TIE/ GG strong run up yesterday- will take it given a positive metal/gold call but appears rather exuberant? Not sure but felt like a month-end run up. Perhaps a myth but a note worth contemplating.Continuing on the basic materials themes - there are small cap names that stood out: ANR, IPSU, ROCK and CENX.
From WSJ-
- China’s companies are importing more scrap copper as a cheaper source of the metal for cathode production as prices rise. China’s copper-cathode output in the first nine months this year reached 2.2 million metric tons, of which 27% was made from scrap. In the same period in 2005, 16% came from scrap. Refineries and makers of semi-fabricated cable and wire are also using more scrap. China’s imports of copper concentrate have plunged 46% over the last 12 months.
Sector/Themes: Tech calls have been sluggish and seeking direction on the financial shorts.
TK : AMD facing subpoena from department of justice and can have a negative impact.
Other tech ideas can correct but given month-start most sell off should not be a surprise.
HRB - reported weakness regarding its mortgage business which might be a catalyst for a downside move for sub prime lender. Specifically, looking for a downside move in FED.
Friday, December 01, 2006
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