State of the Union April 29, 2011

April 29, 2011 online at www.uawlocal2250.com

From Chairman Mike Bullock: I want to thank you for your contributions to the March of Dimes/March for Babies drive. We set a new record for one shift - $4140 (which included an anonymous check from trim for $100)! I’ve always said that there isn’t a more generous workforce in the corporation. Also, there will be 8 members recalled instead of 4 on Monday, May 2. One member still needs to be contacted – Tajuana M. Anderson. If anyone knows her, tell her to call 636-327-2100 or 636-327-2250.

From Automotive News: Violent weather across Alabama, Georgia and Tennessee has halted production at Toyota and Mercedes-Benz plants in Alabama, as emergency workers try to assess two days of damage in the region. On Wednesday, a mile-wide tornado destroyed parts of Tuscaloosa, Ala., damaging the Mercedes-Benz U.S. International auto-assembly plant just north of the city. The same storm cell of multiple tornadoes wreaked havoc along a 300-mile stretch, taking out power to an unknown number of auto parts manufacturers and other businesses as far north as Virginia. A Mercedes plant spokeswoman was quoted in the Tuscaloosa News earlier today saying that Mercedes had halted operations because suppliers were unable to deliver parts due to the storms. In some areas, highway exit ramps were damaged and closed. As of Thursday afternoon, the Mercedes plant had not resumed operations and a spokeswoman told Automotive Newsit would remain down Friday. The same weather ripped down utility lines as far north as Huntsville, Ala., where Toyota operates a key U.S. engine plant. Toyota spokesman Mike Goss said today the engine plant stopped work Wednesday night when it lost power. He said the power could be out at least through the weekend.


From the Wall Street Journal: Booming demand for luxury cars, particularly in China, and a recovery in major truck markets helped Germany's Daimler AG almost double its first-quarter net profit and remain on track to deliver a "significant rise" in earnings this year. Daimler said net profit in the first quarter rose to €1.18 billion ($1.75 billion), up from €612 million a year earlier. Daimler's revenue increased by 17% to €24.7 billion, while its closely watched earnings before interest and tax, or Ebit, rose to €2.03 billion from €1.19 billion.

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Mum's The Word As To Perez Sentence

On January 21st, the DOJ announced (here) that Antonio Perez was sentenced to 2 years in prison in connection with the Haiti Teleco case.

I did not cover the sentence as it happened because, as I hope readers recognize and appreciate, I like to analyze things a bit before posting.

Thus, when it comes to FCPA sentences, the actual sentence only tells part of the story; the complete story requires knowledge of the sentence the DOJ was actually requesting.

For instance, the DOJ sought a 37 month sentence as to Leo Winston Smith, but the judge sentenced him to six months (see here). The DOJ sought a 38 month sentence as to Bobby Elkins, but the judge sentenced him to probation (see here). The DOJ sought a 14-17 year sentence as to Nam Nguyen, but the judge sentenced to him to 16 months (see here).

Numerous other examples abound and I've previously noted that the DOJ may be charging more individuals with FCPA violations (although in 2010, 70% of corporate enforcement actions did not involve any related enforcement action against company employees), and those individuals may be pleading guilty (perhaps because of the "carrots" and "sticks" the DOJ possesses), but when it comes time to sentencing, judges are viewing FCPA cases much differently than the DOJ.

Back to Perez.

There is nothing in the publicly filed documents that indicate the sentence the DOJ was seeking in this case.

I contacted Perez's attorney, Michael Chavies (see here) and asked him - what sentence was the DOJ seeking - the answer - no comment.

I've exchanged e-mails with the Public Affairs Office at Justice Department and, after nearly three months, I've still yet to learn the answer to the rather simple question of what sentence the DOJ was seeking as to Perez.

Perhaps someday the answer will be known and a more thoughtful analysis of the Perez sentence will be possible.

For now, mum's the word.

So ... in case you had not heard, Antonio Perez was sentenced to two years in prison and ordered to serve two years of supervised release following his prison term, and to forfeit $36,375.

For numerous prior posts on the Haiti Teleco, please visit the Haiti tab on the right.

*****

A good weekend to all.

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Stock Market Overview for 4/28/11

During regular trading hours, there were many stocks that continued to break up to the upside. These stocks are usually going up  with news.If you are looking to day trade today, you might want to check out the following stocks. I usually throw these on my watch list and monitor with resistance & support levels. Below are a list of stocks that I am watching for April 29, 2011.Also check out my Top 2011 Stock Gainers, Stocks to Buy 2011.You can also check previous stocks to buy reports- Right Here

Top Stocks Performance of the day:These are  stocks that continued to break up to the upside or down side. These stocks are usually going up or down with news or technical.If you are looking to day trade, you might want to check out the following stocks.

Top Gainers: KENT, VTAL, LOOP, GFRE, SRDX, TBOW  
New High:   LOOP, GPRO, CRR, SFLY    
Overbought:  PCRX, KAR 
Unusual Volume: VTAL, EEH, LOOP, TCLP 
Upgrade:  SRDX
Earnings Before: ABC
Insider Buying: FHN

For Market TA analysis
Stock Market  Closing Price 4/28/11  

$INDU Dow Industrial Close -   12763.31 Up 72.35
$COMPQ Nasdaq Composite Close   2872.53 Up 2.65
$SPX S&P 500 Close -  1360.48 Up 4.82

Commodities Closing Price 
Gold Close -  1536.22
Oil Close - 112.85
Natural Gas Close -4.57
 
SP 500
Long term signals : Bullish
Short term signals : Neutral



Stop  @ 1250
QQQQ (Nasdaq 100) : Bullish, stop @ 55
INDU: Bullish, stop @11000
COMPQ:Bullish, stop @ 2600
Top trend : Techs  
Value : Financial

Euro Dollar : Bullish
US Dollar index : Bearish  
Gold : Bearish, stop @ 1330
10 Y US Yield : Bullish, above 2.8 stop
30 Y US Bond : Short, stop @ 132

World Market
UK's FTSE:  Bullish, stop @ 5700
Germany's DAX: Bullish, stop @ 6340
France's CAC: Bullish, stop @ 3800
Shanghai : Bullish
Japan Nikkei : Bullish

It took stocks a while to muster any kind of upward momentum, but the major equity averages managed to make modest gains, which ultimately extended their recent highs.But less stock making new 52 weeks high. I think time take profit from now. I am almost side in market now. Support for the SPX remains at 1340 and then 1320, with resistance at 1365 and then 1370.So we should trade small lot.Take a look all 1/5/15/60m chart if we want to trade this market.


I also have  technical analysis different stocks-Right Here. 
 
Take a look some market indicator charts- Click all charts
$SPX - 60 min
ALL QUICK LOOK INDEX DAILY CHARTS
QUICK LOOK ALL MAJOR INDEX WEEKLY
$USD
$VIX
$CPC daily
$SPX, $USD & $VIX
INDEX Bullish percent index (EOD)
Simple Trading System  
QQQQ Daily 
COMPQ


FOR 04/29 SPX resistance, pivot & support
Resistance R3 1369.62, R2 1363.52, R1 1358.66
Pivot Point 1358.66
Support  S1 1355.61, S2 1350.75, S3 1347.70  





For the latest updates on the stock market, visit,
http://dailymarketanalysis-blog.blogspot.com/

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State of the Union April 28, 2011

April 28, 2011 online at www.uawlocal2250.com

As of this writing, there has been $3500 collected for the March of Dimes/March for Babies! This is an all-time high for one shift! Once again this workforce has shown its extraordinary generosity. Thanks for all you do!

From Automotive News: Honda reported a quarterly profit that missed analysts' estimates, after Japan vehicle sales dropped and last month's record earthquake disrupted output. The automaker said net income plunged 38 percent to 44.5 billion yen ($545 million) for the fiscal fourth quarter that ended March 31, lower than the 93.8 billion yen average of analysts' estimates compiled by Bloomberg. Sales fell 2.9 percent to 2.2 trillion yen. Honda and rival Japanese carmakers are working to restore full operations after last month's earthquake and tsunami damaged parts factories and power plants, causing shortages of components and electricity. Honda said earlier this week it expects its global output to return to normal levels by the end of the year. "Even if production comes back, sales may not," said Yuuki Sakurai, president at Fukoku Capital Management Inc. in Tokyo. "May sales, June sales may be close to zero as the companies won't have much to sell."

From the Detroit Free Press: Chrysler said today it intends to pay off its $7.5 billion in government loans by selling new debt, an investment from Fiat and a new loan agreement with institutional investors. The Auburn Hills-based automaker said it plans to use the proceeds of the term loan and the debt offering, with the $1.27 billion that Fiatsaid it would invest in Chrysler last week to acquire an additional 16% in Chrysler to pay off the government loans. Chrysler owes $5.8 billion to the U.S. Treasury and $1.7 billion to the Canadian governments as part of a 2009 restructuring that allowed it to emerge from Chapter 11 bankruptcy. Chrysler said today it plans to complete the repayment by the end of June. Fiat currently owns 30% of Chrysler. The company did not break down the amount of money it is seeking to borrow or say how much new debt it plans to issue through securities. Marchionne has said he wants to refinance Chrysler’s debt because the interest rate is higher than commercial market rates. The effective interest on the borrowings from the U.S. is as high as 14% and as much as 20% on the Canadian debt.

From the Wall Street Journal: Hyundai Motor Co. posted a 47% jump in first-quarter net profit, giving the world's fifth-largest auto maker sales a strong start to a year that's expected to see strong growth both from its U.S. push and from weakness among quake-hit Japanese rivals. First-quarter net profit jumped to 1.877 trillion South Korean won (about $1.75 billion) from 1.281 trillion won a year earlier, the company said in a statement Thursday. Operating profit climbed 46% from a year earlier to 1.828 trillion won from 1.256 trillion won, while sales rose 21% to 18.233 trillion won from 15.021 trillion won. Operating profit margin rose to 10% in the first quarter from 8.2% a year earlier.

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Another Top SFO Official To Depart

The U.K. Bribery Act is set to go live on July 1st.

But will anyone be left at the SFO to enforce the new law?

Of course there will be. As has been witnessed in the U.S., carrying the "enforcement stick" makes one a valuable target for law firm recruiters in this era of increased enforcement - as the firms are eager to provide clients with insight and advice from those who carried or shaped the "enforcement stick."

Coming on the heels of other recent high-level SFO departures (see here and here for the prior posts), yesterday it was reported (see here for the coverage from Legal Week) that Vivian Robinson (SFO - General Counsel) will soon leave the agency and join the London office of U.S. based law firm McGuireWoods LLP.

Over the past year, Robinson has been a very active speaker on behalf of the SFO on the Bribery Act. See here and here for prior posts as to certain of Robinson's speeches or commentary.

Commenting on his move, Robinson told Legal Week - "It has also been a privilege to take part in bringing to the attention of a wide national and international audience the importance of the new Bribery Act, its implications, and the essential role to be played by the SFO as principal enforcer of its provisions."

As has been previously reported, Richard Alderman (Director of the SFO) is also looking to soon retire from the SFO.

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State of the Union April 26, 2011

April 26, 2011 online at www.uawlocal2250.com


There will be gate drives this Thursday, April 28 to raise funds for the March of Dimes/March for Babies. Your donations will be put to use helping to improve the health of babies by preventing birth defects, premature birth and infant mortality. This year’s co-captains are Tina Hays (stamping) and Mike Danielson (paint).

From the Detroit Free Press: Ford earned $2.6 billion in the first three months of 2011, a 22.4% improvement over a year earlier, as U.S. sales increased on the strength of small and midsize carsand cost-cutting in Europe resulted in a modest operating profit. The Dearborn automaker’s net income of 61 cents per share beat the 50 cents per share consensus forecast of about 20 Wall Street analysts and marked Ford'smost profitable first-quarter in 13 years. In 2010's first quarter Ford made $2.1 billion, or 46 cents per share. But the bulk of the improvement came in North America, where Ford's operating profit, before taxes, rose 49% to $1.8 billion. TrueCar.com, a market research firm, reported that the average Ford vehicle sold for $31,862 in March, or $541 higher than the year-earlier average of $31,321. Ford's share of the U.S. new vehicle market slipped to 16% from 16.5% in the first quarter of 2010. The phase-out of the Mercury brand was a major contributing factor to the decline.

There are dire predictions about power shortages this summer in Japan, and officials are entertaining many different suggestions from competing groups. One such idea, as reported by the Automotive News, is quite simple – unplug all of the Coke vending machines. Apparently they are more ubiquitous in Japan than they are here. James Treece writes, “Some studies show that each 24-hour vending machine requires very nearly as much electricity as the average Japanese household (which also says something about the size of the average Japanese home)…. The conventional wisdom is that Japan’s vending machines as a whole require the equivalent of five Fukushima Daiichi nuclear power plants’ full output.”

From CNBC: AutoNation, the largest U.S. auto dealership group, expects slower growth in U.S. auto sales this year, with Detroit automakers taking a larger share of the market at the expense of their Japanese rivals. The Fort Lauderdale, Florida-based dealership group cut its full-year industry wide U.S. sales forecast from 12.8 million vehicles to the mid-12 million range. Chief Executive Mike Jackson said he expects parts shortages and production delays to cut output from Japanese automakers by 600,000 to 700,000 vehicles this year. Jackson said it was not clear whether Detroit automakers would be able to make up for that shortfall because of their own difficulty in sourcing crucial parts from Japan, but he forecast that General Motors, Ford Motor and Chrysler would gain market share.

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State of the Union April 25, 2011

April 25, 2011 online at www.uawlocal2250.com

From Wards Auto: General Motors is in good shape with its manufacturing footprint in the U.S., says Mark Reuss, president-North America, giving little indication the auto maker plans to reopen any idled facilities in the near future. GM has two major assembly plants on standby in Janesville, WI, and Spring Hill, TN. Much of their tooling remains intact, giving the auto maker the option to bring them back online quickly if extra capacity is needed. GM’s production was up nearly 18% in the region, pushing its capacity utilization over 100%. Generally, auto makers want to build close to – or beyond – 100% capacity to maximize profitability. Some GM plants operate over that benchmark and some below, depending on the vehicles they build.

From the Wall Street Journal: A disruption to parts supply chains following the earthquake and tsunami in Japan last month resulted in domestic production at Toyota Motor Corp., Nissan Motor Co. and Honda Motor Co. plummeting by more than half in March. Although March is usually the biggest production month—as book closing usually prompts dealerships to make a last-ditch effort to sell as many vehicles as possible—this didn't prevent a sharp fall in output. According to figures released Monday, Toyota's domestic output fell by 63% from a year earlier, Nissan's production dropped 52%, and Honda's fell 63%. Japan's top three car manufacturers are currently operating their domestic factories at half of planned or normal production rates. The ongoing difficulties with parts supplies means it's hard for them to make any certain long-term predictions about when the situation will improve. Honda, Japan's third-biggest car maker by volume, said Monday its plants in Japan will remain at 50% of its pre-quake production plan until the end of June, and output levels after July are uncertain. That follows the outlook outlined by Toyota last Friday that its output won't be back to normal at least until November. "We are restoring operations. But continuing aftershocks sometimes undo our work. We are repeating this over and over again. That makes it hard to foresee" accurately when operations will return to pre-quake levels, Toyota President Akio Toyoda said at a press conference last Friday. Toyota is still unable to source 150 types of parts from quake-hit plants more than a month after the quake hit March 11.

From Automotive News: Nissan recalled nearly 271,000 older-model Pathfinder and Infiniti QX4 SUVs in North America due to the chance that road salt and water could collect to cause a loss of steering, U.S. safety regulators said. Affected in the United States and Canada are about 225,650 Pathfinders from model years 1996 to 2004 and about 45,330 Infiniti QX4 SUVs from model years 1997 to 2003. The recall affects Pathfinders and QX4s in Canada and 20 cold-weather U.S. states where road salt is used to keep roads clear of snow and ice. Road salt and melted snow can collect in the strut housing and may cause corrosion that could lead to difficulty in steering and even loss of steering, which could cause a crash, regulators said.

From the New York Times: More than three years after Toyota first learned that its curtain-shield air bags could deploy without a crash, the automaker is recalling almost 308,000 sport utility vehicles. The recall covers about 214,000 RAV4s from the 2007-8 model years and 94,000 Highlander and Highlander hybrids from 2008, the automaker informed the National Highway Traffic Safety Administration on Thursday. N.H.T.S.A. has eight complaints on its Web site from owners reporting inadvertent deployments, but the safety agency never began an investigation. Five of those complaints were filed last year. “I turned the ignition on and the side air bags on both sides exploded,” one owner told the agency. “It felt like someone had put a bomb in my car.” In its report, Toyota said it learned of the problem in 2007 and discovered it was caused by a short circuit in two sensors. The automaker said it changed the sensor design in January 2008. Despite the change, Toyota said it continued to receive reports of deployments, including some that caused minor injuries. Toyota did not consider the problem worthy of a recall because for the air curtain to deploy without a crash, it would require two short circuits to “occur nearly simultaneously after the initial air bag check.”
•    From the Detroit News: Federal safety regulators have opened an investigation into 370,000 Jeep Liberty vehicles over corrosion issues. The National Highway Traffic Safety Administration said in a notice posted Friday it is reviewing the 2002-2005 Jeep Liberty after receiving nine complaints about rear control arms failing due to excessive corrosion. Two of the complaints alleged the failure occurred at speeds of 50 mph or greater. Three complaints alleged that the failure resulted in a loss of vehicle control. This is the third NHTSA probe into corrosion issues on Jeep Liberty vehicles. In November 2003, the DaimlerChrysler recalled 336,000 2002-2003 Jeep Liberty SUVS because some experienced a loss of lubrication that led to corrosion of the lower control arm ball joints. In some instances, drivers lost control of vehicles. In August 2006, DaimlerChrysler recalled 825,000 2002-2006 Jeep Liberty SUVs over the same issue after NHTSA had opened an investigation. The automaker again replaced lower ball joints because they could be corroded and lead to a possible separation causing a loss of control. Three years later in April 2009, Chrysler LLC recalled 42,469 2002-2003 Jeep Liberty for corrosion issues in 22 cold-weather "salt belt" states to address upper ball joint separation issues, including Michigan. That followed at least five reports of incidents at speeds of 40 miles or greater. NHTSA closed its 18-month-old investigation after Chrysler announced the recall

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Does DOJ Expect FCPA Counsel To Roll Over And Play Dead?

Remember those "issue spotting" exams in law school?

Well, here is one.

A Japanese company (without shares traded on a U.S. exchange) participated in a joint venture operating in Nigeria. The joint venture operated through three Portuguese special purpose corporations. The joint venture hired a U.K. citizen who, along with his Gibraltar corporation, allegedly paid bribes to Nigerian government officials. The U.S. Department of Justice starts an investigation as to your Japanese company client. Consistent with your duty to zealously advocate on behalf of your client, discuss likely legal defenses your client may raise to a U.S. enforcement action based on the described conduct?

Got the answer?

Your answer includes jurisdictional issues does it not?

In fact, a lawyer representing the Japanese company would likely fall short of his/her professional duties without raising a jurisdictional defense.

Why am I even talking about this?

Because of this troubling sentence in the recent JGC Corporation of Japan deferred prosecution agreement (here p. 3) - "after initially declining to cooperate with the Department based on jurisdictional arguments, JGC began to cooperate, and has agreed to continue to cooperate, with the Department in its ongoing investigation of the conduct of JGC and its present and former employees, agents, consultants, contractors, subcontractors, subsidiaries, and other relating to violations of the FCPA."

The above sentence - save for the portion in italics - is standard fare in DOJ resolution agreements.

However, the portion in italics is troubling.

For starters, what does it mean to decline "to cooperate with the Department based on jurisdictional arguments?"

The DOJ's Principles of Federal Prosecution of Business Organizations ("Principles") (here) talk about the "Value of Cooperation" (at 9-28.700), but the discussion focuses on issues such as "identifying potentially relevant actors and locating relevant evidence, among other things, and in doing so expeditiously." Further, 9-28.720 discusses cooperation as disclosing "relevant facts."

However, nothing in the Principles suggest that raising legal arguments obviously implicated by the DOJ's investigation is not cooperating.

Surely the DOJ carries a big stick and has juicy carrots at its disposal. Thus, cooperation - along the lines outlined in the Principles - may be warranted in certain cases.

However, is the message tucked in the JGC DPA that the DOJ now expects FCPA counsel to roll over and play dead and that the failure to do so will be adverse consequences for the client?

After all, JGC's total culpability score under the U.S. Sentencing Guidelines (a score that impacts the ultimate fine amount) was only reduced by -1 whereas the other joint venture partners that previously resolved enforcement actions (Technip, Snamprogetti, and KBR) all received a "better" -2 reduction.

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A Focus on Russia

In this guest post, I am pleased to turn it over to Robert Wieck (a high school classmate - Elkhart Lake (WI) Class of '93 - Go Resorters!).

Robert is currently the Forensic Audit Senior Manager (Europe, Middle East and Africa) for Oracle Corporation and is based in Bucharest, Romania. He has thirteen years of experience in both “Big 4” and US listed multi-national companies. Twelve of these years have been focused on emerging markets including countries in the former Soviet Union, former Yugoslavia, and the Balkan region.

Robert participated as a panelist at the “3rd Annual Anti-Corruption Summit for Russia & CIS” held on March 16-17th in Moscow. See here for the prior post regarding Assistant Attorney General Lanny Breuer's comments at the event.

Below is Robert's guest post and the opinions expressed below are his own and do not necessarily reflect the opinion of his employer, Oracle Corporation.

*****

"I think it is clear to most people that the current business climate in Russia is troublesome for multi-national companies trying to do business legitimately. Presentations and discussions held at the conference seemed to confirm that companies are becoming increasingly concerned about being able to do business successfully in Russia and at the same time maintaining compliance with the FCPA.

One interesting point which I believe set the tone for the conference was that while the DoJ accepted the invitation for two senior officials (Mr. Breuer and Mr. Andres) to travel to Moscow to address the conference attendees, there were no Russian counterparts from the Russian Ministry of Justice present to advise on what they are doing to address the corruption problems on the ground in Russia.

While the transcript for Mr. Breuer’s speech is linked above, Mr. Andres’s comments are summarized below:

• Russia is clearly not the only place in the world where corruption is a problem. There have been a considerable number of prosecutions of US Citizens under the FCPA.

• There have been a record number of prosecutions under the FCPA in 2010, and more than 1 Billion USD in fines collected as a result. According to Mr. Andres, none of these cases involved a single, low level act of corruption or bribery, but systematic corruption involving hundreds of thousands of dollars, and involving dozens of people.

• While there were a record number of prosecutions in 2010, there were also a record number of cases that the DoJ declined to prosecute. Decisions to decline to prosecute a case were made based on a company’s ability to demonstrate that they have sound internal procedures and compliance programs. Andres believed this also highlights the benefits of companies self-reporting potential FCPA violations, and further mentioned that self-disclosure was an important factor in how many of those cases were resolved.

• There has been an uptick in the number of individuals being prosecuted under the FCPA, which totaled 50 for 2009 and 2010. This is up from 2 individuals prosecuted in 2004.

• In terms of FCPA trends for the future, Andres noted that it appears more companies are cooperating with the DoJ. More industry-wide prosecutions are being undertaken where they find that activities that violate the FCPA are not confined to one company within an industry, but represent an industry practice that multiple companies within the industry are all engaging in. The DoJ has noted increased cooperation with national law enforcement agencies and international organizations (including the OECD).

• Companies continue to criticize the DoJ for not providing enough guidance regarding their approach to FCPA prosecutions. However, Mr. Andres stated that the DoJ does a good job in maintaining the FCPA compliance website where a wealth of case information is published and available for review.

• Currently there is much debate ongoing about the definition of a public sector official, and the DOJ continues to see an increasing number of litigations surrounding the interpretation of who is a "foreign official" under the provisions of the FCPA.

• Andres believes the trend of increasing prosecutions under the FCPA will continue, and that the DoJ has added resources to address this trend.

Among the most interesting comments made by Mr. Andres, from my point of view, were his final comments in which he stated that the DoJ is demanding the same level of compliance with the FCPA from Russia as it does from other countries. He further stated that there would not be any “Russia-specific exception” when pursuing prosecutions under the FCPA.

One other interesting presentation was delivered by the General Director for Transparency International, Ms. Elena Panfilova. In what I consider a brutally honest way, she confirmed that based on research conducted by her team on the ground in Moscow, the fraud and corruptions problems in Russia are indeed getting worse, despite information that might suggest otherwise. The schemes used by these perpetrators are becoming more and more complex and they no longer appear to be shy about engaging in corruption. This has resulted in a diminished sense of public trust and led to a very cynical environment in Russia in regards to corruption. Ms. Panfilova believes that one of the barriers to reversing this trend is the lack of whistleblower protection for people reporting alleged cases of corruption. Whistleblowers currently have no guarantees of support from anyone when they raise concerns. And usually when people do report instances, whistleblowers become targets of unfounded prosecution. To demonstrate her point, she made reference to statistics which suggest that while corruption is on the rise, the number of whistleblowers making claims is decreasing. It is understood that the role of the whistleblower is critical in the fight against corruption. Thus, legal protection from prosecution (both civil and criminal), protection of property and labor rights (anti-retaliation legislation) is required in order to allow whistleblowers to come forward and voice their concerns regarding corrupt activities they might have witnessed or been a victim of.

My participation in the panel discussion covered best practices in conducting investigations in Russia. Over my twelve years of experience working in emerging markets in Europe (including Russia and CIS), I have noted common themes that should be considered while trying to conduct an audit or investigate potential misconduct in Russia (and any emerging market, for that matter). One aspect would be the high risk of document falsification in the Russian environment. In Russia, a “form over substance” approach is taking to maintain supporting documentation for transactions. Thus, in the context of an audit or investigation, the audit objectives should be managed carefully in order to ensure documentation is not “custom” prepared. Another aspect is the sometimes difficult task of getting complete/honest answers to questions or queries. It is common to receive conflicting stories and different versions of answers to the same question, sometimes for no apparent reason. A Russian celebrity summed it up in a Russian newspaper article I read recently by saying “For some reason, it's not the custom to tell the truth in our country, even when it is clear to everyone”. Lastly, I would say that securing full cooperation from auditees can be a tedious and exhausting process. It can only be recommended that companies use legal resources (both internal and external) when necessary, in order to ensure that they receive cooperation which might be required in the form of an employment agreement, internal code of conduct or other type of contract (in the case of third parties)."

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Stock Market Overview for 4/25/11

During regular trading hours, there were many stocks that continued to break up to the upside. These stocks are usually going up  with news.If you are looking to day trade today, you might want to check out the following stocks. I usually throw these on my watch list and monitor with resistance & support levels. Below are a list of stocks that I am watching for April 26, 2011.Also check out my Top 2011 Stock Gainers, Stocks to Buy 2011.You can also check previous stocks to buy reports- Right Here

Top Stocks Performance of the day:These are  stocks that continued to break up to the upside or down side. These stocks are usually going up or down with news or technical.If you are looking to day trade, you might want to check out the following stocks.

Top Gainers:  APP, RMTR, ACAD, AIB, HRZ,QPSA  
New High:   ACAD, PLCM, CYOU, UTEK  
Overbought:   BIIB, KAR  
Unusual Volume: GLOOK, JJP, THTI
Upgrade:  GPOR
Earnings Before: ABFS
Insider Buying: FMFC

For Market TA analysis
Stock Market  Closing Price 4/25/11  

$INDU Dow Industrial Close -   12479.88 Up 26.11
$COMPQ Nasdaq Composite Close   2825.88 Up 5.72
$SPX S&P 500 Close -  1335.25 Up 2.13

Commodities Closing Price 
Gold Close -  1510
Oil Close - 112.23
Natural Gas Close -4.23
 
SP 500
Long term signals : Bullish
Short term signals : Neutral



Stop  @ 1250
QQQQ (Nasdaq 100) : Bullish, stop @ 55
INDU: Bullish, stop @11000
COMPQ:Bullish, stop @ 2600
Top trend : Techs  
Value : Financial

Euro Dollar : Bullish
US Dollar index : Bearish  
Gold : Bearish, stop @ 1330
10 Y US Yield : Bullish, above 2.8 stop
30 Y US Bond : Short, stop @ 132

World Market
UK's FTSE:  Bullish, stop @ 5700
Germany's DAX: Bullish, stop @ 6340
France's CAC: Bullish, stop @ 3800
Shanghai : Bullish
Japan Nikkei : Bullish

Support for the SPX remains at 1320 and then 1310, with resistance at 1340 and then 1356.So we should trade small lot.Take a look all 1/5/15/60m chart if we want to trade this market.


I also have  technical analysis different stocks-Right Here. 
 
Take a look some market indicator charts- Click all charts
$SPX - 60 min
ALL QUICK LOOK INDEX DAILY CHARTS
QUICK LOOK ALL MAJOR INDEX WEEKLY
$USD
$VIX
$CPC daily
$SPX, $USD & $VIX
INDEX Bullish percent index (EOD)
Simple Trading System  
QQQQ Daily 
COMPQ


FOR 04/26 SPX resistance, pivot & support
Resistance R3 1343.63, R2 1340.83, R1 1338.04
Pivot Point 1334.75
Support  S1 1331.96, S2 1328.67, S3 1325.88  







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UK Bribery Act - Sensible and Senseless

The U.K. Bribery Act, set to go live on July 1st after much delay, has been the focus of much prognostication and the foundation for many marketing initiatives.

In this post, I highlight two recent events - one sensible, the other senseless.

Sensible

Mark Miller (a partner at Baker Botts - see here) recently published "The U.K. Bribery Act 2010 - Enforcement is the Rest of the Story" in BNA's White Collar Crime Report. See here.

Miller sensibly notes as follows.

"Much of the commentary about the new U.K. Bribery Act 2010 has been filled with alarm that the new law will be even stricter—and therefore more dangerous—than the U.S. Foreign Corrupt Practices Act. Although there are ways in which the Bribery Act is stricter than the FCPA, that is not the whole story. The real measure of how dangerous the Bribery Act will be is not the provisions of the law itself but how that law will be enforced, and from indications so far, that is a big unknown."

Countering alarmist commentary of the Bribery Act - including that it represents a major change in law because facilitating payments are not allowed - Miller rightly points out "the predecessors to the Bribery Act (the Prevention of Corruption Acts 1889 to 1916 and the Anti-Terrorism, Crime and Security Act 2001) did not have exceptions for facilitating payments either ...".

Indeed this same point was noted by the U.K. Ministry of Justice in its March 30th guidance (see here). Can anyone point to a prior U.K. enforcement action concerning facilitating payments?

Miller also notes as follows. "The other Bribery Act provision usually pointed to as being stricter than the FCPA is the new offense described in Section 7, failure of commercial organizations to prevent bribery." However, Miller again sensibly notes as follows. "This appears to create a strict liability standard for companies whose employees, officers, or agents engage in bribery on their behalf. Although the FCPA itself contains no analogous provision, the standard in U.S. law for attributing criminal liability to corporate entities is similar. The more important distinction between the Bribery Act and U.S. law is that the former contains a defense for when the corporation is able to "prove that [it] had in place adequate procedures designed to prevent persons associated with [the corporation] from undertaking such conduct.'"

As to the Bribery Act's coverage of purely commercial bribery, Miller states as follows. "Another aspect of the Bribery Act has been pointed to as being broader than the FCPA: its prohibition against bribery of nongovernmental officials." Here again, Miller sensibly points out as follows. "True, the FCPA itself does not contain such a provision, but U.S. law does. The federal government routinely uses other statutes—such as the Travel Act and the mail and wire fraud statutes—to prosecute conduct that would not fall strictly within the FCPA’s prohibitions."

Miller then notes as follows. "The real story here is not the Bribery Act itself, because there is nothing truly revolutionary about it - except possibly the publicity it has generated. The real story is enforcement, and how the SFO will carry out its duties remains a big question mark." Miller then identifies several "reasons to believe that the SFO’s enforcement of the Bribery Act will turn out to be a less serious threat than U.S. enforcement."

All sensible observations and consistent with my own observations that "the Bribery Act may turn out to be more lenient than the FCPA" (see here) and that "enforcement of the U.K. Bribery Act will be disciplined and measured." (See here).

Senseless

The alarmist commentary Miller spoke of in the above article was on display last week as Deloitte issued a press release (here) stating that "few business professionals are familiar with UK Bribery Act taking effect July 1."

According to Deloitte's own survey results - results not actually released - 73% of "business professionals" participating in a Deloitte webcast "earlier this year" said "they are not familiar with provisions in the U.K. Bribery Act." The leader of Deloitte's FCPA "consulting services practice" is quoted as saying that "organizations should focus on expanding their anti-corruption programs beyond FCPA to fully address the new Bribery Act 2010 provisions.”

What Deloitte's release doesn't mention is that its own survey took place on January 18th (see here) - a time when it was uncertain if or when the Bribery Act would ever go live and a full two months before the U.K. Ministry of Justice released (here) extensive guidance and case studies on the Bribery Act.

Against this backdrop, it is surprising not that 73% of "business professionals" were not "familiar" with the Bribery Act, but that 27% of "business professionals" were familiar with the Bribery Act.

Is it often that the majority of "business professionals" are "familiar" with a foreign law months before the law is scheduled to go live?

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Stock Market Overview for 4/22/11

During regular trading hours, there were many stocks that continued to break up to the upside. These stocks are usually going up  with news.If you are looking to day trade today, you might want to check out the following stocks. I usually throw these on my watch list and monitor with resistance & support levels. Below are a list of stocks that I am watching for April 25, 2011.Also check out my Top 2011 Stock Gainers, Stocks to Buy 2011.You can also check previous stocks to buy reports- Right Here

Top Stocks Performance of the day:These are  stocks that continued to break up to the upside or down side. These stocks are usually going up or down with news or technical.If you are looking to day trade, you might want to check out the following stocks.

Top Gainers:  TRAD, SCSS, TZOO, TRGL, DTLK, IXYS
New High:   SCSS, BIIB, ALGN, TRAD
Overbought:   BIIB, BARI
Unusual Volume:  TRAD, JJP, LSBK, MMUS
Upgrade:  AEM
Earnings Before: ADS
Insider Buying: AHT

For Market TA analysis
Stock Market  Closing Price 4/21/11  

$INDU Dow Industrial Close -   12505.99 Up 52.45
$COMPQ Nasdaq Composite Close   2820.16 Up 17.65
$SPX S&P 500 Close -  1337.38 Up 7.02

Commodities Closing Price 
Gold Close -  1505
Oil Close - 112.23
Natural Gas Close -4.42
 
SP 500
Long term signals : Bullish
Short term signals : Neutral



Stop  @ 1250
QQQQ (Nasdaq 100) : Bullish, stop @ 55
INDU: Bullish, stop @11000
COMPQ:Bullish, stop @ 2600
Top trend : Techs  
Value : Financial

Euro Dollar : Bullish
US Dollar index : Bearish  
Gold : Bearish, stop @ 1330
10 Y US Yield : Bullish, above 2.8 stop
30 Y US Bond : Short, stop @ 132

World Market
UK's FTSE:  Bullish, stop @ 5700
Germany's DAX: Bullish, stop @ 6340
France's CAC: Bullish, stop @ 3800
Shanghai : Bullish
Japan Nikkei : Bullish

Stocks finished this holiday-shortened week on a high note, thanks largely to another big batch of better-than-expected earnings. Broad buying during the past two sessions gave the Dow and S&P 500 weekly gains of little more than 1%, but the Nasdaq Composite climbed 2% this week.The DJIA closed up 0.42% on Thursday, setting a new 26-week high. Breadth was strong on the New York Stock Exchange where advancing issues outpaced declining issues by 1,960 to 1,022. During the last 5 trading days, the DJIA has gained 1.80% to close at 12,505.99.  .Support for the SPX remains at 1320 and then 1310, with resistance at 1340 and then 1356.So we should trade small lot.Take a look all 1/5/15/60m chart if we want to trade this market.


I also have  technical analysis different stocks-Right Here. 
 
Take a look some market indicator charts- Click all charts
$SPX - 60 min
ALL QUICK LOOK INDEX DAILY CHARTS
QUICK LOOK ALL MAJOR INDEX WEEKLY
$USD
$VIX
$CPC daily
$SPX, $USD & $VIX
INDEX Bullish percent index (EOD)
Simple Trading System  
QQQQ Daily 
COMPQ


FOR 04/15 SPX resistance, pivot & support
Resistance R3 1342.15, R2 1338.97, R1 13338.97
Pivot Point 1335.90
Support  S1 1334.31, S2 1331.24, S3 1329.651

FOR Weekly 04/25-04/29  SPX resistance , pivot & support
Resistance R3 1380.28, R2 1365.98, R1 1351.68
Pivot Point 1323.19
Support  S1 1308.47, S2 1280.40, S3 1266.10







 
























For the latest updates on the stock market, visit,
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Judge Matz Issues Narrow "Foreign Official" Decision / Calls DOJ Post-Hearing Request "Astounding"

As noted in an April 1st post (see here), United States District Judge Howard Matz (C.D. of California) issued an oral ruling denying the Lindsey defendants "foreign official" challenge. See here for a transcript of the hearing.

As noted in the hearing transcript, Judge Matz stated that the "foreign official" challenge "warrants and will receive a very considered written ruling."

Yesterday, Judge Matz issued his written decision. See here.

According to Judge Matz, "the question presented by the motion is whether an officer or employee of a state-owned corporation can be a 'foreign official' for purposes of FCPA liability." [In a footnote, Judge Matz noted, "[a]s discussed in the Addendum to this order, the Government never directly challenged that assumption until more than two weeks after the Court had issued its oral ruling denying Defendants' motion to dismiss and trial had commenced." (emphasis added)].

Judge Matz's holding is as follows. "The Court denies the motion to dismiss, because a state-owned corporation having the attributes of CFE may be an 'instrumentality' of a foreign government within the meaning of the FCPA, and officers of such a state-owned corporation, as Messrs. Nestor Moreno and Arturo Hernandez are alleged to be, may therefore be 'foreign officials' within the meaning of the FCPA."

As to the meaning of "instrumentality," Judge Matz stated as follows. "Instrumentality is a noun having an inherently broad scope, but it is unnecessary for this Court to choose a particularly elastic dictionary definition of that word. Instead, the Court will adopt the very definition that Defendants themselves proffer." Judge Matz then analyzed those definitions.

As to the FCPA's legislative history, Judge Matz stated as follows. "It is unnecessary to base this ruling upon the legislative history of the FCPA, given that the meaning of 'instrumentality' under Defendants' definition of the term clearly encompasses CFE. Nevertheless, because legislative history was so central to Defendants' motion, the Court will summarize the parties' contentions."

After providing such a summary, Judge Matz stated in dicta as follows.

"The Court finds that the legislative history of the FCPA is inconclusive. Although it does not demonstrate that Congress intended to include all state-owned corporations within the ambit of the FCPA, neither does it provide support for Defendants' insistence that Congress intended to exclude all such corporations from the ambit of the FCPA." (emphasis in original).

As discussed above, Judge Matz's decision contains an Addendum. It begins as follows.

"After the jury trial had been underway for more than two weeks, and just before this order was to be filed, the Government asked the Court to take judicial notice of what the Government claims is this fact. 'CFE was created by Mexico as a decentralized public entity with its own legal status and assets.' In a footnote the Government added, '... [U]nder Mexican law, CFE is a decentralized public entity, not a corporation.' This request is astounding."

Judge Matz then stated, among other things, that:

"throughout the hundreds of pages of argument and exhibits that were filed as part of motion practice, the Government never stated that CFE is not a corporation;"

"nor did it assert that view at the hearing on this motion;"

"in a lengthy footnote in its opposition papers the Government stressed that in more than a dozen FCPA prosecutions, 'guilty pleas were accepted by U.S. District Courts, involved bribery of officials of state-owned companies'" (emphasis added)

"the Government cited two cases in which state-owned companies were found to fall within the scope of the FCPA" and the Government "cited and attached jury instructions in yet two additional cases, to the effect that 'the definition of government instrumentality includes companies owned or controlled by the state;" (emphasis added)

"still later, the Government continued in this vein, purporting to refute the Defendants' legislative history analysis by stressing that the author of the declaration that the Defendants' cited 'is unable to find a single reference ... that Congress intended to exclude state-owned companies from the definition of instrumentality ...'"; (emphasis added)

"the Government concluded , "from the FCPA's inception, state-owned and state-controlled companies were within Congress's intended definition of instrumentalities of a foreign government.'" (emphasis added).

Judge Matz then ends the Addendum as follows.

"There is nothing in the Government's peculiar request for judicial notice which warrants a change in the foregoing ruling."

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State of the Union April 19, 2011

April 19, 2011 online at www.uawlocal2250.com


From Chairman Mike Bullock: With the alternative work schedule agreement we operate under, Fridays can be scheduled two on and one off and Saturdays are strictly voluntary.

Union Meeting is this Wednesday, April 20 at 1 pm, 3 pm and 15 minutes after the longest first shift line time.

From UAW Region 5: Gas prices have been spiking for weeks and $4 gas is quickly becoming a reality across the nation. We need to make a concerted effort to have our active and retired members, their families and friends write, email or call their US Senators and Representatives and ask them why they are not speaking out for us on high gas prices and tell them that they and their colleagues in Congress must stand up for us. Call the Capitol switchboard at (866) 338-5720 and ask for your Senator or Representative or go online to www.house.govor www.senate.gov.

There will be 2012 and 2013 pilots going down the line this week and next week. Changes for 2012 include a switch to the 4.8 V8 from the 6.0 for the base engine in the one-ton passenger van. Unloaded vehicle weight range (uvwr) will increase on diesel and gas cargo vans and there will be various software and calibration upgrades to the powertrain. For 2013, a backup camera with display in the rearview mirror will be available as well as backup sensor in the rear bumper. Also optional will a radio with built-in navigation system. The 177” wheelbase cutaway will top out at 14,200 gross vehicle weight range (gvwr) and the 159” cutaway goes up to 10,600 gvwr, which should expand the market for these cutaways.

From Bloomberg: General Motors Co. (GM), the largest U.S. automaker, will raise prices by an average of $123, or 0.4 percent, per vehicle because of higher commodity costs. The price increases will be on most models in the U.S. and will be effective May 2, Tom Henderson, a spokesman for GM, said in a telephone interview. The move isn’t related to the Japan earthquake, he said. GM is following Toyota Motor Corp. and Ford Motor Co. in boosting prices. Ford said April 4 it would raise prices by $117, or 0.4 percent. Toyota’s increase on most models averaged 1.7 percent, the automaker said March 31. Industry price increases are common as automakers enter seasonally stronger months for sales in the spring and summer, said They will be supported this year by parts shortages resulting from the March 11 Japan earthquake and tsunami, she said. “Auto companies even before the tsunami have not been able to meet their production targets,” said Maryann Keller, principal of a self-titled consulting firm, in a telephone interview. “They’ll get away with a price increase because there just isn’t a huge supply of vehicles out there to result in a great amount of discounting.”

From the Detroit Free Press: Through March, Camaro has sold 19,972 cars to Mustang's 15,419. The Dodge Challenger is gaining steam but still a distant third, with 9,742 sales. In 2010, the Camaro outsold the Mustang for the first time since 1985. During the first two months of 2011, GM outspent most other automakers in the industry with its incentives. But according to Edmunds.com, the average incentive on the Camaro fell from $1,016 in January to $410 in March. The Mustang, meanwhile, was offering an average of $1,662 in January and increased its incentives to $2,081 in March. Those incentives contributed to a 46.8% sales surge in March to 8,557 Mustangs. Still, the Camaro finished the month ahead after selling 8,964.

From the Wall Street Journal: The U.S. government plans to sell a significant share of its remaining stake in General Motors Co. this summer despite the disappointing performance of the auto maker's stock, people familiar with the matter said. A sale within the next several months would almost certainly mean U.S. taxpayers will take a loss on their $50 billion rescue of the Detroit auto maker in 2009. To break even, the U.S. Treasury would need to sell its remaining stake—about 500 million shares—at $53 apiece. GM closed off 27 cents a share at $29.97 in 4 p.m. trading Monday on the New York Stock Exchange, hitting a new low since its $33-a-share November initial public offering. "Planning for the sale of our remaining GM stock is still at an early stage, and the IPO lock-up does not expire until late May," a Treasury spokesperson said. "At that point, we will consider all of our options, based on our twin goals of protecting taxpayers' interests and exiting as soon as practicable." Shares have been hurt by rising fuel prices, industry production disruptions and management turnover. At Monday's price, and taking into account shares sold during the IPO, taxpayers would lose more than $11 billion on the rescue if the government dumped the rest of its stake now.

From the Detroit News: Nissan Motor Co. will reprogram software in 5,300 electric Leaf cars after some drivers complained they had trouble starting the vehicle. The company said the reprogramming will start next week. The company hasn't disclosed how many complaints it has received. Nissan said it has no plans to recall the vehicle. "This is not a safety issue as the vehicle will not stop running while being driven (unless, of course, you run out of juice), but may not restart once it is turned off," the company said.

More Detroit News: Federal safety regulators have upgraded an investigation into nearly 150,000 Honda CR-V SUVs over reports of smoke and fire occurring inside the driver's door. The probe covers 149,583 2006 Honda CR-Vs and focused on melting or burning of the master power window switch and related electrical system wiring components The National Highway Traffic Safety Administration has upgraded its preliminary investigation opened last year to an engineering analysis. In November, NHTSA opened the initial investigation based on three reports alleging smoke and fire that occurred inside the driver's door. The complaints reported that the master power window switch — and in some cases its wiring harness — had sustained heat related damage and required replacement. Since opening the investigation, NHTSA has received two additional reports. Honda has received 24 other separate complaints related to the issue. Chris Martin, a Honda spokesman, said the automaker will continue to cooperate with NHTSA. "Honda is continuing to analyze this but we've not yet reached any conclusions," he said.

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O'Shea "Foreign Official" Challenge Fully Briefed

Earlier this week, lawyers for John Joseph O'Shea filed a replly brief (here) in the "foreign official" challenge pending in the Southern District of Texas. The "foreign officials" at issue in the O'Shea matter are alleged to be officials of Comision Federal de Electricidad ("CFE"), a Mexican utility, the same entity at issue in the Lindsey matter currently in trial in the Central District of California. See here for the prior post.

O'Shea's argument begins as follows.

"The Government Relies on 'Prosecutorial Common Law' and Rulings from Cases That Did Not Consider or Inadequately Considered the Meaning of Foreign Official."

The reply brief then states as follows. "As long as FCPA defendants - both individuals and corporations - enter into non-prosecution agreements, deferred prosecution agreements, and plea agreements, the government will continue to build its arsenal of 'prosecutorial common law' to supports its aggressive and slanted interpretation of the FCPA. Yet court acceptance of plea agreements does not convert the government's pronunciations on the law into sources of legal authority. Indeed, the government's strategy of creating its own would-be common law threatens to strip the federal courts of their judicial power to interpret the FCPA."

See here for the prior post on O'Shea's motion to dismiss.

See here for the prior post on the DOJ's response brief.

Along with the reply brief, O'Shea's lawyers also filed (here) a motion to strike the Declaration of Clifton Johnson ((Assistant Legal Adviser for Law Enforcement and Intelligence in the Legal Adviser's Office of the United States Department of State). Johnson's declaration was ordered stricken in the Lindsey challenge (see here) and was also filed earlier this week in the Carson "foreign official" challenge pending in the Central District of California. (See here).

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Stock Market Overview for 4/20/11

During regular trading hours, there were many stocks that continued to break up to the upside. These stocks are usually going up  with news.If you are looking to day trade today, you might want to check out the following stocks. I usually throw these on my watch list and monitor with resistance & support levels. Below are a list of stocks that I am watching for April 21, 2011.Also check out my Top 2011 Stock Gainers, Stocks to Buy 2011.You can also check previous stocks to buy reports- Right Here

Top Stocks Performance of the Today:These are  stocks that continued to break up to the upside or down side. These stocks are usually going up or down with news or technical.If you are looking to day trade, you might want to check out the following stocks. 

Top Gainers:  ICCC, BARI, IHT, TIVO, DRL, CIDM, IHT
New High:   BARI, ICCC, PII
Overbought:   BARI, AMMD
Unusual Volume:  AXID, DPL, AXTE, AXMT
Upgrade:  STSA
Earnings Before: ABT
Insider Buying: OX

For Market TA analysis
Stock Market  Closing Price 4/20/11  

$INDU Dow Industrial Close -   12458.54 Up 186.79
$COMPQ Nasdaq Composite Close   2802.51 Up 57.54
$SPX S&P 500 Close -  1330.36 Up 17.74

Commodities Closing Price 
Gold Close -  1502
Oil Close - 111.37
Natural Gas Close -4.30
 
SP 500
Long term signals : Bullish
Short term signals : Neutral



Stop  @ 1250
QQQQ (Nasdaq 100) : Bullish, stop @ 55
INDU: Bullish, stop @11000
COMPQ:Bullish, stop @ 2600
Top trend : Techs  
Value : Financial

Euro Dollar : Bullish
US Dollar index : Bearish  
Gold : Bearish, stop @ 1330
10 Y US Yield : Bullish, above 2.8 stop
30 Y US Bond : Short, stop @ 132

World Market
UK's FTSE:  Bullish, stop @ 5700
Germany's DAX: Bullish, stop @ 6340
France's CAC: Bullish, stop @ 3800
Shanghai : Bullish
Japan Nikkei : Bullish

Stocks rallied for NICE gains in the latest round of trade. Although support was broad, tech proved pivotal in the overall performance.Also ah good earning news suture is up now .Support for the SPX remains at 1320 and then 1310, with resistance at 1340 and then 1356.So we should trade small lot.Take a look all 1/5/15/60m chart if we want to trade this market.


I also have  technical analysis different stocks-Right Here. 
 
Take a look some market indicator charts- Click all charts
$SPX - 60 min
ALL QUICK LOOK INDEX DAILY CHARTS
QUICK LOOK ALL MAJOR INDEX WEEKLY
$USD
$VIX
$CPC daily
$SPX, $USD & $VIX
INDEX Bullish percent index (EOD)
Simple Trading System  
QQQQ Daily 
COMPQ



FOR 04/21 SPX resistance, pivot & support
Resistance R3 1346.20, R2 1340.92, R1 1335.64
Pivot Point 1327.38
Support  S1 1322.10, S2 1313.84, S3 1308.56



 












For the latest updates on the stock market, visit,
http://dailymarketanalysis-blog.blogspot.com/

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