Buy Limit: at mkt.
Stop Loss: Call
Target: $16.00
Options:
Skinny: This
company recently obtained approval of their asbestos settlement and is on track to new highs in share price. They should also benefit
from new contracts and being in General Electrics food chain.
Comments: Tech stocks are
indicating a lower open this morning as Yahoo!'s revenue miss overshadowed a solid quarter at IBM. Index futures
recently showed the S&P 500 trading about a point above fair value, while the Nasdaq 100 was set for a 4-point decline.
The 10-year Treasury bond was unchanged in price to yield 5.14%, while the dollar rose against the yen and euro.Yahoo!'s quarter
set a gloomy tone ahead of a busy day for earnings and economic news. At 10:00am,
Federal Reserve Chairman Ben Bernanke will update Congress on his outlook for the U.S. economy in the second half of 2006.
As always, traders will comb the testimony for clues about future interest rate policy, with Bernanke widely expected to stress
inflation as his primary concern.
Oil extended its recent slide even as Israeli and Hezbollah forces continued to exchange missile fire along
the Lebanese border. August crude, which has fallen for two straight days, was recently down another 63 cents to $72.91 a
barrel. Nearly 270 people are reported dead in eight days of Mideast violence, according to wire reports. The
action in the oil patch is reflective of the broad markets desire to have all of the hostilities and violence in the Middle
East go away quietly. But we know that is not a likely near term possibility, given the complex nature of the conflict,
and the players involved. Also in the mix is the confusion in Nigeria and Venezuela that are threatening to take center stage. Also
by recent reports we have the over heated economies of both China and India that will fuel even more speculation. On the horizon
we have a fast approaching hurricane season and all of these elements together comprise an almost insurmountable wall
of worry and uncertainty which has the potential to send Crude prices soaring to $85.00 a barrel or higher within the next
60 days. I believe that early positioning will help us not only to be proactive, but also capitalize on a situation that is
virtually a given. Understand that these are not investments, but trades in a sector that should flourish in this environment. I will list the open positions in Oil after 10:am. LM
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