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DAILY STOCK NEWSLETTER
Written 08/04/08 for 08/05/08
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Today’s Top Stock Chart
http://www.profittrading.com

Here is just a fraction of what INO T.V. has to offer
http://www.profittrading.com/tv.htm

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EUGENE’S COMMENTARY

McDonald’s breakfast for under a dollar is actually more expensive than that. You have to factor in the cost of bypass surgery - George Carlin, class clown

Oil Plunges Over $4 After Storm Threat Eases- AP Oil prices plunged in a massive sell off Monday, falling below $120 a barrel for the first time since early May after Tropical Storm Edouard appeared unlikely to threaten oil and natural gas facilities in the Gulf of Mexico.

It seems the US pointed their hurricane machine in a different direction as they got the price of oil down again and the stock market up. The morning looked dismal for stocks but they bounced back considerably. Leading solar, FSLR, got trounced, down 11. Who needs solar power when oil is a bargain at $120 a barrel and will never run out! Right.

GS fell a bit, but I think it has more to go. The other financials held pretty tight as there were no bank scandals reported today.

http://finance.yahoo.com/q/cq?d=v1&s=MTB+MER+GS+LEH

Now I am thinking about buying puts on volatile oil and alternative energy stocks for the short term. Let’s see how this plays out.

That’s it and that’s all - Eddie Hicok Collins

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COMMENTARY

The market clawed back some Monday from earlier losses. The Dow pushed into positive territory, while the other major stock averages struggled toward the break-even point.

At 2:47 p.m. EDT, the Dow had climbed 0.4%. Johnson & Johnson (JNJ), which hit a new high, and IBM (IBM) fueled some of that gain. The S&P 500 turned flat. The NYSE composite lost 0.6%, and Nasdaq slipped 0.3%.

Volume was again tracking softer on both exchanges, though just slightly on the NYSE.

Crude oil settled at $121.41 a barrel, down $3.69. But natural gas prices crashed 7%.

Stanley (SXE) gained 1.77, or 5%, to 35.27. It cleared a 36.60 buy point from a cup base. The pattern also qualifies as a flat base, since the correction from the June 23 high has only been 11%. Volume was tracking about 90% above average.

ManTech International (MANT) rallied 2.43 to a record high of 58.86. That puts the defense contractor 9% past a 54.08 buy point.

On the downside, Bucyrus International (BUCY) swooned 9.27, or 14%, to 60.36 in heavy trading. That sliced the stock’s 50-day moving average. The mining equipment maker was the biggest loser in the IBD 100. There was no specific news for the drop.

Massey Energy (MEE) tumbled 7.94, or 11%, to 67.43, despite winning two upgrades. It reversed early gains after briefly poking above its 50-day moving average. Earlier, Raymond James upgraded the coal producer to outperform from market perform. And Davenport raised shares to buy from hold.

Tumbling crude prices helped stocks pare the bulk of their losses midday Monday.

At 12:43 p.m. EDT, the Dow was mostly unchanged after having been down 0.9%. The NYSE composite lost 0.9%, the Nasdaq 0.7% and the S&P 500 0.4%.

Volume was still tracking lower across the board. Decliners outpaced advancers by about 2-to-1 on both exchanges.

Crude dropped sharply lower as fears of Tropical Storm Edouard eased. The September contract slumped $4.03 to $121.03 a barrel. It had been as high as $126.35.

Oil stocks continued to get hammered.

Range Resources (RRC) tumbled 5.26, or 11%, to a seven-month low of 43.75 in heavy trading. That puts the oil and gas producer 43% below a 52-week high.

Noble (NE) dropped 4.04, or 8%, to 48.60 in active trading. The driller has lost ground for six of the past seven weeks, with most of the declines in heavy volume.

Meanwhile, Buckle (BKE) gave up 1.89 to 48.53. The clothing retailer has been floundering after making initial gains from its double-bottom breakout.

Monolithic Power Systems (MPWR) jumped 1.26, or 5%, to 24.96 in brisk trade. The stock is in the ninth week of a new base.

MDU Resources (MDU) gapped up and rallied 1.01 to 32.66 in heavy trading. But it pulled back from session highs of 34.30. Before the open, the diversified company posted Q2 earnings of 63 cents a share, up 40% from a year ago and 6 cents above views. Its sales fell shy of estimates, but the company raised its full-year earnings outlook.

Novartis (NVS) gapped up and gained 1.67 to 60.97 in fast trade. The Food And Drug Administration OK’d the Swiss drug maker’s Diovan HCT and Exforge as initial treatments for high-blood pressure.

The major stock indexes slumped to new lows in late-morning trading Monday, pressured by mixed economic data and weakness in financials.

At 10:44 a.m. EDT, the Nasdaq and NYSE composite lost 1% and 0.8%, respectively. The Dow and S&P 500 gave up 0.7% each.

Volume was tracking sharply lower across the board, ahead of Tuesday’s Fed decision.

In economic news, factory orders jumped 1.75 in June, well ahead of forecast for a 0.7% rise. But stocks largely ignored the data.

Financials were among the biggest losers. Wachovia (WB) tumbled 9% after Morgan Keegan said that its recent rally is due to short covering. Washington Mutual (WM) dropped 5%, Bank of America (BAC) 4%, and Wells Fargo (WFC) 3%.

Vertex Pharmaceuticals (VRTX) gapped below its 50-day moving average, slumping 3.47 to 29.23 in heavy trading. The drug maker came under fire on news that rival Schering-Plough’s (SGP) experimental hepatitis C treatment showed positive results. Vertex has its own drug for hepatitis C.

VisionChina Media (VISN) dropped 1.24 to 34 in fast trade. The digital media firm continued to fall after reversing from an all-time high Friday.

Cash America (CSH) fell 2.09, or 5%, to 40.75 in brisk trading. It may be forming a handle. On Friday, the pawnshop operator capped its fourth straight weekly price gain in heavy volume.

On the plus side, Fuel Systems Solutions (FSYS) gapped up, gaining 3.04 to 39.54 in heavy trading. The company reports earnings on Thursday. Analysts expect 27 cents a share, up 800% from a year ago. Fuel systems makes products that lets engines run on cleaner burning fuels.

Stocks opened lower and headed further south in early trading Monday, pressured by a higher-than-expected inflation reading.

At 9:55 a.m. EDT, the Nasdaq and NYSE composite were each down 0.6% each, while the S&P 500 and Dow lost 0.5% apiece.

Volume was tracking sharply lower on both exchanges.

Fertilizer makers came under pressure. Potash Corp. of Saskatchewan (POT) dropped 7.87 to 193.19 in fast trade, putting it further below its 50-day moving average. CF Industries Holdings (CF) fell 4.82 to 157.72. It’s working on a cup base.

Deere & Co. (DE) shed 3.09 to 67.13 after Goldman Sachs removed the stock from its Americas Buy List. The broker also cut Deere’s price target by 5 to 84.

On the upside, the Medicines Company (MDCO) gapped up, gaining 1.10, or 5%, to 23.70 after the Food and Drug Administration approved the firm’s Cleviprex blood pressure treatment.

Stock futures signaled a lower open Monday, following some mixed economic data.

Nasdaq futures fell 7 points vs. fair value, S&P 500 futures lost 4 points and Dow futures gave up 27 points.

In economic news, personal income rose 0.1% in June. That was the smallest increase since April 2007, but it was better than expectations of a 0.1% decline. Personal spending climbed 0.6%, above forecasts for a 0.5% gain. Adjusted for inflation, spending fell 0.2%.

The core personal consumption expenditure index, the Fed’s favored inflation gauge beat estimates with a 0.3% gain. On a year-over-year basis, the PCE climbed 2.3%, the highest since December.

Factory orders for June will be out at 10 a.m. EDT. Economists expected a 0.7% rise.

Crude oil fell $1 to $124.10 a barrel.

Trading is likely to be quiet ahead of the the Fed’s decision on interest rates, slated for Tuesday. Analysts expect the central bank to hold interest rates steady at 2%.

On the M&A front, ArcelorMittal (MT) said it would buy Kopper’s (KOP) Monessen Coke Plant for $160 million in order to secure fuel for its steel furnaces. The world’s largest steel maker also said it would build a $600 million steel mill in Mexico. ArcelorMittal edged higher in the pre-open.

Chipmaker Cypress Semiconductor (CY) agreed to buy Simtek (SMTK) for $46 million in cash. Shares of Simtek soared 45% in the pre-open, while Cypress fell 1%.

Meanwhile, HSBC Holdings (HBC) fell 2% in the pre-market after it reported a 29% decline in first-half earnings, hurt by the U.S. housing market. It was the European bank’s biggest profit dip since 2001. HSBC’s North American operations lost $2.9 billion vs. a year-ago profit of $2.4 billion.

Managed-care provider Humana (HUM) rose 5% in the pre-open after it beat views and raised its full-year outlook. Though its Q2 earnings fell 3% to $1.24 a share, that was 8 cents above views. Sales grew 14% to $7.35 billion, also above views. Humana pegged 2008 profit at $4.30 to $4.40 a share vs. views of $4.20.

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THANKS!
Jim

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