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Wednesday, October 18, 2006

Market Wrap -18/10

The Core PPI data which rose a surprising 0.6% vs consensus 0.2% killed any hopes of DOW crossing 12,000 yesterday. The overall market tumbled and I've never seen the TRIN so high in a long time (it went as high as 2.36). The balancing came around lunch time & thereafter recovered some grounds, but the market indices still closed in the red. As mentioned before, the market is overextended & priced for perfection, so any tinge of negative news will create opportunity for sell-off, and today is a classic example.

We'll see if the CPI data today will serve as confirmation for the PPI data as PPI data are known to be much more volatile than CPI.

Earnings
-PPDI had a wild swing after earnings released, closing the day with a huge doji. It will be interesting to see how this stock performs in next trading session

-After market closed, ILMN +18.5%, YHOO +4.2%, IBM +5.2%, INTC +1%, MOT -7.4%, NVLS -4.5%. Looks like a mixed bag of results, have to see how market reacts when it opens.

A friend ask for thoughts on YHOO before earnings and I said I'll prefer not to taking any sides for YHOO becos they have pre-announced negatively on 19 Sep & stock took a hit & is now trading at 2 year low. And with all other bad news already baked into the stock, I think there's more room for upside than downside. But I didn't participate in Oct 25 Call which I could have bought for 0.55, becos looking at YHOO chart, they face resistance @ 25 & 25.5. Doesn't look like a good risk-reward deal to me.

-Big movers for earnings today AMC & tomorrow BMO:
18/10 AMC: AAPL, AMD, EBAY, BCR
19/10 BMO: TXT, CMA, SLM, WCC, BTU, NE


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