring (36.60 )

SPPI Spectrum Pharma: Partnership renews confidence in apaziquone - Morgan Joesph (5.00 )

DKS Dick's Sporting Goods tgt raised to $29 at Deutsche Bank as sales indicators suggest trends have
bottomed (24.91 )

CRM Salesforce.com tgt raised to $72 from $66 at BofA/Merrill as checks indicate strong finish to the
qtr (63.67 )

ESRX Express Scripts tgt raised to $95 from $92 at Barclays as the firm raises their FY11 EPS est to
$6.11 from $6.07 (consensus $5.80) (86.45 )

BTU Credit Suisse raises met coal price forecast and increases coal tgts accordingly (43.89 )

OSK Oshkosh Truck receives $438 mln order for additional 1,000 M-ATVs (39.01 )

CAM Cameron initiated with a Positive at Susquehanna Financial; tgt $48 (40.83 )

FLO Flowers Foods reports EPS in-line, misses on revs (23.86 )

SMOD Smart Modular Tech raises Q1 guidance to $0.04-0.06 vs $0.01 First Call consensus; revs $110-
120 mln vs $103.02 mln First Call consensus

M Macy's prelim ($0.08) vs ($0.07) First Call consensus; revs $5.28 bln vs $5.25 bln First Call
consensus

M Macy's sees Q4 $1.00-1.05 vs $1.17 First Call consensus

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 TECHNICAL ANALYSIS

Symbol S7 S6 S5 S4 S3 S2 S1 PIVOT R1 R2 R3 R4 R5 R6 R7
Sectors
SPX 1074.24 1077.68 1079.81 1083.26 1086.70 1087.77 1088.83 1092.28 1095.73 1096.79 1097.85 1101.30 1104.74 1106.87 1110.32
INDU 10108.93 10133.04 10147.94 10172.04 10196.15 10203.60 10211.01 10235.15 10259.29 10266.71 10274.16 10298.26 10322.37 10337.27 10361.37
NDX 1743.70 1749.04 1752.33 1757.67 1763.01 1764.66 1766.30 1771.64 1776.98 1778.63 1780.27 1785.61 1790.95 1794.24 1799.58
XBD 114.95 115.46 115.77 116.28 116.79 116.95 117.10 117.61 118.12 118.28 118.43 118.94 119.45 119.76 120.27
BKX 41.82 42.21 42.44 42.82 43.21 43.32 43.44 43.82 44.21 44.32 44.44 44.82 45.21 45.44 45.82
TRAN 3816.34 3833.98 3844.88 3862.52 3880.16 3885.61 3891.03 3908.70 3926.36 3931.79 3937.24 3954.88 3972.52 3983.42 4001.06
OIX 683.88 687.41 689.58 693.10 696.63 697.71 698.80 702.32 705.85 706.93 708.02 711.54 715.07 717.24 720.76
OSX 189.28 191.24 192.45 194.41 196.37 196.97 197.57 199.54 201.50 202.10 202.71 204.67 206.63 207.84 209.80
XNG 503.56 506.67 508.58 511.68 514.79 515.74 516.70 519.80 522.91 523.86 524.82 527.92 531.03 532.94 536.04
CYC 744.87 750.22 753.53 758.87 764.22 765.87 767.52 772.87 778.23 779.87 781.53 786.87 792.22 795.53 800.87
UTY 387.83 389.23 390.09 391.48 392.88 393.31 393.74 395.13 396.53 396.96 397.39 398.78 400.18 401.04 402.43
DRG 292.78 293.62 294.14 294.98 295.82 296.08 296.34 297.18 298.02 298.28 298.54 299.38 300.22 300.74 301.58
RLX 394.74 396.58 397.72 399.56 401.40 401.97 402.54 404.38 406.23 406.79 407.36 409.20 411.04 412.18 414.02

Tradeables

SPY 107.58 107.94 108.17 108.54 108.90 109.02 109.13 109.50 109.86 109.98 110.09 110.46 110.82 111.05 111.42
DIA 101.25 101.49 101.65 101.90 102.14 102.22 102.30 102.55 102.80 102.87 102.95 103.20 103.44 103.60 103.85
QQQQ 42.85 43.00 43.08 43.23 43.37 43.41 43.46 43.60 43.74 43.78 43.83 43.97 44.11 44.20 44.34
QLD 52.17 52.51 52.71 53.05 53.39 53.49 53.59 53.93 54.27 54.37 54.47 54.81 55.15 55.35 55.69
IWM 56.63 57.07 57.33 57.77 58.21 58.34 58.47 58.91 59.35 59.48 59.61 60.05 60.49 60.75 61.19
OIH 117.16 118.42 119.20 120.47 121.73 122.12 122.51 123.78 125.04 125.43 125.82 127.09 128.35 129.13 130.40
XLE 56.27 56.61 56.83 57.18 57.52 57.63 57.74 58.09 58.43 58.54 58.65 59.00 59.34 59.56 59.91
FAZ 17.85 18.17 18.37 18.70 19.02 19.12 19.22 19.55 19.87 19.97 20.07 20.40 20.72 20.92 21.25
FAS 70.50 71.85 72.68 74.02 75.37 75.78 76.20 77.54 78.89 79.30 79.72 81.06 82.41 83.24 84.58
SRS 8.57 8.73 8.82 8.97 9.13 9.17 9.22 9.37 9.53 9.57 9.62 9.77 9.93 10.02 10.17
SDS 35.72 35.96 36.11 36.36 36.60 36.68 36.75 37.00 37.24 37.32 37.39 37.64 37.88 38.03 38.28
USO 37.82 38.33 38.64 39.14 39.65 39.80 39.96 40.46 40.97 41.12 41.28 41.78 42.29 42.60 43.10
SKF 22.97 23.25 23.42 23.70 23.98 24.07 24.15 24.43 24.71 24.80 24.88 25.16 25.44 25.61 25.89

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