Thursday Morning, November 29th

   Dow Stock News

Barron's writes that AT&T (T) has indicated that a 3G version of the Apple iPhone will be available next year.

PG Procter & Gamble Credit Suisse Initiated at Neutral $78

American Intl UBS Cut Price Target Neutral $75 to $61

GM General Motors Bear Stearns Upgraded from Underperform to Peer Perform

MCD McDonald's Stifel Nicolaus Initiated at Buy $64

   Ice Man Stocks

Breakouts the Ice Man may consider trading:

MON - 100
FCSX - 43
HL - 12.60
CL - 80
STT - 80
GR - 73.50
TEF - 102.60

Regular Trades the Ice Man may consider:

UNFI - 29.10
CPA - 34
HOT - 54
IFX - 11.85
ABFS - 23.20
MCRS - 72
DSPG - 14.90
PPG - 68.70
IDXX - 61.50
ITMN -  56.20 = 57.20 Gap
GPRO - 65 = 66.20
MNT
PCN - 108 = 114 Gap
URRE - 10.80

Dollar Man Ideas:

RMKR - 7
ACLS - 4.60
HSOA - 1.25
ADLR - 1.25
ADLR - 3.90
IMMU - 2.50
MALL - 11.45
CHS - 11.50
BKUNA - 7.25
SPSN - 5.80

   Media Commentators

Cramer's Comments:

Bullish: GS, AAPL, RIMM, GOOG, HAL, XTO, ERTS, ATVI, GPRO

   Ice Cold Commentators

Break Man Video Summary:

Break out buy (or short sell) watch list for short term gains November 29 includes: DECK, MORN, NTRS, PPH, PCLN, STT, ARTE, BXB, DCTH, FFHL, ALTR.

Several candidates for break out or short sell  plays for at least short term gains by buying the break out (or selling the break down) on good volume and closing at least some on the  first day.

Swing Man Market Recap:

Stocks gapped higher at the open Wednesday after the Vice Chairman of the Federal Reserve Kohn suggested the rates will not be going up anytime soon and that banks should be more accommodative in their lending practices.  Within the first few minutes of trading the SPX rallied past pivot resistance at 1438 (thus breaking our downtrend line) and proceeded higher.  By 1:30 the SPX challenged the next pivot resistance point at 1462, consolidated, and then moved higher again to close at 1469.  The market put on quite performance Wednesday, and was led by the much ballyhooed financial sector which gained nearly 6%.  At the close the SPX/DOW gained 2.7% while the NDX/NAZ added even more by rising 3.1%.  The small caps as measured by the Russell 2000 Index were the biggest winners on the day as they climbed 3.6%.  As a result of the recent rally, short term momentum is now extremely overbought.  Today´s advance displayed many characteristics of a potentially sustainable advance as the move up was completely broad based with all sectors performing well.  This happens to be the first time all month that the market advanced for two consecutive days.

Over the last few days, I have continually stressed the fact that the 60 minute charts of all the major indexes had formed bullish falling wedge patterns that were accompanied by positive divergence.  Today´s massive rally was a result of those positive divergences playing out.  Once the downtrend lines on those 60 minute charts were taken out, the market exploded higher as the bears were frantically rushing to cover their short positions.  Folks, these types of patterns and technical indicators are very significant and should never be ignored.  The big money players will often take things right to the edge which allows them to shake out those last few weak hands.  I must say they did a mighty fine job of riling investor´s emotions over the past few days.  The key to this game is to keep a level head and trust what the charts and technicals are portraying.  Learn to ignore the noise and focus on the facts at hand – then be prepared to act accordingly.

Simply put, Wednesday´s action was superb.  Throughout the trading session there were virtually no pull backs and whenever the market encountered the slightest bit of selling, as we saw during the last hour, the bulls roared back to the table and bought up stocks.  We closed with huge gains across virtually all sectors that were confirmed by spectacular internal readings.   Advancing stocks swamped declining stocks by a ratio of 29/4 on the NYSE and 24/7 on the NASDAQ.  In addition, up versus down volume was a whopping 94% to 6% on the NYSE and 88% to 12% on the NASDAQ.  New lows decreased dramatically while new highs increased somewhat.  As I alluded to above, today´s action suggests that a potential near term bottom may now be in place and that the market may indeed have its customary year end rally.  Please be aware that a lot of work remains to be done but today was surely a good potential start at accomplishing the task.  The key will be how the next pullback unfolds in regards to both price and the oscillators.  Currently, I´m looking for the SPX to test the 1490 level (see chart below) over the coming days where there is a great deal of resistance.  Be prepared for a potential pullback off this area which will need to be examined closely.  If the pullback is deemed to be reflexive (weak) and the oscillators hold up well, it will be a great opportunity to position more aggressively into long positions.  Remember there are no guarantees this will play out so let´s see what the market decides in the days ahead.

Good Trading.

   CNBC Fast Money Review

1. BEST DAY FOR DOW THIS YEAR

The headline: Biggest 2-Day Rally In 5 Years...

Tim Seymour says I think it was all about the Fed and liquidity. A lot of the assets that were sold-off recently get a boost from lower rates. But I´m not convinced we´re out of the woods. Wait for the Fed on Dec. 11th, he counsels.
Pete Najarian echoes don´t chase this market. It could pull back.

2. BANKS SHARES ROAR BACK

The headline: Banks Bounce Back On Rising Hopes For Rate Cuts, Mergers, More Capital Infusions.

Karen Finerman says news came out of WFC and FRE that could have dragged down the financials, but didn´t. That suggests to her this could be the bottom. She adds Barclay´s and Citigroup look interesting to her on Wednesday´s action.
Guy Adami recommends looking at two stocks he considers best of breed; USB and GS.
Pete Najarian prefers FNM.

3. OIL UNDER $91

The headline: Crude Oil Continues Slide, Slipping 4% To $90.62; Oil Falls On Better-Than-Expected Supply Picture.

Guy Adami says it´s as simple as the dollar, which is leveling off. I think the trade might be get long the dollar and shorting oil and gold.
Tim Seymour doesn´t think oil will back-off, too much.
Pete Najarian likes the very large shippers of crude such as NAT. However, he thinks the better trade is solar and recommends SPWR, STP and CY in the space.

4.  TECHNOLOGY NAMES EXPLODE

The headline: Technology stocks extended their gains Wednesday as the Nasdaq Composite Index rallied more than 1%.

Pete Najarian says without pressure to take profits in tech, stocks such as GOOG, RIMM and AAPL will likely move higher.
Guy Adami feels INTC was unfairly “beaten-up’ with the tape and he likes this stock and other chips at current levels.
Karen Finerman prefers the EMC stub, which involves owning EMC and shorting VMW.
Pete Najarian says picking up on, “Investors could also go long EMC and buying EMC downside puts,’

 5. MY CART RUNNETH OVER

The headline: Online Retailers Surge After 'Cyber Monday' Sets Single-Day Online Retail Sales Record.

Guy Adami likes MA for transaction volume.
Pete Najarian thinks EBAY has the most upside potential. He´s not as enthusiastic about AMZN, which he says is near its 52-week high.

6. WE'RE IN YOUR HANDS BEN

Expect to hear more from Ben Bernanke, Thursday evening as he speaks at an event in Charlotte, North Carolina. Will he keep the rate-cut dream alive?

Tim Seymour says the last time he spoke, Bernanke suggested the risks were balanced between growth an inflation. The Street will be listening closely.
Guy Adami thinks Bernanke has to back up comments made by Fed Vice Chairman Donald Kohn who said Wednesday "Uncertainties about the economic outlook are unusually high right now… "These uncertainties require flexible and pragmatic policy-making -- nimble is the adjective I used a few weeks ago."
Adami says if they´re not speaking with a common voice, there´s a bigger problem.
Pete Najarian doesn´t ever recommend trading a Fed official.

7. DELL EARNINGS

DELL reports earnings after the bell, Thursday. That leaves you one day to make your move. What is it?

Guy Adami expects to hear positive news from Dell and recommends owning this stock ahead of earnings. In addition, he anticipates Dell stock could have a 30-handle.
Tim Seymour adds that 25% of Dell revenue comes from international sales. He suggests Dell has plenty of room to grow.

8. POPS AND DROPS

AN popped 7%: Finerman says it was a big day for anything related to retail.
ADI popped 3%: Adami doesn´t like this stock on a valuation basis.
LOW popped 6%: Finerman says it could be a dead cat bounce.
AYI popped 7%: Adami likes this stock
PLCE popped 9%: Finerman says she likes the stock and she´s long.
SDS dropped 6%: Seymour said technicals suggest the SDS could trade lower – meaning the S&P could go higher.
PBY dropped 16%: Seymour says it´s not a good story.

9. YOUR FIRST MOVE FOR THURSDAY

Seymour recommends SWC as a platinum play, which has not yet participated in the market rally.
Guy Adami likes X on reports that steel inventories are at their lowest levels in a decade.
Karen Finerman prefers PZN as a value play.
Pete Najarian says ISIS is a buy as a possible takeover target.

   News and Events Digest

Breaking News

Oil prices jumped more than $3 in European trading as an Enbridge pipeline carrying crude oil from Canada to the U.S. Midwest caught fire, killing two. - WSJ

E*Trade Financial is getting a $2.5 billion cash infusion from hedge fund Citadel Investment. Mitch Caplan is stepping down as CEO of the discount brokerage firm, which has been ensnared by the mortgage crisis. - WSJ
Sears reported a sharp drop in quarterly net income due to a year-earlier gain, narrower margins and lower same-store sales. - WSJ

Lululemon Athletica Inc.'s (LULU) third-quarter net income rose sharply to $7.57 million, or 11 cents a share, from $1.66 million, or 2 cents a share, a year earlier. Revenue jumped 84% to $66.2 million from $36 million. On average, analysts surveyed by Thomson Financial expected earnings of 8 cents a share on revenue of $63 million. The Vancouver women's athletic apparel company raised its fiscal 2007 earnings guidance to 40 cents to 42 cents a share from its prior estimate of 30 cents to 33 cents a share. Lululemon said its annual financial targets include earnings growth in excess of 25%, revenue growth of about 25% and same-store sales growth in the high-single digit range. - MarketWatch

Sanofi-Aventis (SNY), the world's third-biggest drugmaker, said Thursday it signed a therapeutic antibodies development deal with with Regeneron Pharmaceuticals Inc. (REGN), and also agreed to increase its stake in Tarrytown, N.Y.-based Regeneron to 19 percent from 4 percent at a cost of US$312 million (euro211 million). - AP

Solarfun Power Holdings Co.'s profit nearly tripled in the third quarter due to increased production and demand of photo-voltaic cells, the Chinese company said Thursday.

Net income attributable to shareholders rose to 59.6 million yuan ($8 million), or 1.24 yuan (17 cents) per American Depositary Receipt from 20.5 million yuan, or 0.69 yuan per ADR a year earlier. Revenue rose more than fourfold to 753.8 million yuan ($100.6 million) from 182.8 million yuan. The company did not provide comparable dollar figures for the year-ago period. - AP

Trex Company, Inc. (TWP) manufacturer of Trex® decking, railing and fencing, today announced revised net sales guidance for 2007. The Company now expects net sales to be in the range of $335 million to $345 million ($350 million to $360 million before taking into account its product replacement reserve). This revised guidance compares favorably to the November 6, 2007 net sales guidance of $315 million to $335 million. Projected sales for 2007 (before taking into account the product replacement reserve) represent an approximately 5% increase over the $337 million in net sales recorded for the full year 2006.

Media Summary

According to Reuters, a fire closed most of the oil pipeline between the US and Canada.

Reuters writes that the head of VW said the the Russian car market would eventually be the largest in Europe.

Reuters reports that credit market problems have halted plans by EMI and Warner Music (WMG) to raise new funds.

Reuters writes that shares of Freddie Mac (FRE) surged on strong demand for a record preferred stock issue.

The Wall Street Journal writes that a new FCC plan will help the buy-out of The Tribune Company (TRB) byt a group lead by Sam Zell.

The Wall Street Journal writes that Bank of American (BAC) may have to make a second investment in Countrywide (CFC) to protect its first.

The New York Times writes that credit flowing to American companies is drying up at a pace not seen in decades.

The New York Times writes that a new proposal from the FCC would prevent Comcast (CMCSA) from growing larger.

The New York Times writes that Southwest Air (LUV) set up oil hedges years ago that could make it financial better off than any other US airline.

The New York Times writes that the head of Qualcomm (QCOM) says he welcomes that Apple (AAPL) iPhone because it stimulates sales of smartphones.

The FT writes that the four large US TV networks will bring in about $120 million this year from streaming programming over the internet.

Bloomberg writes that oil moved up $4 on news of a break in the US/Canada pipeline.

Bloomberg writes that a settlement on a Ford (F) Explorer liability case will give about one million people $500 coupons.

According to TechCrunch Google (GOOG) is experiments with a Digg-style program that will allow users to vote on search results.

M&A Activity:

VeraSun Energy Corp. (VSE) and U.S. BioEnergy Corp. (USBE) signed a definitive merger agreement, which has been unanimously approved by each company's board. Under the agreement, 0.81 of a VeraSun common share will be issued for each U.S. Energy common share, representing a premium of about 11% based on Nov. 23 closing prices, the companies said Thursday. The existing VeraSun shares will remain outstanding and will represent about 60% of the shares outstanding after the merger. The combined company will retain the VeraSun name and trade under VerSun's existing ticker symbol. U.S. BioEnergy is based in St. Paul, Minn., while VeraSun is headquartered in Brookings, S.D. The merger is expected to add to VeraSun's earnings in the first full fiscal year of combined operations, and the combined company is projected to have a market capitalization of about $1.5 billion. Upon completion of the merger, the combined company will have nine ethanol production facilities in operation and seven additional facilities under construction. By the end of 2008, the company is expected to have a total production capacity of more than 1.6 billion gallons per year. Holders of a "significant" percentage of the outstanding shares of each company have agreed to vote in favor of the deal. - MarketWatch

Economic Data:

8:30 GDP
8:30 Initial Claims
8:30 Chain Deflator
10:00 New Home Sales

   Upgrades and Downgrades by Sector:

Biotech
 NUVO Nuvelo UBS Upgraded from Neutral to Buy
 DNA JPMS Focus List Add
 AMLN Amylin Pharms Friedman Billings Cut Price Target Outperform $62 to $58

Broadcasting
 IACI InterActive Piper Jaffray Upgraded from Neutral to Buy
 TIVO TiVo JP Morgan Upgraded from Underweight to Overweight

Chemicals
 NLC Nalco Jefferies & Co Upgraded from Hold to Buy $27
 ARG Airgas CIBC Wrld Mkts Initiated at Sector Outperform $56

Computer Hardware
 SIGM Sigma Designs RBC Capital Mkts Upgraded from Sector Perform to Outperform
 SIGM Sigma Designs BWS Financial Price Target Raised Strong Buy $70 to $100
 SIGM Sigma Designs Roth Capital Price Target Raised Buy $60 to $77

Computer Software
 TYL Tyler Tech Banc of America Sec Downgraded from Buy to Neutral

Electronics - TV's
 BRLC Syntax-Brillian Brean Murray Cut Price Target Buy $8 to $5

Finance Companies
 JNS Janus Capital Credit Suisse Price Target Raised Neutral $34 to $36
 WDR Waddell & Reed Credit Suisse Price Target Raised Outperform $34 to $38
 BEN Franklin Resources Sandler O'Neill Initiated at Buy
 JNS Janus Capital Sandler O'Neill Initiated at Buy
 PJC Piper Jaffray Wachovia Downgraded from Outperform to Mkt Perform

Gold and Silver Mining
 AEM Newcrest on Action List Buy

Health-Beauty Prod
 IPAR Inter Parfums Oppenheimer Cut Price Target Neutral $25 to $23

Healthcare Equipment
 PDCO Patterson Companies Lehman Brothers Upgraded from Equal-weight to Overweight

Household Goods
 CL Colgate-Palmolive Credit Suisse Initiated at Outperform $87
 CLX Clorox Credit Suisse Initiated at Underperform $64

Industrial Equipment
 DAKT Daktronics JP Morgan Initiated at Overweight

Insurance
 DGICA Donegal Group Piper Jaffray Downgraded from Neutral to Sell
 STFC State Auto Fin Piper Jaffray Downgraded from Neutral to Sell
 MET MetLife Credit Suisse Cut Price Target Outperform $75 to $73

Oil and Gas
 NOV Natl Oilwell Varco Citigroup Upgraded from Hold to Buy
 RRC Range Resources Friedman Billings Upgraded from Mkt Perform to Outperform $48
 RIG Transocean Lehman Brothers Resumed Coverage Overweight
 NBL Noble Energy BMO Capital Markets Initiated at Outperform
 STO StatoilHydro Bear Stearns Initiated at Outperform
 RIG Transocean Sterne Agee Downgraded from Buy to Hold $130 to $140

Restaurants
 RRGB Red Robin Gourmet CIBC Wrld Mkts Upgraded from Sector Perform to Sector Outperform $46
 BKC Burger King Stifel Nicolaus Initiated at Buy $30

Retail Trade
 DLTR Dollar Tree Friedman Billings Upgraded from Mkt Perform to Outperform $36
 ARO Aeropostale Brean Murray Price Target Raised Buy $27 to $32
 ARO Aeropostale Sun Trust Rbsn Humphrey Downgraded from Buy to Neutral
 MW Men's Wearhouse Caris & Company Downgraded from Above Average to Average $52 to $40
 PBY Pep Boys Credit Suisse Cut Price Target Underperform $13 to $11

Telecommunications
 CBEY Cbeyond Comms Citigroup Initiated at Buy
 GLBC Global Crossing Citigroup Initiated at Buy
 TNL Technitrol JP Morgan Initiated at Overweight
 TWTC Time Warner Tcom Citigroup Initiated at Buy
 RCI Rogers Comms BMO Capital Markets Downgraded from Outperform to Market Perform
 RCI Rogers Comms Bear Stearns Downgraded from Outperform to Peer Perform
 RCI Rogers Comms CIBC Wrld Mkts Downgraded from Sector Outperform to Sector Perform

Transportation
 DHT Double Hull Tankers UBS Upgraded from Neutral to Buy
 GMR General Maritime Citigroup Upgraded from Sell to Hold

Utilities
 SRP Sierra Pacific Credit Suisse Downgraded from Outperform to Neutral