The Surf Report

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Stocks spiraled downward today due to growing earnings concerns and falling oil prices. Bloomberg reported that 66 companies in the S&P 500 either cut or suspended dividends this year with the second quarter pay out dropping 23.4%. This is the largest decline in 40 years per Howard Silverblatt, a senior analyst at Standard & Poors. Bucking the downward trend, insurance companies rallied on news that the Obama health plan may delay creating a government operated plan. The DJIA dropped -161.27 to 8163.60, the Nasdaq fell -41.23 to 1746.17 and the S&P 500 gave back -17.69 to 881.03.

Aetna (AET | Quote | Chart | News | PowerRating) - Climbed along with others in the insurance sector adding 6.31% or $1.54 to $25.95/share on relief that Obama may delay creating a government health plan.

Discover Financial (DFS | Quote | Chart | News | PowerRating) - Fell 10.76% or $1.13 to $9.36/share as the struggling credit card issuer said it would offer $500 million dollars of additional shares to raise capital.

Metro PCS (PCS | Quote | Chart | News | PowerRating) - Climbed 3.57% or 42 cents to $12.19/share after UBS restated its buy rating.

Weyerhaeuser (WY | Quote | Chart | News | PowerRating) - The papermaker fell 7.10% or $2.13 to $27.86 upon cutting its dividend from 25 cents to 05 cents/share.

Oil fell $1.12 to $62.57, Gold climbed $4.80 to $929.10 and the fear index VIX spiked 6.38% to 30.85.
 
marketsurferstaying short , looking good here! remember we show support at 8097ym
less than 5 seconds ago from web


asexpected, meltdown has begun..... SHORT YM plus 100 points here. HOLDING FOR BIG WAVE DOWN VIX 31.18 and climbing
 
up 150 points on short entry. we are holding here wanting to catch the big moves, how you manage YOUR profits is up to you. thanks for twittering with us.

SHORT AND HOLDING YM

surf
 
from TM, Yahoo, Marketsurfer --Research


Negative economic news has once again taken center stage in the United States. Fears of a short lived recovery, earnings nervousness, and spiking unemployment figures have reignited fears of recession and even a potential actual, no holds barred depression rivaling the 1930’s in the minds of American consumers. While the actual course of future events is uncertain, one needs to keep every possibility open when choosing investments proper for your portfolio. As such, locating companies that are poised to prosper despite potentially dire conditions, as well as being proven money makers during the good times is a priority for long term stock investors. Regardless of economic conditions, one thing remains constant, consumers love to shop for bargains. This fact has proven itself over and over in bad and boom times. The Long Term Power Rating stock spotlight this week is one such company that seems to thrive regardless of the economic environment. If you haven’t guessed, the company is the low priced, bargain retailer, Family Dollar FDO.
Family Dollar was started by 21 year old entrepreneur, Leon Levine, in Charlotte, North Carolina in 1959. His initial management philosophy was one that proved highly profitable over the years, “The customer is boss, and you need to keep them happy”. Leon’s business acumen kicked into high gear with 27 stores operating in 4 states by 1967. In 1970, the company went public and common stock began trading on the American Stock Exchange in 1972. By 1977, the firm was doing over $100 million in annual sales and moved to the New York Stock Exchange in 1979. The 1980’s were a decade of expansion with the 1500th store opening in 1989. Growth went into overdrive in the 1990’s when annual sales exceeded $1 billion dollars in 1992. In 2001, the company was added to the S&P 500 while sales climbed to $3 billion dollars per year. The company is now a nationwide chain with over 6600 stores stretching from Arizona to Maine.

Family Dollar has just reported record third quarter earnings with an increase of 34.8% diluted EPS. The operating margin grew by 160 basis points and management upped the forecast for 2009. CEO, Howard Levine, provided very positive guidance into the future. On the chart, price has not recently reflected the positive sentiment of this firm. It has been downtrending since April and was below the 50 day and 200 day SMA as of yesterday. Fortunately, the good earnings news caused price to spike higher today, landing above both the 50 and 200 day SMA support levels. Additional resistance appears at $32.50/share..................
 
Negative words from the Oracle of Omaha, Warren Buffett, stifled an emerging stock market rally. While good news from Alcoa, General Motors and Goldman Sachs still managed to lift shares to a modestly higher close on the session. The DJIA advanced 4.76 to 8183.17, the Nasdaq climbed 5.38 to 1752.55 and the S&P 500 marched 3.12 points higher to 882.68.

Here are 7 stocks you need to know about for Friday:

Progressive (PGR | Quote | Chart | News | PowerRating) will release its 2nd quarter earnings figures before the bell on Friday. Analysts are predicting 37 cents/EPS.

Super negative news continues to hammer American International Group (AIG | Quote | Chart | News | PowerRating) with Citigroup (C | Quote | Chart | News | PowerRating) throwing in the towel by saying it is unlikely any value will be left for shareholders after they pay back the government rescue loans.

An analyst at Bank of America (BAC | Quote | Chart | News | PowerRating) said that trading revenues at Goldman Sachs (GS | Quote | Chart | News | PowerRating) may exceed record levels set in 2007 and upgraded shares of the venerable investment bank.

General Motors (GM | Quote | Chart | News | PowerRating) obtained their Chapter 11 Bankruptcy discharge today in amazingly fast corporate timeframe.

Huge Chinese demand for Ford's (F | Quote | Chart | News | PowerRating) Fiesta model resulted in the company providing positive guidance into the rest of 2009.

INDEPENDENT RESEARCH
 
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Surf,

What are your thoughts on gold/silver? Are you still expecting a push down below major support on those?
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yes, although the call was early, i still fully expect a meltdown in the metal. thanks, surf
 
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