THE DAILY BRIEF

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Wednesday 11.18.2009

CURRENT MARKET SENTIMENT

Range bound with no important economic data, indices may be limited by the cautious optimism
the indices manage to finish near their high at of investors to purchase stocks before Friday.
10437(Dow) and 1110(S&P). Constraint on the We anticipate a limited move to around 10472
upside by the option expiration week and limited on the Dow and 1116 on the S&P while the
sellers on the downside may result in the same pivots are likely to server as the cushions on the
scenario. Consequently, moving forward the downside.

PRISM CALL
Déjà vu all over again! Flat to negative futures are an indication to a limited initial move down, only for
them to bounce back. The sell side has been limited and fast and the upside has been slow and aided by
computer programs. Be cautious individual play is the better bet.

ECONOMIC CALENDAR INDU & SPUZ TECHNICALS

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

8:30 Consumer Price -0.2% to 0.2% 0.2% 0.3%
AM Index (MoM) 0.5% INDU
10336 10365 10413 10460 10489
8:30 CPI Ex Food & -0.2% to 0.1% 0.2% 0.2%
(DOW)
AM Energy (MoM) 0.2% SPUZ
8:30 Consumer Price -0.7% to -0.3% -1.3% -0.2% (S&P) 1099 1103 1108 1113 1116
AM Index (YoY) 0.2%
8:30 CPI Ex Food & 1.5% to 1.6% 1.5% 1.7%
AM Energy (YoY) 1.7%
8:30 Housing Starts 570K to 600K 590K 529K
AM 630K
8:30 Building 552K to 580K 573K 552K
AM Permits 620K
10:30 US Crude Oil -4000K to 505K 1762K
AM Inventories 2150K
10:30 US Gasoline -2000K to -50K 2560K
AM Inventories 2500K
10:30 US Distillate -2000K to -800K 349K
AM Inventory 2640K
10:30 US Refinery -1.43% to 0.00% -0.66%
AM Utilization 0.50%

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otherwise employ trading strategies that may be consistent or inconsistent with the provided strategies.
 FOREIGN MARKETS NEWS

NE Noble Corp target raised to $66

MARKET PRICE
 %
at Standpoint Research (44.76 )
FTSE 5354.68 8.75 0.16
EMS Emergency Medical Services
DAX 5804.31 25.88 0.45 announces public stock offering of
6 mln shares by existing equity
HANG SENG 22840.33 73.82 0.32 holders
NIKKEI 9676.8 53.13 0.55
APA Apache: Argentina approves
Apache's Gas Plus project - Oil &
CHINA 3303.234 20.345 0.62 Gas Journal

AWK American Water Works

DOW STOCKS TO WATCH COMMODITY PRICES prices 37.4 mln common share
offering at $21.63/share
STRONG WEAK COMMODITY PRICE

MTU Mitsubishi UFJ Financial to
WMT CAT issue $11 bln of shares - WSJ
OIL 79.83 0.69 (5.48 )
DD MCD
VIP Vimpel Comms cut to Neutral
XOM HD
GOLD 1146.5 7.10 from Buy at Goldman- DJ (22.21 )
HPQ PG
VVUS VIVUS announces positive
results from Ph. 3 study of avanafil
in ED (8.57 )
UPGRADES & DOWNGRADES
PFE Pfizer valuation range raised
to $19-21 at Leerink Swann
STOCKS UPGRADED
(17.94 )
BROKERAGE
COMPANY RATINGS CHANGE PRICE TARGET
FIRM
ALNY Alnylam Pharma presents
Omega Health (OHI) JMP Securities Market Outperform 18.11 22 new pre-clinical data on ALN-VSP,
Fidelity National RBC Capital Mkts Sector Perform » Outperform an RNAi Therapeutic for the
Information Services treatment of liver cancer (17.44 )
(FIS)
Smith Intl (SII) Citigroup Hold » Buy AMD Advanced Micro announces
private offering of $500 million of
Pulte Homes (PMI) Citigroup Hold » Buy $11 » $11 » $12 senior notes (6.62 )
$12
Rockwell Automation HSBC Securities Neutral » Overweight $48 » $48 » $53 SVA Sinovac Biotech files for
(ROK) $53 common share offering (8.24 )
First Solar FSLR) RBC Capital Mkts Sector Perform » Outperform
$136
WLP WellPoint: Reform would
have to be absolutely catastrophic
STOCKS DOWNGRADED
for the stock not to be a good value
BROKERAGE here – Oppenheimer
COMPANY RATINGS CHANGE PRICE TARGET
FIRM
Poniard Pharma
(PARD)
Canaccord Adams Buy to Hold 2.48 GNK Oppenheimer believes both
BMO Capital Outperform » Market Perform dry bulk and tanker names could
Research In Motion $100 »
(RIMM) Markets $64 outperform through year-end, but
Wunderlich Buy » Hold could face headwinds going into
Jacobs (JEC) $52 » $38 2010 (27.21 )

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 EARNINGS

CRM Salesforce.com reports EPS in-line, beats on revs; guides Q4 EPS in-line, revs above consensus
(65.61 -1.24)

DRYS DryShips announces a $300 mln convertible sr notes offering (7.05 +0.04)

TEN Tenneco announces intention to offer 10 mln shares of common stock in underwritten public
offering

CNQR Concur Tech prelim $0.18 vs $0.18 First Call consensus; revs $64.8 mln vs $64.41 mln First Call
consensus

ESLT Elbit Systems beats by $0.21, misses on revs (62.44 )

SOLF Solarfun Power beats by $0.22, reports revs in-line (5.83 )

PERY Perry Ellis beats by $0.10, misses on revs; raises FY10 EPS guidance (14.88 )

UK November CBI Industrial Output balance unchanged from Oct at +4 – DJ

TM Toyota Motor October global sales mark first rise in 15 months, Kyodo says - DJ (80.31 )

SYY Sysco increases quarterly dividend by $0.01 to $0.25 per share; up from $0.24 per share previously
(27.35 )

CHS Chico's FAS beats by $0.06, beats on revs (13.48 )

PLL Pall Corp reports Q1 sales below consensus (34.62 )

BIDU Baidu.com removed from Americas Conviction Buy list at Goldman; keeps Buy rating and raises
tgt to $500 from $435- Reuters (441.50 )

CAKE Cheesecake Factory added to Americas Conviction Buy list at Goldman- Reuters (18.94 )

ADI Analog Devices added to Americas Conviction Buy list at Goldman- Reuters (28.19 )

PALM Palm Pixi reviewed in Mossberg column of WSJ (12.54 )

TGT Target cut to Neutral by Goldman Sachs- DJ (48.77 )

MSFT Microsoft ests and tgt raised to $36 at Jefferies following positive reviews of Windows 7 (30.00 )

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 TECHNICAL ANALYSIS

Symbol S7 S6 S5 S4 S3 S2 S1 PIVOT R1 R2 R3 R4 R5 R6 R7
Sectors
SPX 1091.02 1094.20 1096.16 1099.35 1102.53 1103.51 1104.49 1107.68 1110.86 1111.84 1112.82 1116.01 1119.19 1121.15 1124.34
INDU 10260.17 10289.27 10307.25 10336.35 10365.45 10374.44 10383.39 10412.53 10441.67 10450.62 10459.61 10488.71 10517.81 10535.79 10564.89
NDX 1778.45 1783.97 1787.39 1792.92 1798.44 1800.15 1801.85 1807.39 1812.92 1814.62 1816.33 1821.86 1827.38 1830.80 1836.33
XBD 115.14 115.77 116.15 116.78 117.41 117.60 117.79 118.42 119.05 119.24 119.43 120.06 120.69 121.07 121.70
BKX 42.27 42.58 42.76 43.07 43.38 43.47 43.56 43.87 44.18 44.27 44.36 44.67 44.98 45.16 45.47
TRAN 3953.21 3969.38 3979.37 3995.55 4011.72 4016.72 4021.69 4037.89 4054.08 4059.06 4064.05 4080.23 4096.40 4106.39 4122.57
OIX 692.41 695.03 696.64 699.25 701.87 702.67 703.48 706.09 708.71 709.51 710.32 712.93 715.55 717.16 719.77
OSX 193.76 195.32 196.28 197.84 199.40 199.88 200.36 201.92 203.48 203.96 204.44 206.00 207.56 208.52 210.08
XNG 504.90 507.36 508.88 511.34 513.80 514.56 515.32 517.78 520.24 521.00 521.76 524.22 526.68 528.20 530.66
CYC 778.62 783.02 785.73 790.13 794.53 795.89 797.24 801.64 806.04 807.40 808.75 813.15 817.55 820.26 824.66
UTY 390.45 391.55 392.23 393.32 394.42 394.76 395.10 396.19 397.29 397.63 397.97 399.06 400.16 400.84 401.93
DRG 296.45 297.39 297.97 298.90 299.84 300.13 300.42 301.35 302.29 302.58 302.87 303.80 304.74 305.32 306.25
RLX 381.02 385.43 388.16 392.58 396.99 398.36 399.71 404.14 408.56 409.92 411.28 415.70 420.11 422.84 427.26

Tradeables

SPY 109.30 109.64 109.85 110.19 110.53 110.63 110.74 111.08 111.42 111.52 111.63 111.97 112.31 112.52 112.86
DIA 102.80 103.10 103.29 103.58 103.88 103.97 104.06 104.36 104.66 104.75 104.85 105.14 105.44 105.63 105.92
QQQQ 43.78 43.92 44.00 44.13 44.27 44.31 44.35 44.48 44.62 44.66 44.70 44.83 44.97 45.05 45.18
QLD 54.37 54.71 54.92 55.26 55.60 55.70 55.81 56.15 56.49 56.59 56.70 57.04 57.38 57.59 57.93
IWM 58.69 58.97 59.14 59.43 59.71 59.80 59.88 60.17 60.45 60.54 60.62 60.91 61.19 61.36 61.65
OIH 120.14 121.09 121.68 122.63 123.58 123.87 124.16 125.12 126.07 126.36 126.66 127.61 128.56 129.15 130.10
XLE 57.27 57.51 57.67 57.92 58.16 58.24 58.32 58.57 58.82 58.89 58.97 59.22 59.46 59.62 59.87
FAZ 18.20 18.39 18.50 18.69 18.88 18.94 18.99 19.18 19.37 19.43 19.48 19.67 19.86 19.97 20.16
FAS 74.53 75.30 75.77 76.53 77.30 77.53 77.77 78.53 79.30 79.53 79.77 80.53 81.30 81.77 82.53
SRS 7.90 8.05 8.14 8.28 8.43 8.47 8.52 8.66 8.81 8.85 8.90 9.04 9.19 9.28 9.42
SDS 34.75 34.97 35.11 35.33 35.55 35.62 35.68 35.91 36.13 36.20 36.27 36.49 36.71 36.85 37.07
USO 38.87 39.16 39.34 39.63 39.92 40.01 40.10 40.39 40.68 40.77 40.86 41.15 41.44 41.62 41.91
SKF 23.24 23.40 23.49 23.65 23.81 23.86 23.90 24.06 24.22 24.27 24.31 24.47 24.63 24.72 24.88

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