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1. Foundation's Premium
By David Sterman
8:48 a.m. EDT

Alpha's ( ANR) offer for Foundation Coal ( FCL) values the deal at roughly 13.2 times projected 2010 Foundation profits. That's above the industry band, which ranges from Consol Energy ( CNX) with a forward P/E of 10.5 to Massey Energy ( MEE), which trades at 12 times next year's earnings. (Alpha had been trading at 13.1 times projected 2010 EPS, though that's likely to be trimmed a bit today).

This group has moved up nicely, but the headline risk associated with carbon legislation could take a bite out of gains.

No positions

2. Robert Half International (RHI)
By Alan Farley
8:55 a.m. EDT

Robert Half International ( RHI) is an interesting play in the stabilizing employment sector. It's a good alternative to Manpower ( MAN), which is overbought after rising 40% in the last three weeks.

RHI has rallied into the September gap between $24.75 and $25.50. It has spiked into that resistance twice since April $22 and has now settled into a tight consolidation pattern near the high. This bullish action raises the odds for a wide range bar through resistance and into $27. That, in turn, would support a rally into the September swing high at $28.70.

More technical comments on the stock and annotated chart here.

Long RHI

3. Tech
By Timothy Collins
10:05 a.m. EDT

IBM ( IBM) has been resilient in this tape, and Priceline ( PCLN) continues to work. The earnings from ( CTRP) are no doubt helping this morning.


4. Double Dip in 2010?
By Robert Marcin
1:02 p.m. EDT

This has been a good rally. I can't say how far it will go or how long it will last with the relentless "happy talk" mandated by Bubblevision, but there is only so far "less bad" can take you, especially at fair valuation levels.

What worries me most is the probability of a "double dip." You heard that prediction here first. In 2010 we will probably have a relapse of the economic contraction that hit us in the fourth and first quarters.

With real unemployment soaring and housing still not bottoming and the financials system still under stress, consumption is vulnerable to another shock. It might be geopolitical, it might be financial, it might be economic. I really don't know. But I do feel as if there needs to be another big leg of delevering and what prompts it I cannot forecast.

This prediction has nothing to do with the stock market in here right now, but rather over the next 12 to 18 months. If the economy experiences normal growth in 2010, my economic forecast will be dead wrong. Stocks and bonds will need to be reconsidered.

5. Bought Ultra Real Estate Proshares (URE)
By Christopher Grey
2:09 p.m. EDT

I have taken a long position in ProShares Ultra Real Estate ( URE) at $3.53 for potentially more than just a daytrade. If we are trending upward, I believe this security offers good potential upside and limited downside. Having said that, I will exit this position if the stock runs too quickly close to $4. My view is that these really fast moves in either direction need to be traded in order to maximize overall returns in this environment.

Long URE

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