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Howard W. Penney
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Howard has been a restaurant analyst since the early 1990's, and has been recognized as the top analyst in his sector by both the Wall Street Journal and Institutional Investor. Prior to Research Edge, Howard was a Managing Director at both FBR and at SunTrust Robinson Humphrey, after starting... More
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Research Edge LLC
  • THE CONSUMER, NOT FINANCIALS, WILL LEAD US HIGHER!  0 comments
    Apr 9, 2009 8:48 AM | about stocks: SPY

    Yesterday, the S&P 500 closed at 825.16, up 1.2%.  Yesterday it was important that the S&P 500 closed above the 822 TREND line; continue to manage risk around that line surgically.  The positive tone to the market was driven by: M&A in the housing sector, the potential for the Treasury to extend the TARP to the life insurers, upbeat earnings out of Consumer Discretionary (NYSEARCA:XLY) and a jump in mortgage applications to the highest level since January 9th.  The dollar ended the day basically flat and the VIX declined 3.8% yesterday; now down 22% over the past month. 

    Stocks: SPY
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