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Wednesday Recovery – Dow up 600, Nasdaq up 400 – Why? Why Not?

What a ride! 

The Dow blasted up 600 points from yesterday's open, half of it since the markets closed last night and there's no actual reason for this – the market manipulators are simply taking advantage of the lower volume to boost everything back up so they can start selling again.  This is what we expected to happen in Monday morning's PSW Report, where I noted:

Generally, the market has trended higher in dull, low-volume weeks and this week, we don't have time to lay about as our bounce chart is wrecked and we need to be over those strong bounce lines by Friday or the whole week can be written off as a consolidation for a move lower – so let's watch our levels carefully:

  • Dow  36,000 to 34,200 has bounce lines of 34,560 (weak) and 34,920 (strong) 
  • S&P 4,700 to 4,465 has bounce lines of 4,512 (weak) and 4,559 (strong) 
  • Nasdaq 16,500 to 15,675 has bounce lines of 15,840 (weak) and 16,005 (strong) 
  • Russell 2,400 to 2,080 has bounce lines of 2,144 (weak) and 2,208 (strong)

Since Monday morning, the Dow and the S&P have added green boxes but we need more than just the Dow to be over the strong bounce line to call it progress.  The S&P (/ES) Futures are at 4,547 this morning – so closing in on 4,559 so that's the inflection point we'll be watching and it will get interesting as we have the Fed's Michelle Bowman speaking at 10:30 followed by Loretta Mester at noon and then we have a $37Bn, 10-year note auction at 1pm, where we'll see if those notes can bounce off their (so far) lows:

Convexity flows may emerge at 1.95% U.S. 10-year yield

The Treasury market selloff that’s lifted the 10-year yield by nearly half a percentage point this year — to a high of 1.938% on Monday — is likely to shift into higher gear once the yield reaches 1.95%, strategists say. At that level, mortgage-bond investors would be induced to protect their portfolios against the effects of rising yields by selling Treasuries or doing the equivalent in interest-rate swaps, termed convexity hedging.

Even after a correction in tech stocks and surging yields on U.S. government bonds, investors still don’t understand the risks they’re taking in equity and debt markets, according to Mark Spitznagel, manager of the best-known fund protecting against so-called black swan events.

Spitznagel said he doesn’t believe in trying to time the market. Instead, Universa tells clients to think of hedges not as a source of profit but rather as a kind of catastrophe insurance they should have at all times. With the knowledge that they’re protected in the event of a meltdown, those investors can, in theory, take risk without the need for traditional diversification in the form of Treasuries, gold or hedge funds, he said.

In other words, Spitznagel agrees with our strategy using the paired Long-Term and Short-Term Portfolios, with the STP acting as a hedge for our long-term positions.  We went over our STP in yesterday's Live Member Chat Room and decided we're comfortable with what amounts to roughly $900,000 worth of insurance against our now $2.25M LTP so about 40% covered at the moment and we're using our bounce chart to let us know when we need to pull the trigger on more.  

Meanwhile, it's a watch and wait kind of week but here's a great article from Barry Ritholtz on our favorite topic:

The Super Wealthy versus the Merely Rich

That's right, the bottom 50% have gained $4,800 in wealth in the past 40 years – that is over $100 per year!  The rest of the Bottom 90% have gotten a whopping $5,800 per year richer – Retirement here they come!  And we wonder why those economic confidence numbers are heading towards Great Depression-levell lows…

To Solve Income Inequality, Increase Economic Mobility

Also a good point!

 


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  1. Good Morning!



  2. Good morning!

    Here is the link to today's webinar.

    https://attendee.gotowebinar.com/register/3516527778153981712

    Australia Consumer Sentiment Drops on Mounting Rate-Rise Fears

    Oil Edges Higher After Report Points to Falling U.S. Stockpiles

    WTI Bounces After Across The Board Inventory Draws

    Schumer Endorses the Push to Ban Stock Trades in Congress

    Ukraine’s Zelensky Wants to Fend Off Russia—and America, Too

    Covid-19 Relief Funds Drive Up Nurse Pay, Hospitals Say

    Biden admin caught using YOUR tax dollars to funnel crack pipes and MORE into poor communities (I love Fox "News") 

    Chipotle plans to target small towns for new locations, as they fuel record profit

    For The First Time, Goldman Warns Fed's Aggressive Tightening May Lead To "Hard Landing"

    Morgan Stanley: A Miss In January CPI Is All That Can Save Government Bonds

    Elon Musk Blasts Mainstream Media For "Relentless Hatestream" Of "Careless Negativity".

    UAE Capital Rocked By Explosions, Huge Emergency Response Underway

    Lyft Slides As Active Riders Shrink After Paying More Than Ever For Driver-Challenged Service

    Bitcoin & Stocks Dump'n'Pump As Rising Rate-Hike Odds Crush Credit

    Buyout Deadlines: Hundreds of SPACs Face Shutdowns if They Can’t Deliver The mauled blank check funds have a ticking clock: Deliver promised acquisitions or be liquidated. (Chief Investment Officer)

    Beware the FOMO Bullies of Technology Are we living through a replay of the ’90s, when most people just didn’t get “this internet thing”? (The Atlantic)

    The Nuclear Industry Argues Regulators Don’t Understand New Small Reactors Advocates say the plants offer a climate fix, but opponents decry them as dangerous. (Businessweek)

    Assessing the Military Strength of Russia and Ukraine: Russia may not the hold the military advantage media reports indicate. Much of today’s hand-wringing stems from an outdated understanding of what happened in Ukraine in 2014 and what’s happened since. (The Dispatch)

    SpaceX has so many Starlink satellites they’re increasingly photobombing astronomers’ images: There has been a huge increase in the number of astronomers’ images corrupted by streaks of reflected sunlight caused by SpaceX’s satellites. According to a new study, published by the Astrophysical Journal Letters, SpaceX launched 150 Starlink satellites in the last month, with more than 1,900 satellites now launched. (Business Insider)

    Worker Absences From Covid-19 Hold Back Companies’ Growth The Omicron variant has hit staffing hard, and lingering pressures remain for some employers (Wall Street Journal)

    A lot of good companies out there with valuations that just aren’t supported by the fundamentals and they are being weighed. (Alhambra)


  3. Notice we have market-neutral news and little Economic Data so, in low volumes, we drift higher again:

    Date Open High Low Close* Adj Close** Volume
    Feb 09, 2022 446.73 456.29 455.01 456.12 456.12 7,424,888
    Feb 08, 2022 446.73 451.92 445.22 450.94 450.94 80,920,800
    Feb 07, 2022 449.51 450.99 445.85 447.26 447.26 84,472,900
    Feb 04, 2022 446.35 452.78 443.83 448.70 448.70 118,335,600
    Feb 03, 2022 450.95 452.97 445.71 446.60 446.60 118,024,400
    Feb 02, 2022 455.50 458.12 453.05 457.35 457.35 117,361,000
    Feb 01, 2022 450.68 453.63 446.94 452.95 452.95 123,155,400
    Jan 31, 2022 441.24 450.28 439.81 449.91 449.91 152,251,400
    Jan 28, 2022 432.68 442.00 427.82 441.95 441.95 164,457,400
    Jan 27, 2022 438.26 441.59 429.45 431.24 431.24 149,878,300
    Jan 26, 2022 440.72 444.04 428.86 433.38 433.38 186,391,100
    Jan 25, 2022 433.06 439.72 427.15 434.47 434.47 167,997,300
    Jan 24, 2022 432.03 440.38 420.76 439.84 439.84 251,783,900
    Jan 21, 2022 445.56 448.06 437.95 437.98 437.98 202,271,200
    Jan 20, 2022 453.75 458.74 444.50 446.75 446.75 122,379,700
    Jan 19, 2022 458.13 459.61 451.46 451.75 451.75 109,357,600
    Jan 18, 2022 459.74 459.96 455.31 456.49 456.49 109,709,10

    We should keep an eye on Hong Kong (HSI) to see if they manage to bounce.  I'd call it 30,000 to 24,000  (throwing out spikes) for a 20% correction and that makes their bounce lines 25,200 and 26,400.

    It's been a grind for the Shanghai as well since they topped out early last year:

    OK, we're catching a nice break on the SQQQ Jan $37 calls in the STP, they are down 55% at $10 this morning so let's buy those back as it was going to be one we'd have to work out of.


  4. Phil/SPWR – i remember reading about an adjustment you made recently to your SPWR position but I can’t find it anywhere. Mind resharing?


  5. SPWR/Swamp – Which one?  Probably one of these: Submitted on 2022/02/01 at 4:21 pm   Or these:  Submitted on 2022/01/25 at 10:43 am

    If they are going to keep giving it away, we're going to keep buying it!   To me, this is like when they were selling SIRI for 0.11 or M for $5 or VIAC now at $30 - I just can't get to that valuation, no matter how pessimistically I assume things will be.  

    LTP is up $75,387 this morning – that's nice!

    Security Value:  $483,519
    Cash on Hand:  $1,813,903
    Total Value:  $2,297,421
    Portfolio Ret.:  359.5%

    More than makes up for the STP dropping $31,620 since we reviewed it yesterday (and decided nothing needed changing):

    Security Value:  $102,755
    Cash on Hand:  $272,943
    Total Value:  $375,698
    Portfolio Ret.:  87.8%

    That's pretty much just how we want our balance to be on the way up, giving up about 1/3 of our gains for the "insurance" of the hedges. 


  6. Oh yes, my Money Talk Interview got bumped to next week.

    SunPower: Supply Chain Issues Are Temporary, Growth Is Strong

    And speaking of valuations that make no sense to me:

    chart

    I mean, I guess I don't understand how stocks work???  Pay $24 for a stock that's making $3.10/yr is 8x earnings and we're coming out of an investing cycle into the reaping on 5G.  And you get 75% of the Warner spin-off for free – plus $43Bn in CASH!!!

    chart

    If Warner Media makes $14Bn and gets the same crap 8x valuation T gets, that's still $96Bn + $43Bn in cash, which is most of Ts TOTAL $170Bn valuation AS A BONUS!  


  7. bullish oil report 


  8. Oil with a nice net draw should pop it back to $90 and we'll see if it sticks but who cares – we get to go long on /NG at $4 again! 

    CL1:COM +1.28%Feb. 09, 2022 10:30 AM ET4 Comments


  9. Wow, you would think they announced something major:

       

    Speak of the devil:

    T +1.44%Feb. 09, 2022 10:43 AM ET

    • Discovery (DISCA +1.5%) says as of Wednesday that the Hart-Scott-Rodino waiting period has cleared on its planned merger with WarnerMedia (T +1.5%), removing another hurdle toward closing the blockbuster deal.
    • Also, any agreement not to consummate the deal between the companies and the government has expired or otherwise been terminated, Discovery notes in its SEC filing.
    • The companies sealed the multibillion-dollar deal last May and it's headed for an earlier-than-expected closing in the second quarter.

    And, from the Fantasy World:

    SHIB-USD +9.90%Feb. 09, 2022 10:26 AM ET2 Comments

    • As part of its first steps to enter the metaverse, Shiba Inu (SHIB-USD) on Wednesday introduced virtual real estate.
    • So-called Shiba Lands will be available for "purchase/auction really soon," the developers wrote in a blog post.
    • Additionally, Shiba Inu (SHIB-USD) has been working on a queue system designed for the Shiba Lands sales event. Moreover, "this queue allows exclusivity by requiring interested parties to hold 'LEASH', which gives priority and exclusive access to this first selling phase of the land plots in our Metaverse," the blog post read. Developers also said they worked on an anti-dump system to protect LEASH holders.
    • Doge Killer tokens jump 40% in the past 24 hours; Shiba Inu (SHIB-USD +8.6%) tokens gain and; bitcoin (BTC-USD +1.2%) slightly rises to sub $44K.
    • Note that some of the largest metaverse platforms that opt for introducing digital real estate are Sandbox and Decentraland (MANA-USD).
    • Previously, (Dec. 6, 2021) Shiba Inu founder said upcoming coin supply reduction will enable metaverse entry.
    •  
    • KKR +3.77%Feb. 09, 2022 10:12 AM ET1 Comment

      • KKR (KKR +3.7%) is in talks to invest in metaverse company Animoca Brands, which will bring its latest founding round to ~$500M, Bloomberg reports, citing people familiar with the matter.
      • The financing would give Animoca a pre-money valuation of more than $5B. KKR (NYSE:KKR) is among several investors to talks to join the round, which raised $359M in its first tranche led by Liberty City Ventures last month.
      • Animoca said it's working to build the "open metaverse by bringing digital property rights to online users through the use of blockchain and NFTs (non-fungible tokens)."
      • The technologies enable "true digital ownership" of users' virtual assets and data, making possible decentralized finance and GameFi opportunities, including play-to-earn, asset interoperability, and an open framework, the company said in its statement for the $359M financing.
      • Management has told existing investors that they plan another funding round, possibly during 2022, that could value the company at $10B, two people told Bloomberg.
      • Also see: Needham analyst sees metaverse tied heavily to open-source blockchain, NFTs
      •  
      • WSFT +42.86%Feb. 09, 2022 9:45 AM ET

        • Wikisoft (OTCPK:WSFT) will acquire a majority stake in Etheralabs, a venture lab and ecosystem that invests in, builds and deploys disruptive technologies across the blockchain space.
        • WSFT expects the proposed transaction to be accretive to earnings realized over 2 years following the acquisition.
        • The proposed transaction would include full global access to Etheralabs' disruptive technologies across the blockchain and global funding landscape.
        • With the majority stake, WSFT plans to ensure that Etheralabs future product and technology roadmap supports Wikisoft's platform strategy.
        • The parties intend to enter into a binding agreement after consultation with their respective legal counsel.
        • WSFT plans to fund the acquisition with equity. Wikisoft's board has given a commitment to approve the transaction.

    I know how my Grandfather felt when I started buying Internet Stocks and he was like "They make money how?"  

    Feb. 09, 2022 10:02 AM ET1 Comment

    • December Wholesale Inventories+2.2% to $790.8B vs. +2.0% consensus and +1.7% in November (revised from +2.5%).
    • Total inventories rose 18.5% from the revised December 2020 level.
    • December inventories/sales ratio for merchant wholesalers was 1.25 vs. 1.22 in November and 1.28 a year ago.
    • Previously (Jan. 14), Business Inventories match consensus in November

    Irony!  

    TCS -20.61%Feb. 09, 2022 9:55 AM ET1 Comment

    The Container Store Group (NYSE:TCS) fell 20.66% at the open on Wednesday after higher freight and commodity costs hit the retailer's margins during FQ3.

    Of note, the Elfa gross margin decreased 1330 basis points during the quarter primarily due to higher direct material costs and unfavorable product and customer mix. The margin pressures are expected to continue and led to Container Store setting FQ4 EPS guidance at $0.24 vs. $0.30 consensus.

    CEO update: " We are particularly proud of the performance we delivered within Custom Closets and our general merchandise categories, with growth of 19.5% and 15.6%, respectively, when compared to fiscal 2019. Our recent acquisition of Closet Works provides us with the opportunity to meet the growing consumer demand for custom closets, specifically for premium wood-based spaces with an expanded assortment. As we look forward, our financial results combined with the progress we are making against our strategic initiatives position us well to finish out our fiscal year strong despite continued pandemic-related headwinds."

    Read more about the FQ3 earnings results.

    Dig into the Container Store earnings call transcript.

    Due to high demand for containers and higher cargo container pricing – the container store can't make money…

    TQQQ +3.88%Feb. 09, 2022 9:44 AM ET2 Comments

    Nasdaq (COMP.IND) bulls watch the 3X leverage ProShares UltraPro QQQ ETF (NASDAQ:TQQQ) come out of the gate hot as the exchange traded fund is +4% to start Wednesday’s trading session.

    TQQQ has now positioned itself as the fifth-largest ETF inflow leader in 2022, according to Bloomberg data, netting $3.3B YTD and $189M in capital inflows that came in on Tuesday alone.

    Bullish tech investors have taken sizable positions in TQQQ, which tracks a 3X leveraged performance of the Nasdaq-100 index. The Nasdaq-100 dropped 16.2% to start the year, but dip buyers went after the falling knife and have layered in long-term positions with capital inflows as TQQQ is +22.1% from its 48.17 price per share low.

    The Nasdaq still trades below its 100- and 200- day moving averages, but for Wednesday, the major average is up in what appears to be a risk on day for the investment community.

    TQQQ has also closed positive in five of its previous eight trading sessions and is off to a solid start to another positive step forward.

    Year-to-date price action: Nasdaq Composite -9.7% and TQQQ -28.6%.

    Outside of the Nasdaq, investors have also been piling into the Vanguard S&P 500 ETF (NYSEARCA:VOO) as the fund has attracted $18.44B in new money YTD, nearly four times that of any other ETF.




  10. How Civil War May Happen





  11. CURLF +0.88%Feb. 09, 2022 12:13 PM ET3 Comments

    Senate Minority Leader Mitch McConnell (R-Ky.) took to the Senate floor this week to criticize Democrats for including a provision that would allow legal cannabis entities to do business with U.S. financial institutions into a China trade bill.

    The House recently passed the America COMPETES Act, which included SAFE Banking Act language.

    The COMPETES Act "goes out of its way to include provisions on, listen to this, marijuana banking," McConnell said on Monday, Marijuana Moment reported. "China has been steadily building up its military and economic might, and the Democrats' answer is to help Americans get high."

    McConnell noted that inserting the SAFE Banking Act into the China trade bill was adding a "poison pill."

    Cannabis multi-state operators (MSOs): Trulieve (OTCQX:TCNNF +3.8%), Cresco Labs (OTCQX:CRLBF +1.9%), Green Thumb Industries (OTCQX:GTBIF +5.2%), Curaleaf (OTCPK:CURLF +0.6%), Columbia Care (OTCQX:CCHWF +2.4%), Verano Holdings (OTCQX:VRNOF +0.6%), Acreage Holdings (OTCQX:ACRHF +11.2%), MedMen Enterprises (OTCQB:MMNFF +2.1%), and Jushi Holdings (OTCQX:JUSHF +2.0%). Also, AdvisorShares Pure US Cannabis ETF (MSOS +3.4%).

    One Street analyst earlier this month said it is unlikely that cannabis banking legislation will make it through the Senate.

    I guess we can attribute this rally to the easing of Covid restrictions?

    MRNA +4.87%Feb. 09, 2022 11:56 AM ET39 Comments

    Dr. Anthony Fauci, President Joe Biden's chief medical adviser, says that the U.S. is heading out of the "full blown" pandemic phase of COVID-19, the Financial Times reported on Wednesday.

    However, Fauci did not indicate that the COVID-19 is now becoming endemic, but he said that the combined effect of vaccinations, therapeutics, and prior infections would soon make the virus more manageable.

    "There is no way we are going to eradicate this virus," he cautioned, adding "but I hope we are looking at a time when we have enough people vaccinated and enough people with protection from the previous infection that the COVID restrictions will soon be a thing of the past."

    Fauci predicted that the pandemic would soon reach an "equilibrium" where the government would not give a high priority to the number of infections. Instead, the pandemic response will be led by local health departments, according to him.

    "As we get out of the full-blown pandemic phase of COVID-19, which we are certainly heading out of, these decisions will increasingly be made on a local level rather than centrally decided or mandated. There will also be more people making their own decisions on how they want to deal with the virus," he noted.

    Fauci also indicated that he hoped pandemic-related restrictions would "soon" end and suggested it would likely happen this year.

    Notably, Fauci does not think every American will need regular booster shots for protection. "It will depend on who you are," he said. "But if you are a normal, healthy 30-year-old person with no underlying conditions, you might need a booster only every four or five years."

    Yesterday, leading vaccine makers including Moderna (NASDAQ:MRNA), Johnson & Johnson (NYSE:JNJ), and Novavax (NASDAQ:NVAX) sold off after Pfizer (NYSE:PFE), the partner of BioNTech (NASDAQ:BNTX) in COVID-19 vaccine development, projected a lower-than-expected forecast for 2022.

    WEN +1.93%Feb. 09, 2022 12:05 PM ET

    Solid earnings reports from Chipotle (CMG +8.8%) and Yum Brands (YUM +3.2%) gave a lift to the restaurant sector on Wednesday as investors look for the recovery to continue.

    45 of the 56 publicly-traded restaurant stocks were showing a gain on the day in mid-day trading.

    The pandemic news has also been trending positive for the restaurant sector with New York adding to the generally positive vibe by lifting mask and vaccine mandates for indoor businesses.

    Big gainers included Sweetgreen (SG +3.7%), Kura Sushi (KRUS +4.0%), The One Group Hospitality (STKS +3.1%), Brinker International (EAT +2.6%), Darden Restaurants (EAT +2.6%), Shake Shack (SHAK +2.3%), Cannae Holdings (CNNE +2.1%), Portillo's (PTLO +1.8%), Fiesta Restaurant Group (FRGI +2.5%), First Watch Restaurant Group (FWRG +2.8%) and Wendy's (WEN +2.0%).

    Read more about Yum Brands' (NYSE:YUM) comparable sales beat and Chipotle's (NYSE:CMG) unit growth forecast.

    XAUUSD:CUR +0.44%Feb. 09, 2022 12:02 PM ET1 Comment

    As inflation concerns swirl around the financial market, Harbor Capital intends to launch the Harbor All-Weather Inflation Focus ETF (HGER).

    The fund aims to track the Quantix Inflation Index, which is composed of futures contracts on physical commodities. This includes key commodities like oil, gold and agricultural staples — the kinds of products that often see their prices rise in times of high inflation.

    Per the prospectus, the commodity futures that can be inclusive of the index are: WTI crude oil, Brent crude oil, heating oil, RBOB gasoline, natural gas, corn, wheat, KC wheat, soybeans, soymeal, soybean oil, cocoa, cotton, coffee, sugar, live cattle, lean hogs, copper, aluminum, nickel, zinc, gold, and silver.

    The selected commodity futures will run through a quantitative screening that calculates the significance of each commodity concerning inflation and appropriately weights the results inside the fund.

    Moreover, the ETF will be rebalanced quarterly as commodity prices such as gold (XAUUSD:CUR) and oil (CL1:COM) fluctuate.

    Additionally, according to the U.S. Securities and Exchange Commission filing, the ETF will have a 0.68% expense ratio and trade on the New York Stock Exchange,

    HGER has been filed at an interesting time as inflation is at its highest levels in 40 years, and new CPI data is set to arrive on Thursday.

    While many investors worry about inflation, ARK Invest CEO Cathie Wood used her latest monthly market webinar to reiterate her criticism of the financial community's focus on rising prices, stating bluntly: "We don't have an inflation problem."

    COP +2.11%Feb. 09, 2022 11:43 AM ET23 Comments

    The Department of Energy provides weekly updates on the world's largest observable inventory of oil and oil products; those stocks are falling at a near record pace in 2022. Each oil market strategist has their own preferred metric, and the weekly reports are volatile, but when combining all the metrics (commercial oil, strategic reserves, oil products, etc.) and observing trends over several reports, it's clear inventories are falling fast. In the first five weeks of the year, the US normally builds several million barrels of inventory ahead of the summer driving season; this year, inventories have fallen by almost a million barrels a day (NYSEARCA:USO) (NYSEARCA:XLE).

    In a break from recent history, there doesn't appear to be a strong supply response to rising prices and declining inventories. When Chevron (NYSE:CVX) reported Q4 results two weeks ago, the Company guided the street to flay YoY production in 2022. Exxon (NYSE:XOM) did the same, as did BP (NYSE:BP) and Conoco (NYSE:COP). Bakken producer Whiting (NYSE:WLL) announced they plan to increase capex 55% in 2022 and acquire assets to generate only ~3% production growth. Driller Nabors (NYSE:NBR) reported earnings Tuesday and indicated they don't expect to add any rigs outside the US in Q1.

    Although the inability of OPEC+ to hit increased production targets has become consensus, there's some debate on the US's ability to meet growing demand. This week Citi oil strategist Ed Morse advised clients to short the oil market, while famed oil investor Pierre Andurand suggested inflation-adjusted oil prices are relatively low by historic standards (the 2008 high of $147/b would equate to $222/b today).

    The Biden administration for their part has indicated "all options are on the table" for managing energy prices. Spokesperson Psaki said yesterday the White House is talking with oil-producing countries about production increases, and oil consuming countries about strategic reserves releases. Neither tactic has done much to control prices in recent months. Although a White House agreement with Iran to allow for additional exports would create incremental supply.

    With US E&Ps set to report earnings, the market is sure to be focused on the allocation of cash flow between shareholder returns and production growth. The prospect of accelerating US production would have been considered a bearish indicator only a few weeks, but may become considered healthy given current market conditions. It will be interesting to see if DOE forecasts for oil surpluses are adjusted after seeing production plans from US E&Ps in coming weeks.

    PFE -0.25%Feb. 09, 2022 11:10 AM ET6 Comments

    • Wells Fargo and Morgan Stanley have reduced price targets for Pfizer (PFE -0.3%) in the aftermath of its Q4 2021 earnings and 2022 guidance release yesterday.
    • While keeping his overweight rating, Wells Fargo's Mohit Bansal cut his price target to $60 from $65 (16% upside based on yesterday's close).
    • He noted that company's core business guidance was soft at $46B versus consensus of $46.4B.
    • Morgan Stanley's Matthew Harrison cut his target to $55 from $60 (~6% upside) while maintaining an equal-weight rating.
    • Harrison said the COVID-related product revenue outlook is "likely conservative" and expects it to increase in the future.
    • Check out why Seeking Alpha contributor Keith Williams considers Pfizer a buy.




  12. GOLD is another one that's a great bargain down here:

    INTC still cheap:

    It's not like there aren't perfectly good stocks to buy.



  13. Grading Trump’s China trade deal: F




  14. Can no one hear me on the Webinar?


  15. No sound or Video


  16. OK, I'm trying to restart it but not sure if that will work, hopefully back up in 10 mins


  17. Should be running now..


  18. Nasdaq can’t quite conquer 15,000 but a  strong showing nonetheless.


  19. Phil – Keep getting a timeout when I try to change my credit card. Is there another way to do this? Thanks.


  20. I will have Andy get in touch with you.