Merrill Lynch
UPGRADES:
JPMorgan has upgraded shares of Brazil's Vale (NYSE: VALE) from Neutral to Overweight, and raised their price target from $24.50 to $35.50.
Stifel Nicolaus has upgraded Toll Brothers (NYSE: TOL) from Sell to Hold.
JPMorgan upgrades Massey Energy (NYSE: MEE) from Neutral to Overweight. The firm raised its price target from $31 to $42.
Jefferies upgrades ...
Here is a recap of the top news items from this week on Wall Street:
1. The always highly-anticipated "Jobs Friday" showed investors that the US unemployment soared to 9.7% during August, higher than the 9.5% economists were hoping for. The number of unemployed persons rose by 466,000 last month. After a skittish start to Friday's trading session, stocks rallied at noon. The Dow closed up more than 90 points.
2. Gold rallied more than 3% this week, possibly hinting that traders could be hedging for some downside following the Labor Day weekend. The GLD, or SPDR Gold Trust ETF (NYSE: GLD) rose more than 5% while the GDX, or Market Vectors Gold Miners ETF ...
“Cash and Fetal”
Here’s a link to listen to an Audio Version of the report:
With stocks plunging into the close once again yesterday I was reminded of my absolute favorite line describing the current stock market mess. Mr. Jeff Macke, one of the traders on CNBC’s Fast Money who, when asked about the best positions for this market, responded without missing a beat with the words, “Cash and fetal.”
In all honesty, the 250 point dive that occurred in the last 15 minutes of the day probably was enough to send most investors not in a heavy cash position underneath their desks into the latter position described by Mr. Macke. Yes, I know that the bounce–reverse–retest pattern that is playing out is exactly what the Crash Playbook has been calling for. But, with things moving so fast and the action having become so violent, it is hard to stand ...
