Need to Know
MARCH 12, 2013
5 gut checks before the stock market's opening bell
By Shawn Langlois
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Getty Images
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Good morning.
Go ahead and get ready to twist the cap on that celebratory (and fully legal) two-liter jug of Mountain Dew.
The S&P 500 is merely a single-digit push away from record highs and Wharton professor Jeremy Siegel, the latest to smoke from the hookah of insanely bullish market calls, says he'd put his money on breaching that level this week (more on that below).
Sam Stovall wrote in a note that, if history is any indication, we could see 1,877 within a year . That would mark a 21% increase from these already-lofty levels, in line with what the broad-market index has done during the fifth year of previous bull markets.
Goldman Sachs Asset Management Chairman Jim O'Neill, however, is resisting the U.S. market's charms , telling clients that equities "are hardly bargain basement these days." Then again, he just might be feeling a bit curmudgeonly as "another year of European dreams comes to an end" for his beloved Manchester United .
Action on the "fear gauge" may, indeed, prove that O'Neill is right to exercise some caution here. We've been sniffing around these levels before on the S&P. Back in 2000 and 2007. We all know how those turned out .
Key market gauges: And so ends the run of the hottest stock market in the world. The Nikkei's winning streak is over at eight-straight sessions, waylaid by a minimal decline that hardly dented the near 10% surge over that span. The rest of Asia moved lower, too, bogged down by the Shanghai Composite . Read: China stocks reverse to lead Asia lower .
Futures on the Dow and the S&P are slipping ahead of the open, while the U.S. dollar jumped to a three-and-a-half year high against the yen on speculation the Bank of Japan might take early easing action .
The buzz: Costco earnings hit the wires at an ungodly hour and should keep the discount warehouse retailer in the spotlight throughout much of the morning. The company reported a 39% jump in profit and the stock is up 1%.
Facebook's Sheryl Sandberg is still among the hottest topics on Google after her 60 Minutes interview over the weekend and subsequent best-selling debut on Amazon. Read: Michael Lewis's profile .
General Motors is also drawing clicks after the Treasury said it received $490 million in proceeds last month as the car maker accelerates its ownership exit . Rival Ford is trending, as well, on the back of a pair of positive calls on Seeking Alpha. Read this one . And that one .
Other top-trending tickers on Market IQ include Urban Outfitters , dipping premarket on earnings , and China Auto Logistics , which saw its stock almost double in heavy trading during yesterday's session. More on CALI's prospects .
Apple is leading the way on StockTwits, the perfect segue...
The chart of the day: As has been covered ad nauseum, Apple keeps getting spanked while just about everything else is dancing a rally jig. But OptnTradr says a "possible falling wedge maybe be getting ready to breakout." His targeted range, as illustrated below, is somewhere between $530 and $550 a share.
Go ahead and get ready to twist the cap on that celebratory (and fully legal) two-liter jug of Mountain Dew.
The S&P 500 is merely a single-digit push away from record highs and Wharton professor Jeremy Siegel, the latest to smoke from the hookah of insanely bullish market calls, says he'd put his money on breaching that level this week (more on that below).
Sam Stovall wrote in a note that, if history is any indication, we could see 1,877 within a year . That would mark a 21% increase from these already-lofty levels, in line with what the broad-market index has done during the fifth year of previous bull markets.
Goldman Sachs Asset Management Chairman Jim O'Neill, however, is resisting the U.S. market's charms , telling clients that equities "are hardly bargain basement these days." Then again, he just might be feeling a bit curmudgeonly as "another year of European dreams comes to an end" for his beloved Manchester United .
Action on the "fear gauge" may, indeed, prove that O'Neill is right to exercise some caution here. We've been sniffing around these levels before on the S&P. Back in 2000 and 2007. We all know how those turned out .
Key market gauges: And so ends the run of the hottest stock market in the world. The Nikkei's winning streak is over at eight-straight sessions, waylaid by a minimal decline that hardly dented the near 10% surge over that span. The rest of Asia moved lower, too, bogged down by the Shanghai Composite . Read: China stocks reverse to lead Asia lower .
Futures on the Dow and the S&P are slipping ahead of the open, while the U.S. dollar jumped to a three-and-a-half year high against the yen on speculation the Bank of Japan might take early easing action .
The buzz: Costco earnings hit the wires at an ungodly hour and should keep the discount warehouse retailer in the spotlight throughout much of the morning. The company reported a 39% jump in profit and the stock is up 1%.
Facebook's Sheryl Sandberg is still among the hottest topics on Google after her 60 Minutes interview over the weekend and subsequent best-selling debut on Amazon. Read: Michael Lewis's profile .
General Motors is also drawing clicks after the Treasury said it received $490 million in proceeds last month as the car maker accelerates its ownership exit . Rival Ford is trending, as well, on the back of a pair of positive calls on Seeking Alpha. Read this one . And that one .
Other top-trending tickers on Market IQ include Urban Outfitters , dipping premarket on earnings , and China Auto Logistics , which saw its stock almost double in heavy trading during yesterday's session. More on CALI's prospects .
Apple is leading the way on StockTwits, the perfect segue...
The chart of the day: As has been covered ad nauseum, Apple keeps getting spanked while just about everything else is dancing a rally jig. But OptnTradr says a "possible falling wedge maybe be getting ready to breakout." His targeted range, as illustrated below, is somewhere between $530 and $550 a share.
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Barclays Capital analyst Ben Reitzes mulls Apple's next move
, saying that the company could borrow as much as $50 billion against its
overseas cash position -- at interest rates perhaps below 2%. Then, it could
throw shareholders a bone by boosting its dividend and increasing its buyback
program. First thing's first, though. Jefferies analyst Peter Misek cut Apple's price target from $500 to $420 ,
adding that he sees a 25% chance of earnings missing guidance.
The call of the day: Wharton finance professor Jeremy Siegel put an exclamation point on yesterday's rally by telling Fox Business that Dow 18,000 is in the cards by next year. "Obviously, over many years, you know there's really almost no limit," he said during the home stretch on Monday. "I think by the end of this year, we'll be in the 16,000 to 17,000 range." Here's the full interview .
Random reads: Dennis Rodman wants "to be anywhere in the world that I'm needed." Which, of course, means he's on his way to the Vatican to "spread a message of peace and love." Just like he used to do on the court .
"Ass kickings will be encouraged for violators." Somehow Forbes discovered that one Seattle bar's preemptive ban of Google glasses was mostly a PR stunt. Quartz learned that "you're going to be touching your face a lot."
Beyonce, Michelle Obama and a whole slew high-profile newsmakers are trying to figure out how to deal with some serious hacking that seems to have uncovered sensitive information. Like Social Security numbers.
Need to Know starts early and is updated as needed until the opening bell, but sign up here to get it delivered once to your e-mail box. Be sure to check the Need to Know item. The e-mailed version will be sent out at approximately 8:45 a.m. Eastern. Follow @slangwise on Twitter.
Get the latest news on our mobile site: http://www.marketwatch.com/m
The call of the day: Wharton finance professor Jeremy Siegel put an exclamation point on yesterday's rally by telling Fox Business that Dow 18,000 is in the cards by next year. "Obviously, over many years, you know there's really almost no limit," he said during the home stretch on Monday. "I think by the end of this year, we'll be in the 16,000 to 17,000 range." Here's the full interview .
Random reads: Dennis Rodman wants "to be anywhere in the world that I'm needed." Which, of course, means he's on his way to the Vatican to "spread a message of peace and love." Just like he used to do on the court .
"Ass kickings will be encouraged for violators." Somehow Forbes discovered that one Seattle bar's preemptive ban of Google glasses was mostly a PR stunt. Quartz learned that "you're going to be touching your face a lot."
Beyonce, Michelle Obama and a whole slew high-profile newsmakers are trying to figure out how to deal with some serious hacking that seems to have uncovered sensitive information. Like Social Security numbers.
Need to Know starts early and is updated as needed until the opening bell, but sign up here to get it delivered once to your e-mail box. Be sure to check the Need to Know item. The e-mailed version will be sent out at approximately 8:45 a.m. Eastern. Follow @slangwise on Twitter.
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