Tuesday, November 22nd 2011.

Paul Gallacher

Market Over-view
The confluence of factors impacting on Global Financial Markets at present is making life for traders all the more challenging. In this report I am going to look towards covering as many of these factors as possible, in addition to going through as many of the relevant trading set-ups that I feel are currently in play. The thanksgiving holiday in the US will be upon us come Thursday, and with this in mind we can reasonably expect Wednesday to be a session lacking in the volatility needed for any moves to give us the follow through & conviction to be confident of any real direction. For that reason, I am personally being going to approach Wednesday in a more observant capacity, rather than an active one. I hope you all find this report useful, if you have any questions, want any further information, or simply clarification on anything within the report, please do not hesitate to contact me. Paul Gallacher, paul@gmdgroup.co.uk www.intraday-analysis.com

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Tuesday, November 22nd wrap Stocks ultimately fell with the benchmark S&P 500 Cash market Index closing at 1,188 after an pen at 1,193, so a largely nothing day in that sense, the Dow closed down 78 points at 11,447. I will go into the technical side of major risk assets price levels further into this report. In addition, Spain registered an extremely weak auction performance with its 3 month bill issue. 5.11% was the yield (meaning Spain had to pay 5.11% to borrow money). To put that into perspective, in the same auction in October the yield was 2.29%, more than half! This was the highest yield since Spanish 3-month debt was first sold in 2003. http://www.reuters.com/article/2011/11/22/us-spain-election-idUSTRE7AL14620111122 Fed stress tests top banks - http://www.bloomberg.com/news/2011-11-22/fed-requires-top-banks-to-submit-capital-plans.html France credit rating continues to come under increasing pressure Belgium are now 19 months without a government, and that fact is hurting Belgian bond yields FOMC minutes show additional easing discussed - http://www.bloomberg.com/news/2011-11-22/fomc-minutes-reveal-a-few-members-wanteasing.html EU Warns Greece on Bailout http://online.wsj.com/article/SB10001424052970204531404577053862148013958.html?mod=WSJ_hp_LEFTWhatsNewsCollection GROUP-ON Shares plunge - http://www.bloomberg.com/news/2011-11-22/groupon-shares-plunge-for-second-straight-day-trading-close-to-ipoprice.html US GDP disappointed, being revised down to 2% from 2.5%, largely due to vastly reduced Inventories (a sign that companies are expected poorer / lower demand in the coming period).

Lets expand a little on bullet 3 above. The components of the release can be interpreted in such a way as to suggest growth has potentially peaked, prior to another recession. Personally I see recent economic data across the board on the US as anaemic, not recessionary, however. The spending forecasts were not those that can sustain consumer-led growth in the coming quarter; The savings rate dived to 4.1% in Q3, income adjusted for inflation fell 1.7%, bucking the trend, consumer spending increased 2.4%. Here is where it becomes more negative. Companies pricing in a recession (less goods / smaller inventories), an anaemic labour market, stagnant growth, and the general global economy stalling, the question of further QE will surely start doing the rounds again?

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Super-committee wise; well, predictably we are no further forward, however I do feel the market has priced in a negative out-come, and as such, price action shouldnt move to much when they come to what will surely be dead-lock. That said, an agreement that the market likes, well, that would be a short-term opportunity. For more on this use the link below. http://www.bloomberg.com/news/2011-11-22/supercomittee-failure-poses-threat-to-u-s-economy-even-as-rating-affirmed.html

Also of note today As European markets began closing on Tuesday, the International Monetary Fund unveiled a new program to help struggling governments deal with market stresses. The IMFs new program will add new liquidity lines to be offered to countries dealing with the debt crisis the program is mainly geared towards Europe. According to initial details, the program should help the IMF offer aid quickly to those fighting contagion it allows governments to use 6-months of financing for short-term balance of payments requirements. Additionally, the liquidity line will be allowed up to 500 percent of any given members quota. That is to say, for every dollar contributed to the fund, said member is allowed to borrow up to 5x that amount. On 12-months and 24-months of funding, members are allowed up to 1000 percent of their quota 10x their contribution.

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On the news that Euro-zone countries would have support, the EUR/USD jumped by approximately 40-pips, trading at 1.3532 from 1.3496, at the time this report was written. Similar price action was observed across the other major currencies, with the U.S. Dollar selling off against the Australian Dollar, the British Pound and the Canadian Dollar. Despite this program, chatter after the release suggests this isnt the bazooka markets have been looking for; instead, this is just another band aid. IMF Managing Director Christine Lagarde was reportedly quoted as saying that the package was unintended for Italy (but this has yet to be confirmed). As such, the U.S. dollar sell-off may be short-lived, as the stresses on European credit markets remain stronger than the methods applied to alleviate said stresses.

At the close
DOW S&P 500 NASDAQ 11,493.70 1,188.04 2,521.28 -53.59 -0.46% -4.94 -1.86 -0.41% -0.07%

STOXX 50 FTSE 100 DAX

2,136.81 5,206.82 5,537.39

-23.47 -1.09% -15.78 -0.30% -68.61 -1.22%

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Economic Calendar Wednesday, November 23rd

Date
Nov-23 Nov-23 Nov-23 Nov-23 Nov-23 Nov-23 Nov-23 Nov-23 Nov-23 Nov-23 Nov-23 Nov-23 Nov-23 Nov-23

GMT
12:00 13:30 13:30 13:30 13:30 13:30 13:30 13:30 13:30 13:30 13:30 13:30 14:55 16:00

Importance
LOW HIGH MEDIUM LOW LOW MEDIUM MEDIUM LOW LOW LOW LOW LOW HIGH LOW

Release
MBA Mortgage Applications (NOV 18) Durable Goods Orders (OCT) Durables ex Transportation (OCT) Non-Defense Capital Goods Orders ex Aircrafts (OCT) Non-Defense Capital Goods Shipments ex Aircrafts (OCT) Personal Income (OCT) Personal Spending (OCT) Personal Consumption Expenditure Deflator (YoY) (OCT) Personal Consumption Expenditure Core (MoM) (OCT) Personal Consumption Expenditure Core (YoY) (OCT) Initial Jobless Claims (NOV 19) Continuing Claims (NOV 12) U. of Michigan Confidence (NOV F) Kansas City Fed Manufacturing Activity Index (NOV)

Expected
-1.20% 0.00% -0.70% 0.30% 0.30% 2.70% 0.10% 1.70% 390K 3615K 64.5 9

Prior
-10.00% -0.80% 1.70% 2.40%

-0.90% 0.10% 0.60% 2.90% 0.00% 1.60% 388K 3608K 64.2 8

Highlights Durable Goods Orders, personal income/spending, & the Michigan University confidence survey. My feelings going into Wednesdays data are that we will need to see data substantially out-with consensus to generate any significant moves, given it is likely volatility will be restricted as we move towards the thanksgiving holiday beginning Thursday. 5|Page

Bond / Fixed Income / Spreads / Yields / Swaps Update

TED Spread

Last Update: Nov 22 -0.998% VALUE: 48.503

Snapshot
Value Change Open High Summary 48.50 -0.489 (-0.998%) 48.99 49.52 One-Year Chart

Low

47.99

Please follow the link below for a detailed explanation of the TED Spread, & how to use this indicator if you are no accustomed to it. Please see the following page for a shorter timeframe chart courtesy of Bloomberg.
http://twitdoc.com/N1T

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LIBOR USD 3 Month

Snapshot
Summary Value Change Open High One-Year Chart 0.50 (%) 0.50 0.50

Low

0.50

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USD SWAP OIS 3 MONTHS

Snapshot
Summary Value Change Open High 0.10 0.001 (0.995%) 0.10 0.10 One-Year Chart

Low

0.10

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ECB Eurozone Liquidity Recourse to the Deposit Facility

Snapshot
Summary Value Change Open High 236,781.00 (%) 236,781.00 236,781.00 One-Year Chart

Low

236,781.00

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ECB Balance sheet The following link gives you access to everything one could wish to know regarding the ECB Balance sheet. 200 pages and all ! http://www.ecb.int/pub/pdf/mobu/mb201111en.pdf

GLOBAL GOVERNMENT BONDS Tuesday, November 22, 2011 Coupon (%) Country 3.250 France 2.250 Germany 3.750 U.K. 2.000 U.S. *in basis points Source: ICAP plc Maturity 10 10 10 10 Yield (%) 3.434 1.922 2.036 1.948 Latest Spread Over Treasurys* 148.6 -2.6 8.8 ... Previous Yield (%) 3.456 1.943 2.043 1.965

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Tracking Bond Benchmarks

Sources: Dow Jones Indexes; Merrill Lynch; Barclays Capital; J.P. Morgan, Tuesday, November 22, 2011

Closing index values, return on investment and yields paid to investors compared with 52-week highs and lows for different types of bonds. Preliminary data and data shown as "n.a." will update around 12p.m. the following business day. YIELD (%), 52-WEEK RANGE Index Close % Chg YTD total return 52-wk % Chg Latest Low High SPREAD, 52-WEEK RANGE ( ) Latest Latest Low High

Government Bonds J.P. Morgan

Global Government Canada EMU France Germany Japan Netherlands U.K. 451.92 670.06 262.07 532.24 430.16 251.89 457.05 714.94 -0.03 0.11 -0.45 -0.21 -0.07 -0.03 -0.05 0.41 -1.82 0.90 8.22 2.16 6.78 4.95 8.83 3.92 9.23 -3.56 -1.02 6.64 2.64 5.28 15.01 2.190 2.150 4.510 3.440 1.920 1.160 2.300 2.590 2.000 2.110 3.660 2.520 1.790 1.150 2.020 2.560 2.860 3.390 4.510 3.670 3.410 1.450 3.510 4.090 ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... .. . .. . .. . .. . .. . .. . .. . .. . n . a .
day.

14.93

Emerging Markets**
Barclays data are preliminary.

n.a.

n.a.
Barclays corporate

n.a.
indexes may

n.a.
be

n.a.
unavailable

n.a.
until midday

n.a.
the

n.a.
following

n.a.
business

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* Constrained indexes limit individual issuer In local currency Euro-zone bonds. **EMBI Global Index

concentrations

to

2%;

the

High

Yield

100

are

the

100

largest

bonds.

Technical Analysis
S&P 500 Cash Daily

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Information I can gather from the above chart; It is clear sentiment is negative, given the downward trend that has been in play for the most part of November 17 | P a g e

Some key levels taken out to the downside through this move; 1,257.50 61.*% Fib using 2011 High & Low, 1233 which had acted as good support & resistance on several occasions. Now, most important for me is that we have not broken 1,195.75 with any real conviction. We snuck through temporarily back into the congested range of late summer / early autumn, however as things stand we are still hovering around there Bollinger Band wise we are right at the extreme of the lower resistance Volume wise, looking at a 14 period moving average on volume we having been putting in numbers slightly below average, however the key trading times of each have been very light. Note RSI (see the chart below) remains on the way down, not yet near any over-sold condition. No divergence of note either in RSI, or a number of other similar indicators to note.

Ultimately volatility should be at a premium tomorrow, given we have thanks-giving come Thursday. Based on that I dont feel we will see any real moves until next week, however in preparation for next week it is vital we remain abreast of all of the technicals, & fundamentals in play. And on that point, the fundamentals, as things stand I remain in the bearish camp in respect of risk assets. Nothing locally in the Eurozone, the US, even emerging markets gives me much cause to be optimistic and move towards a risk-on sentiment, however markets are fickle, and ultra sensitive to news flow at the moment. Given this, and the fact we have reached key levels, only to poke through them with no follow through and a serious lack of conviction, Im favouring a retrace back to previous levels of resistance in stocks before we take another leg down over the more medium term. Moving into the Xmas period a traditional rally can take place, even at the height of the credit crisis (if you believe we are through the height that is!), we seen a move to the upside running into the festive period. Note the technical analysis in this report is simply for information, I will be producing a strategic report early next week once thanks-giving, & the Supercommittee debacle are out of the way. See the RSI Daily S&P cash chart below, and a couple of S&P Futures charts also

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RSI approaching oversold, slowly but surely. You can see clearly we have taken out some key levels, all be with no real conviction or aggressive follow through.

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Emini S&P 500 Daily Future 12/11

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Emini S&P 500 Future 12/11 6 Hour Chart I have taken the crests of the October Low & October High (the October 2011 rally) to give me some potential areas of support & resistance to work within. So far you can see the 50% level at 1,178.75 has worked really well, a level we are not far from at the moment. Upward price action would have me looking toward the 1,205 area, being the 61.8%. 21 | P a g e

Dow Jones Industrial Average, Daily Future Continuation, 12/11 Contract

Very similar in look to the S&P 500, key level broken to the downside at 11,594, all be it with little conviction or convincing follow through. Looking for a retest of these levels. 22 | P a g e

DAX Futures Contract 12/11 Daily Chart

The theme of key levels breaking to the downside naturally continues, having broken 6,000, 5,885, 5,715, & 5,611, again with-out any great follow through. The recurring theme here as I am sure you will all know is the typical correlations we see in the these markets.

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FX
I want to go into more detail in the FX markets, therefore I am going to share a number of charts relating to various FX pairs. The main currency I am going to examine here is the Euro. I think a number of traders / investors are somewhat confused by the resilience shown in the EURUSD pair. Generally speaking because this is the most popularly traded pair. If we look at the various euro crosses you start to get a feel for the bigger picture, and can possibly find some answers as to what is going on with the single currency, and more importantly for EURUSD traders / investors, why the EUR is showing this degree of resilience. EURUSD Spot Weekly Chart

I wanted to share this chart for 2 reasons. 1) We have had a bearish cross of the 10 & 50 simple moving averages, & 2) we are right on a key trend line that goes all the way back to the summer of 2010. Both technical points worthy of our attention.

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EURUSD Spot Daily Chart

I am looking at 4 items on the daily spot chart. 1) The 20 SMA moving down, we may well see this coming into play soon, looking for it to act as resistance to any weak pull-backs, 2) The annual Fib for 2011, 3) the downward trend line since the move down since late October, 4) Head & Shoulders pattern. The H&S pattern is not text-book, however the general formation suggests price action, coupled with the bearish SMA cross on the weekly chart, the underlying EZ fundamentals, and the falling wedge formation I am going to show you below on the 3 hour chart, suggest to me we will see the October lows again.

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EURUSD Spot 6 Hour Chart

I like the Fib levels here, working really well so far. Using from the September High & October low. 26 | P a g e

EURUSD Spot 3 Hour Chart

Now, this set-up I am really liking. A near perfect falling wedge formation, & 2 really nice Fib ranges providing nice support & resistance levels, working over and over again. Fib ranges are; White Oct High / Nov Low & Blue October Low / October High. As I mentioned above, this coupled with the other factors looks a great set-up. A break below the wedge with conviction and Id be seriously looking at an entry short on a weak pull-back at a re-test of the lower trend line of the wedge. 27 | P a g e

Continuing on the Euro theme, I want to share some charts of other euro pairs, really to show the current risk-off theme, and how the euro is coping in amongst that. You will see that against the main, higher yielding, traditional risk-on currencies, that the Euro is actually fairing ok. However, versus the JPY, CHF, traditional safe havens, not quite as resilient as it has been against the USD. For the record my view in terms of the EurUsd resilience is essentially down to the underlying issues facing the USD. The potential for further easing from the FED, in particular QE3 being one of the most dominant reasons. It would be a situation where risk-off was also combined with a flight to a liquid environment where the USD would really come into its own. Conditions we are not quite experiencing just now, as we did back in late summer, early autumn. Anyway, Some other Euro crosses for you information.

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EURAUD Spot - Daily

Nice pennant forming here, with relative Euro strength since early October, when risk-off kicked in. Keep in mind the AUDUSD is generally accepted as the most correlated currency relative to risk-on trades in stocks etc, so equally in a risk-off environment the AUD suffers as a high yielding currency. Also worth noting in terms of the AUD is the recent drop in rates by the RBA, lead by weaker domestic economic data. Recent minutes were slightly less dovish than expected, however it is generally viewed at the moment the RBA are now in a rate-cutting cycle. 29 | P a g e

EURCAD Spot Daily Chart

The EURCAD pair are operating in a fairly tight range, relatively subdued to be honest. Nice range from a trading perspective though, Intraday. CAD has been an interesting one of late, with Oil having an influence over the currencies behaviour.

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EURGBP Spot Monthly Chart

Strong rising trend line ranging back to early 2010 in this pair, we looked to sneak through, however the break was false, and we find ourselves back above, for now. 31 | P a g e

EURGBP Spot Daily Chart

You can see why price action found it so difficult to breach, with conviction & follow through, the lower trend line on the Monthly chart above. Test after test of this area, & out-with a small breach in early November, we remain above. This is a pair I am not trading to be honest. I monitor it closely, however as things stand its behaviour isnt quite in sync with what Id like to be in a position to make high probability trades. Lots of underlying themes impacting on this pair.

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EURJPY Spot Daily Chart

You can see price action re-testing the previous trend line as the JPY gathers strength, with the pair having broken out of the upward trend channel shown on the above chart, to the downside. Any Yen cross is obviously a dangerous play, with officials in Japan intent on weakening the JPY as evidenced by another intervention a few weeks back, the biggest on record so far. I feel that Japanese officials are more interested in their value relative to the USD, and as such that is my preferred trade of choice when it comes to the Yen. 33 | P a g e

EURJPY Spot Daily Chart

With the likelihood of more Japanese intervention, The wave structures in play here do look appealing, with a move back towards the 1.300 area very possible. That said, Im a USDJPY trader, and really only watch the EURJPY out of enthusiasm, and diligence!

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Moving onto some USD pairs then. USDNZD spot Weekly chart

Im really like the set-up with the on the Kiwi at the moment. You can see we have snuck through the rising trend line that has acted as great support all the way up since Jun 2010. We are also right at the Bollinger edge. Ive used the weekly chart here simply to make the trend line clearer. Some more Kiwi charts below. 35 | P a g e

USDNZD Spot Daily Chart

We can see the same information from the Daily chart as we can from the monthly above, however I have added some key levels to the upside, and to the downside worth watching. 36 | P a g e

USDNZD Spot 6 Hour Chart

Looking at potential direction in this pair, having had such a move we can expect a retrace. I remain bearish, & would be looking to sell on any weak pullbacks. I terms of looking at areas in this respect, the Wave structure combined with Fib levels provides both aggressive angles, & more conservative entry points, depending on your view. Again, the fundamental picture in the background will of course drive intraday price action, however underlying themes wise; I cant see any near term solutions that will stop us moving south ultimately. So, all about the right entry, and given the sensitivity in these markets, cautious stops.

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GBPUSD Spot Monthly Chart

Cable has quite possibly been the trade of the month so far. Peaking up just shy of 1.62, and then moving ever so well in sync with technicals down to where price action sits, just above the 1.56 handle. The monthly chart above has the credit crunch high & low Fib levels, and a rising trend line that has worked well so far, Ill be watching the trend line with interest should we take another leg down.

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GBPUSD Spot Daily Chart

As you can see from the Daily chart some key levels have been taken out to the downside. Some factors as to why; General risk-off, weak UK economic data, & loose policy from the Bank of England, proven by Octobers additional stimulus, QE of 75 billion being delivered. Keep in mind though that Sterlings opponent here is the USD, and the USD is fundamentally weak itself, under the threat of a potential further round of easing from the Fed. So, scope for much further downside may be limited. The UK has been credited by financial markets for being ahead of the crowd in terms of tackling the deficit via Austerity, Stimulus etc, giving the UK somewhat of an odd degree of safe haven appeal! Yes, thats why we love financial markets !

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GBPUSD Spot 6 Hour Chart

I like this set-up in terms of a short entry / scalp type approach. Working with the downward trend channel that is currently in play, looking for a test of the right hand downward trend line coupled with us re-testing previous support (the upward trend line from early October), with the line acting as resistance now, also just shy of the 38.2% Fib level using the August high & October low.

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GBPUSD Spot 5 Hour chart -

As an extra, having a Fib on the chart using the October low & October high (2011) has been working really well so far in terms of levels. Price action resting around the 61.8% of this range at present.

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AUDUSD Spot Weekly Chart

The AUD has possibly suffered most in the recent risk-off move, which is fair as it also benefitted most during the October rally. The weekly chart showing some nice trend lines we can use, in addition to some key levels, & Fib range.

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AUDUSD Spot - Daily Chart

Note with caution how close price action is to the lower extreme of the Bollinger Band. Having had such a move down, a weak re-trace before completing the head & shoulders is more than possible. I favour selling into weakness on a move back towards parity, before ultimately moving back towards the October lows.

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USDCAD Spot Daily Chart

Not much to say here. I am bullish, nice 5 wave move in play, with myself favouring a break of the September high a 1.0657 to complete the move. I am already long this pair at 1.0255, just after the neckline break.

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USDCHF Spot Daily Chart

Again, Ill keep this one brief. I like the Wave structure in play, and would be looking for that to play out. The Swiss are keen to keep their currency value down, all be it with more of their concerns focused on the Euro. Kind of in the same vain as Japan are more interested in their value Vs the USD. Im bullish USD UP TO AROUND TEH 0.98 LEVEL

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USDJPY Spot Daily Chart

One of my favourite pairs. However, one of the most dangerous. The market clearly feels the Yen should appreciate Vs the USD, however on the other side of the coin Japanese officials have demonstrated their will to ensure the Yen appreciates no further in this pair. So, I expect the market to pull price back, and thereafter see potential for further intervention. Timing this is clearly impossible. My strategy is small long trades as we reach key levels to the downside, with very tights stops. I also tend to look at entry after the US close, and look at taking off after the Asian close. I have limits in to take me out on any strong moves to the upside resulting from intervention. Ultimately I am bullish USD here, and can see us back at the 85 handle longer term. US QE3 may throw a spanner in the works there though. Hard call.

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USDJPY Spot 5 Hour chart

The above chart shows the most recent intervention. You can see it was pretty aggressive! The biggest purchase by Japanese officials of USD currency to date. I have put a Fibonacci retracement on the crests of the intervention move. As you can see, we have almost retraced of that move.

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BUND 12/11 Weekly Chart

You can see that the Bund is still well within the long-term upward trend looking at a monthly view. 48 | P a g e

BUND 12/11 Daily Chart

The Daily chart shows a somewhat more confusing picture, with price action not really getting involved in the recent risk-off moves. This has been typical of so called safe-haven bonds across the board. Price action definitely operating within a congested range as we can see from the chart.

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BUND 12/11 4 Hour Chart

Not something I suggest placing your retirement fund on the line for, but worth noting. The GAP on November 1st 2011 remains un-filled.

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BUND 12/11 1 Hour Chart

The 1 Hour chart shows the range we are operating in more clearly. I like the way price actions shorter term moves are tightening range wise, as depicted by the pennant formation shown on the chart. My preference would be a break-out to the upside, with the top of the range a reasonable target. 51 | P a g e

Crude 12/11 Daily Chart

As we can see from the Daily chart, Crude made substantial gains between October and the first of November. Those gains fuelled in October by the riskon rally, and continued into November off the back of fears over Iran. A predictable pull-back has been seen, with the upward trend line of Crudes recent rally breaking to the downside. At the moment, with Iranian concerns still in the background, I remain neutral WTI.

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Crude 12/11 6 Hour Chart

On the re-test of the broken upward trend line I have taken a very small short position in Crude, more based on the fact that the prior rally does indeed look corrective; My target to the downside being 94.55

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Gold Spot Weekly Chart

The weekly Gold chart doesnt give us much apart from the fact Gold remains well within its long-term upward trend channel. Personally I like the longterm outlook for Bullion, and see around $1,600 as being as low as we will go. Around that area, $1,628 specifically, Id be happy to look at a long-term long position. Ill discuss further on the Daily chart below. 54 | P a g e

Gold Spot Daily Chart

The Daily chart shows us we have made a break below the upward trend line dating back to September of this year. My views on the reasons for Golds move down since the early November move back to the $1,800 area; 1) Risk-off trading conditions, meaning Traders & Investors are experiencing margin issues, thus having to beef up their accounts liquidating Gold positions. 2) Inflation is far from a concern in the US at the moment, the Yellow metal is a

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traditional hedge against inflation. 3) I still feel some of the short term speculators that drove the price up so aggressively are being flushed out. Those are some of the issues I see impacting on the Gold price. I remain bullish long-term however. Reasons; 1) Loose US monetary policy is inflationary, of that there is no doubt, looking longer term. 2) Gold is still almost $1,000 USD per troy ounce off its relative inflation linked value in terms of comparing its last bull run (weak reason YES, more to suggest that current price levels are not as wild as we may perceive 3) Underlying Global fundamentals are awful, and there absolutely will be call for the ultimate safe-haven, being Gold 4) Fiat currency will continue to come under pressure, really an extension of point 2 Gold Spot Daily Chart With Bollinger Band

For info, note Gold is right at the bottom of the Bollinger range.

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Other Useful Information

Gold & Silver Daily Outlook 11.22.2011 By Lior Cohen, Energy Analyst for Trading NRG,
http://twitdoc.com/N1X

The following table shows the companies in the Standard & Poors 500 Index with the biggest gaps between their stock price and analysts average price estimates as of Nov. 18.
http://twitdoc.com/N1U

S&P 500 Positive Gap

http://twitdoc.com/N1V

S&P 500 Data (Individual Stock Analysis)

http://twitdoc.com/N1W

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Disclaimer
Intraday Analysis is a blog published simply & wholly for the sharing of information & ideas. Information or opinions provided by us within the blog and any reports we compile should not be used for investment advice and do not constitute an offer to sell or solicitation of an offer to buy any securities or financial instruments or any advice or recommendation with respect to such securities or other financial instruments. When making a decision about your investments, you should seek the advice of a professional financial adviser.

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