Gill, Dalton, Walsh (212) 829-5483
Trader Commentary
Despite a bad durable goods number yesterday the industrials managed to shake off much of their earlier weakness. The machinery names were among the worst performers. With the stock up about 58% ytd prior to yesterday, CMI underperformed the group but was quickly snapped up at the lows. There was some talk of lower truck pricing early on but I never saw that in print.
The WSJ is positive this am on DOW and some of the US focused chemical producers after Lyondell decision to withdraw from Iran. With natural gas prices closer to their lows, the article goes on to say these companies should gain market share since they have a better cost advantage than their European and Asia counterparts. POL was upgraded this am by Longbow Research. Yesterday CE outperformed the group yesterday. Never found a good reason for it. EU miners are up this am after some good results out of Kazakhmys and Xstrata which moved up after Glencore increased their interim income by 42%.
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