Thursday, December 14, 2006

Ready For Another Leg Higher?

The market is getting a pop at the open. The SPX just made a new high, while the COMP looks poised to breakout from its three week tight consolidation. I sense another short squeeze in the works.

Oil is trading up, above $62, boosting the energy complex. The 10-year yield is also a bit higher at 4.59%.

Semis, biotechs, and retail are strongest out of the gate so far. Materials are lagging.

In other news and notes:
  • Big SIRF customer finds second source for chips
  • ZMH offers conservative guidance
  • PPDI mentioned in Barron's Online
  • GE wins $1B Saudi gas turbine contract
  • Asian markets strong overnight
  • LEH beats EPS by 4 cents
  • Jeffries starts STP with Buy ($38 target)
  • DRIV downgraded to Neutral at Credit Suisse
  • GERN down on stock offering
  • HLT target upped to $45 at BofA
  • RTSX target upped to $40 at Needham
  • Amtech raises RIMM target to $175 ahead of qtr
  • STEC profiled in IBD

long GE, SIRF


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