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HALFTIME REPORT: BUY GOLDMAN AHEAD OF EARINGS?
The S&P [.SPX
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] rose modestly on Thursday with investors rotating into financials after BofA-Merrill upgraded Goldman Sachs [GS
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] to “buy” and raised its price target to $175.
Analysts, led by Guy Moszkowski said the company's earnings power and book value were increasing rapidly again.
Goldman has managed to sidestep the worst of the financial crisis, posting just one quarterly loss since the middle of 2007, while most of its competitors reported huge losses and took massive asset-writedowns.
Should you get in ahead of earnings?
Instant Insights with the Fast Money traders
The environment for Goldman looks strong. The note also says trading revenue at Goldman could beat the record, explains Tim Seymour. That says to me Goldman is best of breed play. However, I would not dive in at these levels because I still think the larger tape is under pressure and it could take everything down.
Speaking of the broad S&P, I’m seeing a large institutional investor making big bets in the options market that stocks move higher from here, counters Brian Stutland of Stutland Equities. In other words, someone big is taking a bullish stance on earnings.
Patterns in the chart of the S&P suggest 950 is overhead resistance and 874 is the new support level. If the market can hold above 874 for few more days I’d become a buyer, adds Greg Troccoli of Opalesque.
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HOMEBUILDER UPGRADE
KB Home shares [KBH
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The firm raised the homebuilder to "outperform" from "neutral" with a $13 price target and said it expects solid order trends through the second half of 2009, with the recent pullback in the stock providing an attractive entry point.
What’s next for housing?
I think the next big catalyst is Treasurys, explains Jon Najarian. Right now long term fixed-rate mortgages are at 6-week lows. If the yield on long term Treasurys dips lower I expect it could take mortgage rates with it.
That’s good news for anyone in the market for a new home so you might want to start watching real estate more closely. It might be time to get into this trade.
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Trader disclosure: On July 9th, 2009, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Adami Owns (AGU), (BTU), (C), (GS), (INTC), (MSFT), (NUE); Finerman's Firm And Finerman Own (BAC) Preferred Shares; Finerman's Firm And Finerman Own (RIG); Finerman's Firm Owns (ELX) And (ELX) Puts; Finerman's Firm And Finerman Own (WFC) Preferred Shares, Finerman's Firm Is Short (WFC); Finerman's Firm Owns (DYN), (TGT), (MSFT), (PBR), (WMT); Finerman's Firm Is Short (XRT), (IYR), (IJR), (MDY), (SPY), (IWM), (USO), (USO); Seymour Owns (AA), (AAPL), (BAC), (C), (DBA), (EEM); Seygem Asset Management Is Short (FXI); Seymour Owns (MGM); Seygem Asset Management Owns (DO); Terranova Owns (OIH), (XBI), (ABT), (MSFT), (POT), (RIMM); Terranova Owns Crude Oil Futures
Terranova Works For (VRTS); Terranova Is Chief Alternatives Strategist Of Virtus Investment Partners, Ltd.; Terranova Is Co-Portfolio Manager Of The Virtus Diversifier PHOLIO
Virtus Diversifier PHOLIO Owns (IGE); (DBC); (DBV) , (ABD) Virtus Investment Partners Owns More Than 1% Of (ABD), (CBL), (CAL), (CLB), (DLR), (EXR), (IGE) (MEE), (DBC), (DBV), (DBA), (SKT), (TNB), (UA), (WBMD) ; Virtus Investment Partners Owns More Than 1% Of Seagate Tax Refund Rights; Virtus Investment Partners Owns More Than 1% Of St Mary Land & Exploration Co
CNBC.com with wires
Data is a real-time snapshot *Data is delayed at least 15 minutes