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yes I believe it will retrace and fill that large open gap now, seems to have successfully tested the bottom channel here a few times.
UBRG was at 4.50 so i wouldn't think would see any pullback until higher levels, this has alot of upside to previous highs. With increasing volume as of late I wouldn't doubt it makes a run to try and test those previous highs. And with any significant news who knows what can happen here, right?
yes everything was so oversold I figured this unwinding would happen.
Yes amazing short on your part from 1.48 area.
Chart is shaping up amazingly, wonder if some big announcement is coming out or something? Charts always predict news imo so thinking could see previous highs of 4.50
yep, this one looking incredible, seems coiled. Would love to see it trading back to previous highs around 4.50
Looks like EUR/ESD and GBP/USD are going to have a decent bounce here to the upside....way oversold.
UBRG gapping pre-market, now 1.27 x 1.28, EMA's just crossed to the upside and chart looks poised to possibly test that 4.50 high imo as volume is starting to pick up.
Thanks for the update
Look at UBRG for example, DSHL will do the same. Manipulated down and now bouncing back up and could test those previous highs around 4.50 which I believe it may do.
I believe once the maipulation down is done, DSHL will bounce back up as well in a similar fashion. Then it could eye its previous highs around 3.00 imo
Market very weak, let's see if 800 holds on the S & P
Looks like it just might, and EUR/USD will fall lower also as it is losing some key support levels as well.
Yes this one looks sweet. Volume starting to really pick up. Maybe it will see a pop to test those 4.50 highs
Well with Obama and the push to alternate fuels, it could happen imo. He has mentioned Biofuels many many times.
GBP/USD looks to be turning to the upside now.
Yes noticed the volume picking up on UBRG now. Chart looks awesome. Looks like the catalysts on the daily chart are 1.24, 1.91 then up to previous highs of 4.50
DRYS coming to life here
Fiat and Chrysler sign alliance plan
Fiat to take 35 percent stake in Chrysler under strategic alliance plan
Tuesday January 20, 2009, 7:02 am EST
ROME (AP) -- Fiat and Chrysler have signed a nonbinding agreement for a strategic alliance that would give the Italian auto empire a 35-percent stake in the troubled U.S. carmaker.
The two companies said in a joint statement Tuesday they would share technologies and vehicle platforms. Under the proposed alliance, Fiat would not invest cash in Chrysler but would provide access to its products and platforms.
http://finance.yahoo.com/news/Fiat-and-Chrysler-sign-apf-14100166.html
it definately broke through that 1.4373, looks like 1.40's are around the corner.
yes the third time could fail imo
ok sounds good, so far it broke through it briefly.
Thinking it could get to the 1.40's
Jan. 19 (Bloomberg) -- Royal Bank of Scotland Group Plc slumped by the most in two decades in London trading on concern the government may have to take full control of the bank after forecasting the biggest loss ever reported by a U.K. company.
The stock dropped 67 percent, the most since September 1988, to 11.6 pence, paring the Edinburgh-based lender’s market value to 4.6 billion pounds ($6.7 billion).
“Nationalization at zero value is implicit in the price,” said Derek Chambers, an analyst at Standard & Poor’s Equity Research Ltd. who has a “hold” rating on the stock. The stock price “is an option on the vague chance that it doesn’t get nationalized.”
RBS said today it may post a loss of as much as 28 billion pounds this year, surpassing Vodafone Group Plc’s 22 billion- pound net loss in 2006. The government offered to exchange its preference shares in the bank for ordinary stock, a move that could increase its stake to 70 percent from 58 percent. Analysts speculated today the government may eventually take full control of the 282-year-old Scottish lender.
“The market is pricing in the risk of full nationalization for RBS,” said Sandy Chen, an analyst at Panmure Gordon & Co. who has a “sell” rating on the stock. “It’s not an RBS-specific issue. The mixture of deflation and de-leveraging is toxic for bank shares.”
Barclays Plc tumbled 10 percent to 88 pence and Lloyds Banking Group Plc slid 34 percent to 65 pence.
Brown ‘Angry’ at RBS
RBS has been crippled by former Chief Executive Officer Fred Goodwin’s 14.3 billion-euro ($19 billion) acquisition of ABN Amro Holding NV’s investment banking assets three months before the credit crisis began. Goodwin was ousted in October after the government agreed to take control of RBS. Chancellor of the Exchequer Alistair Darling today called the ABN Amro takeover “disastrous” on BBC Radio 4.
“I am angry at the Royal Bank of Scotland and what has happened,” Prime Minister Gordon Brown told reporters in London today. The bank took “irresponsible risks,” in investing in U.S. subprime mortgages and ABN Amro, he said.
The bank may post a full-year loss before exceptional goodwill impairments of as much as 8 billion pounds, Edinburgh- based RBS said in a statement today. In addition, the bank may write down the value of past acquisitions by as much as 20 billion pounds.
‘Truly Horrible’
“The numbers are truly horrible,” said Robert Talbut, who helps manage about $31 billion at Royal London Asset Management. “The government is very clearly in the driving seat, and I would expect RBS to shrink back to being a more U.K.-focused bank.”
RBS said it expects to post 8 billion pounds of credit market writedowns for the full year, boosted by losses on U.S. collateralized debt obligations. Credit impairment losses may total as much as a further 7 billion pounds, including a 1 billion-pound loss on its loan to bankrupt chemical maker Lyondell Chemical Co.
“We can all be sure there will be further significant credit losses, but we can’t be sure of what amount and what timing,” Stephen Hester, who replaced Goodwin as CEO, told reporters on a conference call today. “Significant uncertainties and risks inevitably remain.”
Credit-default swaps on RBS rose 18 basis points to 124 at 4:40 p.m. in London, according to CMA Datavision prices. CDSs are contracts conceived to protect bondholders against default, and pay the buyer face value in exchange for the underlying securities or the cash equivalent should a company fail to adhere to its debt agreements. A rise signals a deterioration in the perception of credit quality.
‘Restructure and Retrench’
RBS issued its statement on the same day that the Bank of England announced measures worth an additional 100 billion pounds to help banks access liquidity and boost lending. The package is on top of the 250 billion pounds Brown pledged in October.
The bank will cut lending in international markets which saw “most of the excess balance sheet expansion” under Goodwin, Hester said today. “We are going to restructure and retrench to our most valuable customer franchise business,” in the U.K.
Darling today rejected calls from lawmakers in his own party to temporarily seize the whole banking industry to get credit flowing to households and companies.
“We have a clear view that British banks are best managed and owned commercially and not by the government,” Darling told Parliament today. “That remains our position.”
Preference Stock
RBS plans to replace the U.K. Treasury’s preference shares, which carry a dividend, with ordinary stock. RBS shareholders will be offered 5 billion pounds of shares for 31.75 pence apiece, the bank said. If shareholders fail to take up their rights, the government’s stake in the bank will increase to 70 percent.
Lloyds, the U.K.’s biggest mortgage lender, said today it would stick with its plan to repay the government’s 4 billion pounds of preference shares by the end of the year. Lloyds may be doing so to avoid following RBS into government control, Simon Willis, an analyst for U.K. financial stocks at NCB Stockbrokers Ltd. in London, said in a telephone interview today.
“They are resisting for as long as they can, but I suspect in due course they will be majority government-owned due to rising bad debts on the back of a deterioration in the U.K. economy,” Willis said.
RBS said today it would use the money saved by eliminating the dividends on the preference stock to boost U.K. lending by 6 billion pounds. Increased lending to U.K. customers will only be on “commercial terms and to creditworthy people,” Hester said.
http://www.bloomberg.com/apps/news?pid=20601087&sid=auq0PJ4wSOsg&refer=home
When are you looking to cover your short here. It does look VERY weak. Any targets?
Yes, the question is when will it get to those .90 levels. You would think it would take some time to get that low but who knows in these crazy times.
With the break of that 200 day moving average looks like it could test those Nov. lows possibly or at least the 1.30's area?
WEN still looking good, new high of day, strong volume continues.
WEN very nice volume and breaking out on daily.
related, SORL, SORL Auto Parts Provides Business Update
Tuesday January 13, 8:30 am ET
ZHEJIANG, China, Jan. 13 /PRNewswire-Asia-FirstCall/ -- SORL Auto Parts, Inc. (Nasdaq: SORL - News), a leading manufacturer and distributor of commercial vehicle air brake valves and other auto parts in China, today provided a business update and commented on the outlook for 2009.
Worldwide economic conditions have caused a slowdown in the automotive industry. While the weakness in global automotive production has negatively impacted SORL's OEM business, the impact on its domestic and international aftermarket segments has remained limited due to the relatively stable demand for aftermarket products.
Historically, the fiscal third quarter has been SORL's strongest quarter. However, as discussed last year, SORL's sales grew at a slower pace in the third quarter of 2008 than in the two prior quarters, as a result of shifts in production schedules at its OEM customers.
Growth in SORL's domestic and international aftermarket segments remains healthy. In the fourth quarter of 2008, the UAE remained the Company's top export market, followed by the U.S. The Company expects that in 2009, the U.S. and the UAE will remain its top export markets for aftermarket products. Though the Company believes that uncertainty in the auto industry will continue into the second quarter of 2009, SORL also believes that it will be able to achieve stable overall growth in 2009.
The Company continues to focus closely on its cash management. It adopted higher standards for accepting customers and has cut back on customers that pose greater credit risk, to help assure a healthy cash flow. In addition, the Company believes it has sufficient liquidity including internally- generated cash flow and an untapped credit line of more than RMB150 million to maintain its growth.
Xiaoping Zhang, SORL Auto Parts' CEO and Chairman, said, "Despite tumultuous economic conditions, SORL remains strong financially and operationally. Amid an overall slowdown of vehicle consumption, our stable and diversified customer base, of which one-third is in the domestic OEM market and the remaining in the domestic and international aftermarket segments, allows us to continue to increase sales in difficult market conditions."
Mr. Zhang continued, "In 2009, we will focus on managing risk and enhancing our profitability. We believe that beginning in the second quarter of 2009, we will see a gradual recovery in the commercial vehicle market partly resulting from the Chinese government's RMB 4 trillion fiscal stimulus package to boost the economy and enhance domestic demand."
About SORL Auto Parts, Inc.
As China's leading manufacturer and distributor of automotive air brake valves, SORL Auto Parts, Inc. ranks first in market share in the segment for commercial vehicles weighing more than three tons, such as trucks and buses. The Company distributes products both within China and internationally under the SORL trademark. SORL ranks among the top 100 auto component suppliers in China, with a product range that includes 40 types of air brake valves and over 1000 different specifications. The Company has four authorized international sales centers in Australia, United Arab Emirates, India, and the United States, with additional offices slated to open in other locations in the near future. For more information, please visit http://www.sorl.cn .
GM and F strong today even in down market. Investors starting to come back into the auto sector again?
HGSI could test the hod 2.60, watch it. 15M short could be a nice squeeze.
I see, good point. Well since thats where the majority of their revenue is coming right now is from the aftermarkets sector then hopefully they will emphasize that more as you suggest.
I have noticed as well that the aftermarket stocks have been rallying very hard, hopefully DSHL will begin to take part or at least catch up in the rally.
Wonder if there are any possibilities of a buyout of DSHL seeing that its so undervalued right now? Any thoughts on this? I could see it fetching over $1 for sure with a buyout.
The 2009 Detorit Auto Show opened today, wonder if this will bring some attention to the DIAS building. Will be interesting to see if we hear anything.
http://detnews.com/apps/pbcs.dll/section?Category=AUTO04
At least were starting to get some volume here. The upcoming 10Q should be VERY good imo.
Seems like some bids showed up all of a sudden now. I would think once any buying picks up this should move right back up to .40+ with only 3M float.
27k volume today.
DISH up over $1 now from my 12.40 call.
NITE is very aggressive on that bid he likes to hop over the best bid all the time, interesting. He did it again today and is now best bid.
Anyone able to grab the 12.40 break on DISH I alerted? Hope some did... 12.78 now
Looking good, I just loved the daily on it.