The Wrap 2/2/11


The major equity averages chopped along listlessly all session as big gains from the prior session were allowed to consolidate. After the close, BRCM, BSX, FORM, HA and WFR are the most notable names that reported after the close.

Futures are mixed after hours: S&P 500 futures are -0.28 from fair value of 1300.58 and Nasdaq100 futures +0.17 points from fair value of 2319.08.

Nine of ten sectors were in negative territory, led by financials (-0.9%), utilities (-0.5%) and telecom (-0.5%).

Tomorrow morning before the open, two economic reports are scheduled to be released: 1) Productivity-Prel (Consensus 2.2%) and Unit Labor Costs (Consensus 0.1%), 2) Initial claims (Consensus 145K) and 3) Continuing claims (Consensus 3955K).

Tomorrow before the open look for the following companies to report: ABMD, ATK, AMB, ARJ, ABFS, AN, BEAV, BDC, BHE, BX, BCO, CAH, CI, CME, CNMD, CVS, DO, DOW, ENB, EL, GR, HAR, IP, IVC, ITG, ITT, K, KELYA, LB, LII, HZO, MA, MTRX, MMS, MD, MRK, MF, MCO, LABL, MWIV, NOV, NURO, NYT, ONNN, OFG, PTEN, PENN, POL, PLD, RDN, RDWR, RAI, RSTI, RGLD, RTIX, R, SBH, SNA, SNE, SE, HOT, TEN, TRCR, TZOO, and VIA.B.

We saw a nice breakout on CF today and a nasty stop on FTK.  The bulls are in charge for now until the bears take the hill and try to draw their own line in the sand. I want this year to be my best year ever in the market, and so far I have few regrets. I think the volatility that exists will provide tremendous opportunities. we need to be nimble and take fast profits. If you want buy and hold, you wont find it here.

This whole fandango is a marathon, not a sprint. I hope you get that. I think you do.

Nothing new tonight. Please check the P&L for adjusted stops.


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