Technical Corner

Market technician Carter Worth of Oppenheimer has sells on United Parcel Service,Lowes and Coca-Cola.He has buys on Nvidia,Goldcorp and Pacific Gas and Electric.Mr.Worth is overweight tech and semiconductors,and is moving into Chubb and Morgan Stanley.

Ratings Report

Oppenheimer has maintained its outperform rating on Microsoft.Goldman Sachs has added chemical company Celanese to its conviction buy list.UBS has upgraded AT and T to a buy,with a price target of 31.00.It has also added Pfizer to its conviction buy list on valuation.

Recent Upgrades

Merrill Lynch has upgraded Kimberly Clark(KMB)from an underperform to a buy.Microsoft(MSFT)is the top large cap pick at Oppenheimer,which has given it an outperform rating.

About Bear Markets

According to Carter Worth of Oppenheimer,bear markets have two phases:1.capitulation,and 2.apathy(healing).We are still in the first phase,since the markets are in the process of finding a bottom.The volatility we are seeing is unprecedented.Mr. Worth likes airlines,biotech and regional banks.