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Table of Contents
After weeks of rallies and rebounds on good news it is time for the bad news bulls to reappear and buy this earnings dip. Will they do it? I would not hold my breath but they have been showing up in quantity just when you thought they had left for vacation. Remember the prior Tuesday when the Dow lost -150 points intraday. The bad news bulls arrived to power a 400 point rebound. Remember back on June 29th news pounded the Dow to a -208 point intraday move. The bulls returned the next day to power a 350 point move over the following week. The bad news bulls are out there but they were nowhere to be seen on Friday.
Dow Chart - Daily
Nasdaq Chart - Daily
Friday had no important economic reports with Mass Layoffs and the Weekly Leading Index the only reports on the schedule. Mass layoffs in June rose to 1,219 events from 1,190 in May. The number of workers told to expect a pink slip rose to 127,897 from 119,089 in May. Layoffs had been averaging about 127,000 so May's dip was an exception and we are right back on trend. There was nothing for traders to worry about in this report. The weekly leading index was also flat at 143.9 and it would take a 10.0 move on the Richter scale to make anybody pay attention to this weekly report.
Next week is going to be busy with a headline report due out every day. There are three regional Fed surveys, two housing reports, the Fed Beige Book and the first look at Q2 GDP. The regional Fed manufacturing surveys are not expected to show any problems with steady but slow growth. The home sales numbers could not show any more negativity than is already priced into the market so any surprise would likely to be to the upside. The big reports for the week will be the Beige Book and the GDP. The Fed Beige Book is a report from all 12 Fed banks. Each bank reports on the economic conditions and trends in their area and the report is seen as a very specific update of overall economic conditions. Last month seven of the twelve banks reported modest or moderate growth and growth no worse than the prior reporting period. The other five banks reported stronger growth with improvement from the prior period. Traders will be looking for more banks to report stronger growth as evidence the recovery is still in progress.
The Q2-GDP is where the fireworks could start. Current official estimates are for 3.2% growth in Q2 compared to 0.69% growth in Q1. Whisper numbers have been over 4.0% in prior weeks but have cooled after some of the weekly economic reports were weaker than expected. The continued housing slump is also forcing a lowering of expectations. Bernanke said in his testimony this week that the slump was continuing and the bottom is still ahead of us. A jump from less than 1% to more than 3% could also ratchet up Fed rate expectations if it appears the economy caught fire and is suddenly accelerating. Conversely if the GDP comes in below 2% we could see expectations rise for rate cuts by year-end. The Fed needs to keep the economy on a growth cycle and if the bottom in housing is still ahead they may not want to wait for it to begin easing rates. Dropping the Fed rate indirectly impacts mortgage rates and buyer interest and could soften the landing when that housing bottom eventually arrives. With the Beige book on Wednesday and the GDP on Friday and three regional reports spread through the week the Fed watchers will have a busy schedule.
Economic Calendar
Earnings will be the focus next week probably even more than last week even though the five majors, IBM, INTC, MSFT, GOOG and EBAY have already reported. The market was hammered by some very high profile earnings misses last week and there were very few earnings reports. Because of the way the July 4th holiday fell on the calendar there are nearly 1200 companies reporting earnings next week. That is the busiest week I can remember. It means there is so much happening that only a small portion of the announcements will ever make it to the airwaves. Those will likely be the ones with the biggest disasters since bad news creates more attention than a company reporting inline with estimates or beating by a penny. I added a line to the earnings table below showing the number of companies reporting each day. This is only my rough count but you get the picture.
Earnings Calendar
Last week there were some spectacular earnings disasters and they put a lot of stress on the markets. Intel reported a strong quarter but missed on margins and the stock was pummeled for a -$2 loss (-7.5%). Remember I cautioned that the biggest moves were normally a reversal of the pre-report trend. If the stock was already soaring on expectations then those expectations could be reaching unrealistic levels. Any minor flaw in the earnings or guidance or maybe just missing a hypothetical whisper number can knock multiple dollars off an inflated stock price. Even spectacular earnings can fail to push a stock higher that has already seen strong gains. Prime examples of this came from Intel, Google, Caterpillar, Mattel and Juniper. This just proves that if you are going to speculate on earnings and hold over the announcement your best odds are to bet against the trend.
Intel Chart - 30 min
GOOG Chart - 60 min
CAT Chart - 30 min
MAT Chart - 30 min
JNPR Chart - 30 min
If you take the earnings calendar from last week and chart each of the 46 companies I had listed you will find 9 that traded higher (BRCM on news not earnings) one flat and 36 that traded lower, most a lot lower. That was a 75% chance of a negative reaction to earnings and many of those companies posted decent earnings. The reason is simply an overextended market and overly optimistic expectations. I strongly advise you take 10 min and look at the charts for each of these companies. It could be an eye opener.
Last week's earnings reactions
Next week will offer investors plenty of reasons to take profits. Since there are an inordinate number of earnings reports in one week, well more than twice the average, there will be twice the number of sellers. If you are bullish and playing a stock for earnings then once earnings are reported you take profits and move on. The following week also has an abnormal number of reporters as the rest of the majors try to get it done before July is over.
To say last week was volatile would be an understatement. Twice the Dow set new highs and twice there were -200 point intraday reversals. The Nasdaq equaled that with two new highs and two -50 point reversals. This is not a normal event but typical of frothiness at a market top. There are quite a few things weighing on the markets and some of them are serious. We heard from several sources last week that the subprime slime has not gone away and will likely get worse. Bear Stearns (BSC) reported that their two subprime hedge funds, worth $1.5 billion in Q1 were now worthless. They were busy hiring lawyers to defend against he various suits already headed their way. Many of the major banks and brokers who had earnings last week reported taking charges to double or triple loan loss reserves for the problems they see coming in their own portfolios. Uncle Ben reported that the housing slump would get worse before it got better but it appeared to be contained. That means the eventual damage, now expected to be in tens of billions, will be confined to deep pocket investors and no institutions are expected to fail. That is good since Fed President Poole was on the wires on Friday saying the Fed should not be planning on any subprime bailouts.
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The subprime problem may not be as contained as Uncle Ben thinks. Or maybe it is just a guilty by association factor now impacting private equity deals. With regulators trying to raise taxes on private equity firms at every turn and lenders starting to reappraise their risk appetite there are cracks starting to show in several LBO deals. The LBO firms have to sell debt to close their deals and the price of debt is rising quickly as lenders raise the stakes for these sometimes high-risk deals. One $22 billion deal in England, the largest ever done there, was reportedly in trouble on Friday as the closing date approached. Another deal, the multibillion Chrysler/Cerberus buyout, is coming to market next week and traders are expecting a less than enthusiastic reception for the debt. Reportedly Cerberus has all the necessary commitments from banks but the market is still on edge until they see the pricing next week. Reportedly $62 billion in debt will be required to complete the deal. $10 billion was supposed to fund at 3.25% over Libor is now being quoted at 3.75%. An additional $2 billion second line loan, considered more risky, is now being quoted at 7% and higher. Chrysler's finance arm will be trying to fund an additional $8 billion in loans and rates being quoted are moving higher there also. Another $40 billion in debt will come in the form of asset-backed securities. Reportedly big buyers of these loans in the past have been hedge funds but they are staying on the sidelines at present.
The problem is the sheer amount of debt being floated by the LBO firms. In the table below you will see that the deal total for 2007 has already surpassed the total for all of 2006, which was the all time record high. So far in 2007 the deal value is more than four times the total value in 2004 and three times the deals in 2005. The final total for 2007 is going to staggering. Assuming only 50% of the first half is done in the second half of the year we could be looking at $650 billion for all of 2007. By the end of 2007 we could be looking at $1.35 trillion in deals over the last 4 years. The market is drowning in LBO debt and you have heard many times about the world being awash in liquidity. How much more debt can be sold is anybody's guess. All that debt has got to come back to the market before the LBO firms can make a profit. They have to restructure the companies and then bring them back into the equity market as new IPOs to cash out on their play. That is going to be a lot of IPOs over the next 3-4 years. It also assumes the market will still be friendly to equities and to IPOs in general. Lenders were ready to dole out the cash when this trend began but they may be rethinking it today after the various subprime blowups. They are not related but we could quickly have a round of LBO blowups just as easily. What if the currently booming world economy suddenly burned out? What if Al Qaeda started setting off hundreds of improvised explosive devices (IED) in the U.S. like they are currently doing in Iraq? Don't think it can't happen. What would our markets be doing? What if Peak Oil actually occurs before 2010 as most petroleum engineers believe? Would gasoline rationing and $200 oil crush the global economy? Absolutely and it will eventually happen, it is only a matter of time. Lenders are starting to worry about all the LBO debt they have on the books. New debt is going to see a higher risk premium and stronger guarantees. Those covenant light loans are going to disappear. That could mean a substantial slowing to the LBO craze and that would negatively impact the equity markets. Equities have been climbing higher on a constant reduction in stock for sale. Massive buyouts and massive buybacks have taken more than $2.5 trillion in stock out of the market over the last four years. What if that trend suddenly ended or even worse it reversed to stock coming back into the market? This is what is weighing on lenders this weekend. The fear is growing that the end to the LBO boom is in sight.
Table of Leveraged Buyout Deals
On Friday's Citigroup conference call CFO Gary Crittenden said Citigroup was UNABLE TO SELL DEBT on four deals forcing Citigroup to hold the so-called bridge loans on their balance sheet. Citigroup took a hit to revenue in Q2 because of these loans. He also said Citigroup was likely to be stuck with more deals in Q3 and it "will impact our revenue." Citigroup said it was stuck with so-called equity bridges, in which the bank takes direct equity stakes in companies being bought out with the aim of later selling that stake to other investors. These are typically very risky positions. Citigroup said it was comfortable with its risk at around 5% of its revenue but uncomfortable with taking on future debt of this kind. JP Morgan reported last week they were also setting aside additional funds to cover debt they are having trouble selling. If these financial giants have to eat these equity loans it suggests the market is turning soft very quickly and Citigroup, JP Morgan and others will be far less likely to take any deal coming at them. They will become much more picky and that will slow the overall volume of deals. That will eventually impact the equity markets. The recent Blackstone (BX) and Fortress (FIG) IPOs are down over -25% from their IPO price on worries about the future of the LBO sector.
I believe Citigroup's admission of being unable to sell debt on the morning conference call was a big reason contributing to the market collapse. Citigroup's comments knocked others in the sector into the cellar with GS losing -5.76, MER -2.68, BSC -4.21, LEH -2.14 and MS -2.31. A nearly $1 billion jump in profits for the quarter kept Citigroup from joining the biggest losers list but it did finish down slightly. The benchmark ABX subprime debt index hit a new record low also weighing on financials. The financial sector is the only S&P sector in the red for the year, down nearly -4%. The disaster at Caterpillar knocked another 60 points off the Dow at the open but that was halved by CAT's rebound before the close. The market did not share in that rebound.
On Tuesday the Dow passed 14,000 intraday but closed -26 points below that level. I attributed the prior week's 450 point rebound to short covering given the record short interest in the S&P and Russell futures at the prior Tuesday's close. Guess what? Last Tuesday's close was an even higher record of short interest with the Dow at 14,000. It appears the shorts forced to cover were ready to pile right back in once 14,000 was reached. The rebound at Wednesday's close and into Thursday's open was another textbook short squeeze but there was no breaking that Dow 14,000 level on Thursday. There were plenty of sellers waiting on that second attempt. At the same time we are seeing a surge of buying in bonds sending yields on the ten-year note to 4.95% and a new two-month low. Bernanke must be having Greenspan nightmares. He talked tough and tried to put the inflation scare into the bond market in his two days of testimony last week and rates went lower rather than higher. Although it seems just like yesterday that we were waiting for the post FOMC announcement the next meeting is almost upon us. The Fed meets again for a one-day meeting on August 7th and I would expect some harsher tones in the statement meant to put the fear of rate hikes back into the market.
All the Fed members are talking low inflation, if you use the core rate, but the cost of food and energy continues to rise. The Clinton administration changed the way the CPI is calculated to produce a lower inflation rate. Using the pre-Clinton CPI inflation is now running about 11%. Which seems closer to correct for your expenses, today's CPI at 2% or the prior calculation at 11%? It probably seems closer to the 11% and that is due in part to the crash of the dollar in value. On Friday the dollar hit a new 10-year low and came within 3 cents of an all time low. With the dollar falling relative to any hard asset like gold, oil or any overseas goods bought with dollars it takes more dollars today to buy the same item you bought last week. Seems to me that is the textbook definition of inflation. The dollar index has fallen -13 cents from its 2005-Q4 high and that means everything bought with a dollar requires roughly 13% more dollars to buy today. For instance a barrel of oil cost roughly $66.50 to buy on Oct-1st 2005. Today that same barrel is $76. Oil's value did not change but the dollar did. $66.50 x 1.13% = $74.58. Funny how that works out almost exactly to today's price. Eventually this real world inflation is going to show up in the Fed numbers and there is going to be a serious impact to the equity markets.
Dollar Index - 5 years
While I am on the subject of oil I am sure everyone noticed the new contract high at $76.13 on Friday. $76 and not a hurricane in sight. $76 and gasoline has fallen from $2.38 on the 10th to $2.07 on Tuesday, a -13% drop. $76 and crude inventory levels are at a decade high. There is nothing new on the geopolitical horizon and despite all time record demand for gasoline of 9,710,000 barrels per day last week the summer driving season is about over. Makes you really wonder about the relationship between the price of oil and the value of the dollar doesn't it. I know, in reality everyone is afraid a hurricane will show soon but if it does not show in the next week or so oil is going down hard. Actually we have already seen $80 a barrel this year for light crude, just not the West Texas Intermediate (WTI) crude that is commonly quoted as the benchmark price. Nigerian Bonny Light has been over $80 since July 9th and Louisiana Light Sweet (LLS) hit $80 late last week. I know the televangelists of oil are predicting as high as $85 before the summer is over but without a hurricane it is going to be tough to hit those levels as long as gasoline continues to fall. In the chart below you can see that crude inventory levels are well in excess of the 5-year average (blue band).
Crude - Five Year Average Chart
Let's not forget our current tie to China. China's GDP was announced last week at 11.9% for Q2 and topping every estimate in the Bloomberg poll. Inflation rose 4.4% and the most since September 2004. This exceeded the central banks target of 3.0% for the 4th consecutive month. Oil imports rose 12% over the same period in 2006. The Shanghai Composite (SSEC) spiked another 3.69% even after its months of already stellar gains. The SSEC is up 95% year-to-date and was up 150% last year. This is the chart in the dictionary that defines irrational exuberance. China reacted quickly to the GDP news and hiked rates another .27% to 6.84% but that minor change is not likely to slow their economy. Let's not forget how quickly our markets reacted to previous drops in the SSEC. If that resistance holds at 4250 and a long overdue correction begins it could spread a bad layer of ugly around the globe.
Shanghai Composite Chart - Weekly
For next week the main focus is going to be earnings with an increased sideline focus on economics later in the week. Ironically even after a disastrous earnings week the estimates for some stocks continue to rise. Apple Inc (AAPL) gained 3.75 on Friday to $143.75 after a Piper Jaffray analyst raised his price target to $205 citing a robust sales forecast for the iPhone for fiscal 2009. 2009? That is looking way down the proverbial road. Unfortunately options are so dang expensive on Apple now the penalty for guessing wrong ahead of earnings would be huge. This is a stock that has every right to crater post earnings but from this side of the event I can see nothing to criticize. My only complaint is that I took profits at $120.
Texas Instruments (reports Monday) was surging into its report but the Intel sell off knocked out the props on TXN and it pulled back to support at $38. It could go either way from here now that the expectations have been dulled slightly. Amazon (Tuesday) also gave back some of its pre-earnings gains last week but is still basking in the glow of its April earnings surprise that produced a $30 gain over the last three months. That suggests Amazon earnings could be dangerous. Expectations will be even higher this time around because of last quarter's surprise.
Cummins (CMI - Thursday) was expected to strongly beat estimates but the CAT miss may have taken some of the expectations out of CMI. After the $50 gain over the last quarter I could easily see some serious damage if they don't beat by a mile. Again, CMI options are expensive after the CAT surprise.
Exxon reports on Thursday and they will report massive earnings once again. The key here is that all the good news is definitely priced in with the $22 gain since March. It would be hard for Exxon to disappoint and even harder to really post an upside surprise. Exxon options are actually cheap because there is no unknown and there are 5.6 billion shares outstanding. Large sudden moves don't happen very often. Because of the potential drop in oil prices I might speculate in some Exxon puts about 90 days out.
Qualcomm (QCOM) reports on Wednesday and this could be a put candidate. QCOM suffered a setback on Thursday when Verizon pulled out of the protest against the import ban on QCOM enabled phones. Verizon signed a deal with Broadcom to pay $6 per Qualcomm phone imported into the U.S. and dropped support of Qualcomm. A court found Qualcomm in violation of several Broadcom patents and imposed an import ban on phones in violation of that patent. Verizon, Sprint and several other carriers would be hurt very badly by this ban and the inability to import phones for the coming holiday season. Qualcomm refuses to settle even though Broadcom offered them the same $6 per phone royalty deal. Qualcomm says the deal would cost them $2 billion a year and refuses to pay. Odds are good Qualcomm will have to say something negative in their earnings guidance. Puts are cheap despite the -$2.50 end of week drop.
NYSE Composite Chart - Daily
Next week is chip and energy week for earnings with dozens of companies in each sector confessing their sins. Oil companies that cannot beat estimates over the last quarter should be banished to the artic to explore for oil. Chip companies are a different story. There are plenty of mixed results expected with some going to crash and burn while others soar. It is knowing who will do which ahead of the event that poses a problem. The SOX was one of the few indexes to post a gain for the week even after Intel spoiled the party. According to most reports PC sales are booming and we already know cell phones and video games are hot as well. The problem is the large number of manufacturers. It is very tough to produce large profits with a dozen of manufacturers all trying to compete in the same market. Broadcom has an inside track here as does Nvidia. The ATI/Intel combination has yet to push Nvidia out of the market and if anything slowed down ATI's ability to move quickly. I have bought a dozen high level Nvidia video cards in the last few months after problems with multiple ATI cards. Nvidia is currently the winner in this sector. They are expanding into extreme high performance gaming products including motherboards and complete PCs along with their marketing partners. They are also releasing extreme performance computing systems for fields like geosciences, molecular biology and medical diagnostics. They are not just video cards any more. Unfortunately there is no earnings date posted and Nvidia has not responded to my emails as of yet. I am expecting their earnings the first week of August. I will keep you posted. I would buy Nvidia on any serious pullback.
So far this earnings cycle about 25% of the S&P has reported with 59% beating estimates, 20% reporting inline and 21% missing estimates. The average earnings growth so far is coming in at about 10.4% on an earnings per share basis but only 4.1% on a total profit basis. Everyone expects those numbers to slide significantly before the cycle is over even with strong earnings from the energy sector. Remember, earnings per share is skewed significantly higher by share buybacks and you can see that difference in those two numbers. Buying back shares makes you look like a big winner while actual profits are just creeping along.
Forgetting earnings gyrations and potential economic minefields next week we are still faced with what appears to be a solid top at Dow 14000, SPX 1555 and Russell 855. The Nasdaq is not showing a clear line of resistance but is showing a critical line of support. Here is the problem we are facing. Short interest was at record highs on Tuesday. Thursday's rebound was stopped cold at 14000. Friday's volume was nearly 7 billion shares and was 6:1 in favor of decliners. After a retest of the historic highs, volume that imbalanced to the downside looks an lot like a top. Of course we had the option expiration to skew the volume and cloud the issue but bear with me here.
Depending on how you compare data August and September are typically the two worst months for the stock market. Since 1950 September has the record for being the worst month for all the major averages. In the shorter term August has been the worst month for the averages for the last 16 years. Together they are the valley of death bull markets must cross. In theory it is the end of summer back to school mentality that causes problems. Traders and investors are trying to cram vacations into the few weeks left for summer. Retail investors are taking money out for those back to school expenses, college tuition and to pay for those vacations. As the third quarter progresses money managers tend to prune portfolios to get rid if under performers and take profits on those that have run ahead of their values. Managers want to stock up on cash for the typical October bottom to capitalize on bargains as the Q4 rally begins. Of course this is a typical scenario as seen over dozens of years. How this year will react is yet to be seen. If you had bailed last August you would have missed out on some very nice gains since the market rallied out of the July dip and never looked back until February of this year. That July dip came on the second week of earnings season, which just happens to be next week. There was no September/October crash and we saw days on end with no selling whatsoever. In 2005 the last week of July was the summer high and the markets hit a low in October just like they were supposed to.
Since we can't see the future we have to react to the little road signs along the way. Once of those road signs was a double top at 14000 last week. Another was the extremely high volume on Friday. Another would be a break of support on the Nasdaq at 2675. Critical Dow support is well below at 13450 so there is plenty of room for profit taking before the Dow is in danger. Retail margin loans hit a new record this week. Short interest on individual stocks hit a new record and that is also a pair of road signs but which way are they pointing?
Nasdaq Chart - 90 min
SPX Chart - Daily
Russell-2000 Chart - Daily
Don't you wish you could see how the professionals are trading so you would know which way to lean? Fortunately to some extent we can. The Commitment of traders report as of July 17th shows us the hands held by the commercial traders, those who trade big dollars, and by individuals and smaller accounts called non-commercials. Typically the commercials are in the right trade and the non-commercials, the little guys, are wrong. It sometimes goes the other way but generally those with billions of dollars at stake are playing a winning hand. In the table below there are plenty of contradictions, enough to make your head spin. The big guys are heavily long the S&P and Russell futures while the little guys are extremely short. In theory that means the S&P/RUT have a better chance of moving higher than lower if the big guys decide to jab the index with a sharp stick. They can do it if they want to simply because of the amount of money they control. Knowing the little guys are extremely short allows the big guys to cause them pain any time they want. A quick buy program when it is not expected and those little guys will be running to cover. However, it is not that simple this week. On the Nasdaq futures the positions are reversed with the commercials on the short side. That would make me think the Nasdaq could be heavy next week but not materially since the S&P/RUT would have to confirm for the Nasdaq to dive. That leaves us with some good information but still lacking in a firm direction for the indexes. It will be interesting to see how this plays out. Technically it suggests another rebound but conditions can change in an instant in the futures market. For the commercials to shift to a short bias in the S&P/RUT would require a huge amount of selling and Friday could have been the beginning. Over 2.2 million S&P contracts traded on Friday. We won't know for sure if they changed sides until the next report is published on July 27th.
Commitment of Traders Report
I added another line to that table and that is crude futures. Note that the little guys are long nearly 2:1 over the shorts while the big guys are nearly even with only a 10% edge to the short side. I would read that as an impending move lower since any additions to the short side on the commercials would come at the expense of the overly long little guys. However, I am biased to an impending top in oil prices so that may not be an arms length analysis.
When I started writing this commentary after the market closed I was bearish.
After several hours of research I have moved back to neutral. I can see all the
road signs pointing to the downside but every dip for months and months has been
bought almost immediately. Logically I would expect some weakness into
August/September but using logic on the market rarely works. The technicals have
not yet broken down even with the high volume. I am afraid of the Citigroup/JP
Morgan comments
about not being able to sell debt but that is a big picture item
not a day-to-day problem. It may have hastened Friday's decline but we do not
know if it will carry over into Monday. The expectations for earnings took a
huge hit last week and that may be positive for next week. Lowered expectations
means smaller drops on missed earnings. Whichever way you play these earnings
don't bet the farm on any one position and prepare to exit quickly if your
position goes against you.
New Plays
New Calls
None today.
New Puts
Bear Stearns - BSC - cls: 134.72 chg: -4.21 stop: 142.55
Company Description:
Why We Like It:
Suggested Options:
BUY PUT AUG 140 BSC-TH open interest=3754 current ask $8.30
Picked on July 22 at $134.72
Harley Davidson - HOG - cls: 58.21 change: -1.16 stop: 60.26
Company Description:
Why We Like It:
Suggested Options:
BUY PUT AUG 60.00 HOG-TL open interest=6826 current ask $2.50
Picked on July xx at $ xx.xx <-- see TRIGGER
Ryanair Holdings - RYAAY - cls: 38.13 change: -0.62 stop: 40.15
Company Description:
Why We Like It:
Suggested Options:
BUY PUT AUG 40.00 QRX-TH open interest= 97 current ask $2.55
Picked on July 22 at $ 38.13
New Strangles
Amazon.com - AMZN - cls: 71.63 chg: -1.72 stop: n/a
Company Description:
Why We Like It:
Suggested Options:
BUY CALL AUG 75.00 ZQN-HO open interest=10110 current ask $3.00
FYI: There is an August $67.50 put (ZQN-TC) available if you prefer it. Just try and keep your dollar amounts relatively equal on both sides of the trade.
Picked on July 22 at $ 71.63
DaimlerChrysler - DCX - cls: 89.75 chg: -2.34 stop: n/a
Company Description:
Why We Like It:
Suggested Options:
BUY CALL AUG 95.00 DCX-HS open interest=1400 current ask $1.90
Picked on July 22 at $ 89.75
Lexmark - LXK - cls: 45.43 change: -0.71 stop: n/a
Company Description:
Why We Like It:
Suggested Options:
BUY CALL AUG 50.00 LXK-HJ open interest=1548 current ask $0.45
Picked on July 22 at $ 45.43
Play Updates
Call Updates
Boeing Co - BA - cls: 103.86 change: 1.38 stop: 99.75
BA displayed relative strength on Friday. Shares broke out higher to a new all-time high and did so on above average volume, which is usually a bullish signal. Unfortunately, we're almost out of time. We are planning to exit on Tuesday at the closing bell to avoid holding over BA's earnings report on Wednesday morning (July 25th). We are not suggesting new positions. More conservative traders may want to exit early now given the market's weakness. Our target is the $109.00-110.00 range. FYI: Readers might want to tighten their stop toward $100.75 or $101, just under the 10-dma.
Suggested Options:
Picked on July 13 at $101.55
FedEx - FDX - cls: 115.67 change: -1.53 stop: 114.42 *new*
The transportation stocks took a tumble on Friday. Honestly, we're surprised at the strength this sector did show last week given the rising price of crude oil. FDX dipped back toward its 10-dma and looks poised to retest support near $115.00. We are raising our stop loss to $114.42. Normally we would look for a bounce near $115 as a new entry point but we hesitate to suggest new bullish plays at this time. Our target was the $119.50-120.00 range.
Suggested Options:
Picked on July 12 at $114.42
GulfMark - GLF - cls: 55.75 change: 0.42 stop: 53.74 *new*
GMRK began trading under its new (NYSE) symbol of "GLF" on Friday. The company also announced that it will report earnings after the closing bell on August 1st. That gives us a little more time to play the bullish trend in GLF. We remain bullish and would still consider new positions here. However, we are inching up our stop loss to $53.74. Our target is the $59.50-60.00 range. If GLF doesn't hit our target we plan to exit on Wednesday, August 1st, before the closing bell.
Suggested Options:
BUY CALL AUG 55.00 GLF-HK open interest= 0 current ask $3.80
Picked on July 09 at $ 55.05
GlobalSantaFe - GSF - cls: 74.74 change: 1.46 stop: 69.90
Bulls quickly bought the dip near $72.00 on Friday morning. GSF eventually powered past short-term resistance near $74.00 and hit new two-week highs. More conservative traders may want to inch their stops up toward $71.00. We're leaving our stop at $69.90 for now. The next hurdle for GSF is the old high near $76. Our target is the $78.00-80.00 range. We do not want to hold over the early August earnings report. The P&F chart is bullish with an $87 target.
Suggested Options:
Picked on July 15 at $ 73.05
Helmerich Payne - HP - cls: 35.59 chg: -0.12 stop: 33.95
We remain bullish on HP. The company makes high-end drilling equipment and we're shocked that someone else in the industry hasn't acquired them. Given the pace of M&A in the market we think HP remains a high-odds takeover target. The question is when? Meanwhile the stock is doing just fine with a bullish trend of higher lows and technical support near its 40 and 50-dma. Technicals are a mixed bag and while we are suggesting positions now more conservative traders may want to wait for HP to clear resistance near $36.50 first. We plan to exit ahead of the August 1st earnings report. Our target is the $39.85-40.00 range, just under long-term resistance near $40.00. FYI: Readers might be tempted to adjust their stop loss toward the 50-dma around $34.40.
Suggested Options:
BUY CALL AUG 35.00 HP-HG open interest=270 current ask $1.80
Picked on July 15 at $ 36.30
Joy Global - JOYG - cls: 63.03 chg: -1.35 stop: 59.75
JOYG is still inside a multi-month bullish trend but short-term technicals are starting to look bearish. You could argue that JOYG, like several stocks and sectors this week, has created a bearish double-top pattern, albeit a short-term one. JOYG has pulled back toward support near $62.00. More conservative traders may want to raise their stop loss toward the $62.00 region. If you're feeling more optimistic then a rebound from the $62 zone could be used as a new bullish entry point. Our target is the $68.00-70.00 range. The Point & Figure chart is forecasting an $81 target.
Suggested Options:
Picked on July 11 at $ 62.05
PACCAR - PCAR - close: 94.90 change: -2.66 stop: 91.95
Warning! We are also considering an early exit in PCAR. The stock lost 2.7% on Friday and gave back a big chunk of last week's gains. Shares slid lower on big volume this Friday, which is usually a bad sign. Furthermore PCAR has produced a very clear three-day bearish reversal pattern. We do suggest more conservative traders exit now! We're going to stick it out for another day and see if shares bounce near the rising 10-dma. FYI: We still can't find a confirmed earnings date and we're not suggesting new positions.
Suggested Options:
Picked on July 15 at $ 93.77
Penn National Gaming - PENN - cls: 58.77 chg: -0.52 stop: n/a
This play seems to be getting more and more speculative as each day passes. We're down to the last ten days before time runs out for PENN to find another bidder. We're not suggesting new positions. If you're willing to gamble on a new offer coming in over the next several days we would stick to the August strikes.
Suggested Options:
Picked on June 17 at $ 62.12
Toro Co. - TTC - cls: 60.04 change: -1.62 stop: 57.95
TTC's lack of follow through on Thursday's bounce is bad news. The stock lost 2.6% and plunged back toward round-number support near $60.00. Odds are good that TTC may have been influenced by investor react to CAT's earnings report. The technical indicators for TTC are turning bearish. More conservative traders may want to exit early right here! We're not suggesting new positions at this time even though normally a bounce from here would look like a bullish entry point. If you don't want to exit but you're feeling cautious then consider a tighter stop loss. Our target was the $64.95-65.00 range. The P&F chart points to a $77 target.
Suggested Options:
Picked on July 11 at $ 60.75
XTO Energy - XTO - close: 60.77 change: -1.06 stop: 59.95 *new*
Time is almost up. Monday is our last day for XTO. We plan to exit at the closing bell on Monday to avoid holding over the company's earnings report on Tuesday morning. We will re-evaluate new positions after we see investor reaction to the earnings announcement. Please note we're inching up our stop loss to $59.95. Our short-term target is the $64.85-65.00 range.
Suggested Options:
Picked on July 15 at $ 60.56
Put Updates
Strangle Updates
(What is a strangle? It's when a trader buys an out-of-the-money (OTM) call and an OTM put on the same stock. The strategy is neutral. You do not care what direction the stock moves as long as the move is big enough to make your investment profitable.)
Advanced Micro - AMD - cls: 15.50 chg: -0.28 stop: n/a
We do not see any changes from our previous comments. AMD produced what appears to be a bearish failed rally pattern on Friday in addition to a bearish engulfing candlestick pattern. We're not suggesting new strangle plays at this time. The August options we suggested were the August $16 call (AMD-HQ) and the August $15 put (AMD-TC). Our estimated cost was $1.18. We want to sell if either option hits $1.85 or higher. Aggressive traders could aim for $2.40.
Suggested Options:
Picked on July 15 at $ 15.43
Intel - INTC - cls: 24.55 change: -0.71 stop: n/a
INTC's post-earnings sell-off is picking up speed. Shares produced what looks like a failed rally under the 10-dma and broke down under new short-term support. The MACD on the daily chart has produced a new sell signal. We are no longer suggesting new strangle positions. The August options we suggested were the August $27.50 call (INQ-HY) and the August $25.00 put (INQ-TE). Our estimated cost was $0.96. We want to sell if either option hits $1.65 or higher. FYI: The August $25 put is already up to a $1.00.
Suggested Options:
Picked on July 15 at $ 25.97
Manpower - MAN - close: 90.87 chg: 0.09 stop: n/a
Shares of MAN were upgraded on Friday morning, which accounted for the stock gapping higher at the open. Fortunately, for the bears the move turned into another failed rally pattern. We are no longer suggesting new strangle positions. We were suggesting the August $100 call (MAN-HT) and the August $90 put (MAN-TR). Our estimated cost was $3.35. We want to sell if either option hits $5.75 or higher.
Suggested Options:
Picked on July 15 at $ 94.60
MGIC Invest. - MTG - close: 53.49 change: -2.32 stop: n/a
It looks like there was a bit of a delayed reaction in MTG to its earnings news out on Thursday morning. The stock broke down on Friday and closed with a 4.1% loss and a new relative low on big volume. This looks very bearish and the next level of support appears to be the $50-49 range. We are not suggesting new positions. We were suggesting the August $60 call (MTG-HL) and the August $55.00 put (MTG-TK). Our estimated cost was $3.10. We want to sell if either option hits $5.95 or higher.
Suggested Options:
Picked on July 15 at $ 56.98
Dropped Calls
Avery Dennison - AVY - cls: 67.72 chg: -0.77 stop: 66.85
We are suggesting an early exit in AVY. The plan was to exit on Monday at the close to avoid earnings on Tuesday. However, the market weakness and AVY's pull back on Friday is our cue to bail out now.
Picked on June 11 at $ 66.05
Deere Co - DE - close: 129.07 change: -4.61 stop: 127.45
We are calling for an early exit in DE. Rival Caterpillar (CAT) missed earnings estimates. Shares of CAT plunged on the news and it pulled DE down with it. DE lost 3.4% on Friday. What is unfortunate is that DE hit an intraday high of $133.96 on Thursday. Our secondary (aggressive) target was the $134.00-135.00 range. DE had already hit our first target at $129.50 days ago. It's time to abandon ship. We'll definitely keep an eye on DE for future entry points.
Picked on June 20 at $123.55
Russell 2000 iShares - IWM - cls: 83.25 chg: -1.38 stop: 81.35
We suspect the market has put in a top. The Russell 2000 was never able to breakout past resistance even though the other major indices were hitting new relative highs. Now stocks are rolling over and short interest is at record highs. We're dropping the IWM as a bullish play.
Picked on June 24 at $ 82.85
L-3 Comm. - LLL - cls: 99.91 change: -0.64 stop: 97.45
We are suggesting an early exit on LLL. The stock is not cooperating with us. Shares have been stuck in a trading range around the $100 level. We believe investors are just waiting for the company's upcoming earnings report. We're going to wait a day, maybe two, before considering a new strangle position on LLL to try and capture any post-earnings volatility.
Picked on July 12 at $100.15
MAGNA Intl. - MGA - close: 94.21 chg: -0.99 stop: 91.89
We are giving up on MGA too and suggesting an early exit. Now we might just be too cautious here. MGA does still have what appears to be support near the $94.00 level and a bounce near $94.00 would look like a new bullish entry point. Unfortunately, given the market's weakness and combined with MGA's bearish failed rally near $96 on Friday (not to mention the bearish engulfing candlestick pattern), we would rather exit MGA now.
Picked on July 15 at $ 95.40
Pacific Ethanol - PEIX - cls: 13.38 chg: -0.05 stop: 12.83
We are also dropping PEIX. The stock has been slowly withering lower over the past two weeks and broke down under multiple levels of support. Friday did see a bounce from the $13.00 level but part of that was due to an analyst upgrade. Even an upgrade couldn't break the bearish pattern of lower highs. Readers may want to keep an eye on PEIX for a new rise past $14.00 down the road.
Picked on June 24 at $ 12.83
Dropped Puts
Goldman Sachs - GS - cls: 205.94 chg: -5.75 stop: 224.05
Target achieved and exceeded. Investors continue to fear how much unknown exposure the big broker-dealers may have to the sub-prime meltdown. The XBD broker-dealer index lost 2.3% on Friday. GS helped lead the way down with a 2.7% decline and a big bearish breakdown under technical support at the 200-dma, all of which occurred on big volume! Our target was the $208.50-207.00 range. More aggressive traders may want to aim toward the $200 region.
Picked on July 10 at $217.08
Dropped Strangles
Trader's Corner
In the past, I occasionally wrote for the educational market. "Number sense" was a term sometimes bandied about when I was writing for mathematics programs.
Today, let's develop a little number sense or perhaps option sense that will help make decisions about buying and selling options. The article is intended to encourage subscribers to develop an innate feeling for "if the underlying's price does this, the option's price will do that."
That innate sense is an important tool for traders to develop. Too many times, traders can doom a play by having the right idea and choosing the wrong option or the wrong time to sell that option.
We're going to perform some calculations on the option price calculator found on the left-hand sidebar on the www.ivolatility.com site. Click on "Basic Calculator" and you'll see the free version.
After you've agreed to ivolatility.com's terms, here's what you'll see:
Basic Calculator:
iVolatility.com has grouped the inputs for an option's price on the left-hand side. After the inputs are keyed in and "Calculate" is punched, the calculator churns out call and put values and the Greeks on the right-hand side. For the purposes of this article, we're going to be concerned with the price of the option only. We're getting a feel for where the option's price will go if the underlying's price changes in certain ways and over certain periods of time.
That agreement iVolatility.com makes you sign affirms that although the calculations are as accurate as possible, the calculator can't be counted upon to churn out the exact value for an option's price. I found that to be true when I ran through dozens of calculations when I was thinking about a hedging procedure I wanted to try on a spread play. The pricing wasn't what I anticipated when it came time to hedge.
However, the options calculator did provide some idea of where prices might be, and it's great for something else: getting a feel for how pricing changes as conditions change. That's the feeling, the sense, that I want subscribers to develop.
Let's try it. This article was first written on Friday, July 13, with the calculations below made at that time. Periodically, I'll update with some actual prices that I captured this week, so we'll see how the action and the anticipated prices matched.
Imagine that on Friday, July 13, 2007 of the week before option expiration, you bought an ATM SPX JUL call about 1:00 in the afternoon, anticipating an afternoon run higher. You spent 11.70 (estimated cost when splitting the bid/ask a conservative 70/30 in the favor of the seller) for a 1550 call with the SPX then at 1549.24.
That afternoon run occurred. Yippee! You were right. By 3:51 in the afternoon, the call you'd bought earlier was quoted at 13.10 bid and 13.90 ask. You should be able to sell it for at least $13.30, collecting a handsome profit for your afternoon's work. That's conservative. You probably could have gotten more.
Should you take that profit Friday afternoon or should you hold that option into the next week? The SPX is on a run, you reason, but what if it settles into a typical pattern for the SPX and consolidates a few days before a brief dip to the 10-sma, only then initiating another strong rise?
On that Friday, the 10-sma was at 1526.34, but it was rising and you anticipated that it might have risen to about 1528 within two or three trading days. Would you be stopped before the next run higher, if the SPX indeed dipped to that 10-sma before surging higher again into the end of opex week?
I think we intuitively know the answer to that question, but let's use the calculator to make that determination. I first ran the calculation for Friday, July 13, to see if I came up with a figure near the 11.00 bid x 12.00 ask that the 1550 was quoted at about 1:00 that afternoon. I did that to determine an estimate for the volatility that would be used for all further calculations, just to keep everything but price and days to expiration steady. That's not a real-world happening, of course, because volatility will change as price does, but we don't know how it might change.
SPX JUL 1550 Call Price on 7/13/07
The figures may be somewhat difficult to read because of the newsletter's requirement that charts and tables are kept at a certain width, but I input the then-SPX price, the 6 days to expiration, and a volatility of 14.48. iVolatility.com input the 5.32 for me. I'll explain some of those inputs.
We all know that expiration for the SPX options is Saturday, July 21, but the options chains I consult actually figure it from the last day it trades, which would be Thursday, July 19. Those options chains showed 6 days to expiration on Friday, July 13, 2007.
When using a volatility rate of 14.48 percent, iVolatility.com's calculated call price of 11.78 was between the actual 11.00 bid and 12.00 ask of that option at 1:00 that Friday. It was close to the estimated 11.70 at which I thought a trader might be expected to get a fill. So, the inputs chosen worked well, and the 14.48 volatility figure appeared valid.
How did I get the figure for the volatility percentage? Easy. Sometimes I estimate until I come up with the known option price. If you don't have a clue as to where you'd start that estimation, iVolatility provides that information, too, in two different ways.
Notice the bold words "Implied Volatility" on the bottom right-hand side of that chart? You can fill in some of the parameters for the underlying and then put in a known price for an option, and iVolatility.com will return a volatility figure for you. You can then use that figure for further calculations with the same option.
Volatility Calculation:
This returns a volatility figure of 14.38, a little lower than the figure I ended up using. I'll explain why later, after I've introduced the second way that ivolatility.com helps you determine volatility figures. In addition to the calculation we just performed, you can find "Basic Options" on the left-hand sidebar on iVolatility.com's main page. Clicking on that brings up a page that provides all the information you would ever want to know about historical and implied volatility on near-term options. iVolatility calculates volatility figures as of the close of the previous day, as well as providing historical information about the SPX's options' volatility. As of the close on 7/12/07, ivolatility.com pegged the July 1550's volatility at 13.02 percent.
After I had found these two estimates, I ran the figures through the calculator again to verify. Both that figure and the calculated 14.38 delivered call prices that were too low when compared to the actual price I thought someone would pay for the option, so I edged the volatility higher by trial and error until I came up with a figure that delivered the right price for buying an option.
Update: It's important to note that this volatility we're using now returns a price that would be paid to buy an option and not one that you'd necessarily receive to sell one. That would typically be a bit lower than the figure the calculator will now be churning out. Using hindsight, I probably should have also figured out a volatility estimate that would produce a call price that approximated the one at which the option could be sold, but that's hindsight.
If you do not feel comfortable fiddling around with this number, iVolatility will input the closing value from the day before as the volatility percentage default. You'll still be able to see how an option moves.
Now we can use these same inputs to determine what might happen to that call price if the SPX trades sideways into Wednesday of opex week and dips down momentarily to test the 10-sma before another hoped-for strong climb on Thursday. (Update: this several days of consolidation and subsequent dip to the 10-sma on Wednesday is actually what did happen.) Would you be stopped that Wednesday if the SPX traded sideways then dipped to 1528?
Again, I think we know the answer to this question intuitively, but let's run the numbers. I'll input "1" for days to expiration because that's the number of days the option will still trade on Wednesday, July 18, as explained earlier.
Estimated SPX JUL 1550 Call Price on 7/18/07
Yikes! That's obviously not something you want to do, to let an $11.70 option sink to $0.14, the call price ivolatility.com calculated. We knew intuitively that we wouldn't want to hold on through that test without running this calculation, but it goes against human nature sometimes to sell at a loss on a Friday when a bounce and higher prices are anticipated by the end of the next week. If traders aren't practiced at running these calculations, at developing this intuitive feeling for what will happen with option prices over time and with certain movement of the underlying, those traders might translate "higher prices" into "higher option prices," not realizing what will happen in between.
To me, this holding on no matter what seems to have increased since the early 2000's, when the SEC changed the rules for active traders with accounts smaller than $25,000. Those rules now limit the number of round-trip options trades to three a week, I believe, so if a trader has already bought and sold options twice that week, that trader may be averse to selling a call at a loss when a bounce is anticipated later.
Okay, so let's imagine on this Friday, July 13 that someone held on all the way through an imagined 10-sma test on Wednesday and then the anticipated bounce did occur from the 10-sma. (Update: The SPX did bounce from its 10-sma, although the 10-sma was higher by Wednesday than I had anticipated.) Imagine that bounce brought the SPX all the way from a test of the 10-sma on Wednesday morning up to 1556 by Thursday afternoon. (Update: the high Thursday was actually 1554.31.)
As you can guess, the calculator delivered a price of $6.00 if the SPX closed at 1556 on Thursday of opex week, the last day it traded. This was the amount by which that 1550 strike would have been in the money. Someone who bought the option for $11.70 on Friday, July 13 and held on when the SPX was just below 1550 would have lost a hefty amount, even though the SPX closed expiration week in this example more than six points higher than the point at which the call had been purchased and high enough that the option was in the money. (Update: Traders would have lost even more if they hadn't sold at the close on Thursday and had held on through Friday morning's settlement. The Friday-morning settlement figure for the SPX was 1553.69, so that the cash-settled JUL 1550 call would have delivered 3.69 into a trader's account for an option purchased for 11.70.)
I deliberately chose an easy example, one that worked intuitively, but I'm still often surprised by the number of traders who accurately predict what will happen in the markets but not with their option's price. That's why building up number sense by playing around with an option calculator can be so important.
Updating this example, by Wednesday, the 10-sma had risen to 1533.32, higher than I had anticipated. The SPX did exactly what I thought it might do (and warned it might do in my Thursday, July 12 Wrap). It consolidated sideways to sideways up for a few days and by Wednesday, the third day of consolidation, it dipped toward that 10-sma, achieving a low of 1533.67 that day. Having just moved to a new town a few days earlier, I was in and out of my study all day, so I didn't capture the option price at the exact test of the 10-sma. However, I did catch it at 12:22 EST, with the SPX at 1535.08, and the JUL 1550 call was 2.00 bid by 2.60 ask at that moment. Presumably, it was lower when the SPX dipped lower to that final 10-sma test. Although this 2.00 x 2.60 price was far higher than the calculated 0.15 price when I had estimated that the 10-sma might have risen only to 1528 by Wednesday, most traders still would have been stopped long before the decline of their 11.70 option to somewhere between the 2.00 bid and the 2.60 ask.
What if you predicted a different scenario on Friday, July 13 as this article was first roughed out? What if you thought the SPX was going to make a run toward 1560 Monday before dropping back and eventually hitting the 10-sma sometime during opex week? What if you bought that 1550 call at 1:00 EST Friday, July 13 and decided Friday near the close that you wanted to hold out for that anticipated 1560 test on Monday, hoping you could safely exit for even more profit than offered to you Friday near the close? How would the option price compare to Friday's closing price?
Estimated Price If the SPX Hits 1560 on Monday, July 16, Calculated on Friday,
July 13:
Remember that we set up this calculator so that it's giving us the price at which we'd likely buy an option, not sell it. The person selling to close that 1550 call would likely receive less money, perhaps around $14.20. Still, the holder of that option would likely profit if the SPX were to reach 1560 on Monday, as long as the volatility stayed the same. (Update: the SPX high on Monday was 1555.90, but I didn't capture the call price that day.)
What if volatility didn't stay the same? What if volatility had dropped as the SPX edged slowly higher all day Monday? What if it dropped to 13.00, certainly not impossible? The calculator returns a price of $13.86, so that a profit could likely be found.
That's not too bad. It might be worth a try, you reason. But how certain are you that the SPX will climb to 1560 on Monday? What if the SPX doesn't climb on the subsequent Monday, but sinks just a few cents at the open, say back to 1552.00, sits there while the volatility declines to 13.00? What would your option be worth? You shouldn't lose too much by taking that chance, should you?
Depends on what you call "too much."
Estimated Price if the SPX Consolidates at 1552 on Monday, July 16, While
Volatility Sinks to 13.00:
Yikes again! The option's price fell to $8.71, and, the way we set it up, that's the price to buy the option. A seller would likely collect less, perhaps $8.50 or so.
Do you want to risk a decline of $3.20 (11.70 - 8.50) from the price you paid for the option and $4.80 (13.30 - 8.70) from the price you could have received selling it Friday afternoon, just to potentially make $2.50 (14.20 - 11.70) above your original purchase price if the SPX climbs to 1560? Some would, and some wouldn't. Unless traders develop some number sense about options, though, they might not know what they're risking.
The point is that running the numbers through the calculators gives you a feel
for the way the options price might react under certain conditions. These prices
might not be completely accurate, as iVolatility wants you to acknowledge before
it allows you to even view the free calculator, but developing this kind of
number sense can prove invaluable as you make decisions. I've seen too many
people make too many wrong decisions just for lack of this kind of number sense.
Today's Newsletter Notes: Market Wrap by Jim Brown, Trader's Corner by Linda
Piazza, and all other plays and content by the Option Investor staff.
Option Investor Inc is neither a registered Investment Advisor nor a Broker/Dealer. Readers are advised that all information is issued solely for informational purposes and is not to be construed as an offer to sell or the solicitation of an offer to buy, nor is it to be construed as a recommendation to buy, hold or sell (short or otherwise) any security. All opinions, analyses and information included herein are based on sources believed to be reliable and written in good faith, but no representation or warranty of any kind, expressed or implied, is made including but not limited to any representation or warranty concerning accuracy, completeness, correctness, timeliness or appropriateness. In addition, we do not necessarily update such opinions, analysis or information. Owners, employees and writers may have long or short positions in the securities that are discussed.
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text:
European Practice in Water Quality Controlby Walter A. Lyon,
Serial Information: Journal of the Sanitary Engineering Division, 1967, Vol. 93, Issue 3, Pg. 37-46
Document Type: Journal Paper
Changes in European public policy regarding pollution control are examined, including the public response to the pollution problem, a summary of recent legislative activity, and intergovernmental relationships. The use of classification systems and the organization of water-pollution control efforts are evaluated, in addition to permit systems and the role of nongovernmental organizations in shaping water-pollution-control policies. In Europe, there appears to be a movement toward decentralized river-basin management of water-pollution control and waste treatment. Increased pollution of streams in the industrial sectors of most countries has had an adverse effect on many of the uses of rivers, particularly recreational uses. As a result, conservationists, fishermen, and professionals have called for, and received,— with the help of an interested press—stricter laws regarding pollution control.
Subject Headings: Water quality | Quality control | Public policy | Waste treatment | Water pollution | Legislation | Permits | Basins | Europe
Services: Buy this book/Buy this article
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subset: commoncrawl


text:
A Bird in Hand
The Northern Harrier
April, a time for getting the garden squared away for planting, the boat out for fishing, and the bicycles pulled from the garage for pedaling. And if you are truly sophisticated, you will have already spent many hours in the field bird watching. Well, at least the back yard. But this month's bird might not be accessible from the back deck. You may just have to head for an open field, the more vast the better. This is probably the only way you are going to capture the Northern Harrier in your binoculars
The Northern Harrier? What is the world is a Northern Harrier? Well, I'm glad you asked. The short answer is that it is a raptor. The long answer is... well, it gets a little complicated. If you've got the time, let me explain. You'll be glad you asked.
First off, in case you were unaware of the fact, raptors are the birds of prey. Species like hawks, eagles, falcons, etc. Winged predators with sharp beaks and big, scary claws, that are the stuff of nightmares for song birds, ducks, and other prey species. Raptors are at the top of the feathered food chain. And counted among them is the Northern Harrier. This is the big bad guy that rodents keep an eye out for.
In the right area, these are commonly seen birds. And that right area consists of open fields or scrubby areas that contain rodents: field mice, voles, gophers—that sort of thing, though an opportune bird or rabbit will not be passed up. Like most predators, Northern Harriers are opportunists. But unlike the larger hawks circling high in the sky, Harriers generally keep near to the ground, cruising at a fairly low speed. They accomplish this feat with a distinctive dihedral in their wings. That is, a definitive V-shape to their wings, unlike the flat plane of a hawk. This dihedral is similar to the Turkey Vulture (though less steep) and accomplishes the same effect—an ability to soar at a relatively slow rate of speed without stalling.
Harriers have three distinctive features that one must keep in mind when identifying these birds. First, the males and females have distinctively different coloration, which is rare in raptors. Second, a white rump patch. And third, the birds have an almost owl-like face, though this might only be obvious on the perched bird.
Male and female Harriers do not share the same color scheme. The much larger female will be predominantly brown or a dark, dirty gray on top, with a light colored breast and belly. Note that the breast may or may not be speckled, sometimes heavily. But the open wings will have a classy checkered pattern underneath. If she fans her tail, you'll be able to see the same pattern on the tail, though it might appear as stripes.
The male is completely different. Instead of brown, he will be a beautiful steely gray on top. Underneath, and most striking, is the almost pure white breast, belly, and under-wing coloration, with or without a wee bit of speckling. But the black tips on the primaries and trailing edges of the wings are a give-away. These markings are gorgeous and help you to pick the Harrier out in a crowd. You will not confuse it with any other bird.
Nonetheless, the most essential field mark for this bird will be a white rump patch. This is the definitive Northern Harrier field mark and is unique to this specie. The rump is the area where the tail meets the back of the bird (on top, not underneath). If the bird you are watching has a definitive white patch in this area, it is a Northern Harrier.
If you are fortunate to see a perched bird, look for the owl-like facial "discs." These features help the bird to locate its prey by sound. So the Northern Harrier can not only hunt by seeing its prey, but by hearing it as well!
When you are out birding and stumble upon a raptor in flight, don't forget the Northern Harrier. It is sort of like a slim, medium-sized hawk. Unique, but waiting in a field near you.
Happy birding!


text:
1 Hours 35 Mins from our holiday cottages
60 Miles from our holiday cottages
Dog Friendly
The Red Kite Feeding CentreGigrin Farm,South Street, Rhayader,Powys, Ceredigion
LD6 5BL (Sat Nav)
Tel: 01597 810 243
" Combine with a visit to the Elan Valley, a great road trip across The Cambrian Mountains "Stallion Valley Holiday Cottages Advice
The Red Kite Feeding Centre – Rhayader
100s of red kites descend on Gigrin Farm where they are fed at every day of the year. With breath taking feats of aerial piracy red kites compete with buzzards and ravens for choice pickings.
Feeding takes place at 2pm (last weekend in October onwards) and at 3pm (from the last weekend in March), no-one tells the kites that the clocks change twice a year!
The crows are first to turn up in trees around the feeding area and make it quite a noisy affair with the calls of jackdaws and carrion crows and the deep 'cronking' of ravens. Buzzards and red kites circle overhead; buzzards are far more vocal than kites, their powerful 'mewing' carrying a long way.
As soon as the meat has been put out the crow family start emerging from the surrounding trees. As the first crows land amongst the meat the kites go on the offensive. Kites watch and wait their chance to furl their wings and dive in, skimming the ground to snatch a scrap before rising suddenly to escape the beaks of the angry crows.
Everyone is welcome. We cater for families, specialist photographers, film-makers, schools trips and coaches. There are five regular hides, one dedicated disabled specialist photographic hide and three specialist photographic hides.
The farm has car parking, coach parking, disabled parking, toilets, café, shop, information centre, picnic site, farm trail,
The farm is open daily throughout the year except for a few days before Christmas, Christmas Day and Boxing Day.
For the 2015 this means the farm is closed on 21, 22, 23, 24, 25, 26 December.
Opening Times
1pm to 4pm – November, December, January, February, March
12:30 pm to 5pm April, May, June, July, August, September, October
Standard entry fee (permits entry to the regular hides only) £5 adults, £4 OAPs, £3 children 15 and under
The Mill holiday cottage is a luxury barn conversion.
The Byre holiday cottage is a single storey barn conversion.
Stallion Valley has been designed to be properly dog friendly, and has a wide range of dog friendly facilties.
Monday 6th of August 2018 04:10 PM
Friday 27th of July 2018 12:17 PM
Friday 27th of July 2018 12:14 PM
Cwm March Farmhouse Cottages
01559 363444


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Pikachu 3DS XL Coming to US!! [UPDATE]
GameStop has shipped my 3DS XL! I will do a system review once I receive it! Original Post: It's Official! (as if you didn't believe me before….) NOA has just announced on the Pokemon website that the Pikachu 3DS XL will be coming out


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Victoria and Gavin have been building a life together ever since a crazy stalker drove them into each other's arms six months ago. As they continue to explore their scorching D/s relationship, what they discover only ties their hearts together in a tighter knot.
But when Gavin is seriously injured while working as a volunteer firefighter, their worlds flip upside down. Her normally sweet and caring man turns angry and bitter, and suddenly everything they've built together is threatened.
Will Vicki's total submission and willingness to push any boundary for her man finally pull him out of his downward spiral before she loses him forever?
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text: Our sister company London Youth Action is also based at our activity centre in Dorking. We work together to offer a complete range of outdoor educational challenges and activities specifically designed with schools, youth groups and public service students in mind. All our activities are built around team work and building confidence in all children. Everyone will arrive as individuals and leave as a team! Our team of instructors here at LYA are experienced in the delivery of all sorts of challenging educational activities, we provide a unique experience action packed to test everybody that comes to us, but the final guarantee is that everyone will have Fun Fun Fun! Our venue is also home to The Nuts Challenge – You can experience part of this tough mud challenge with our Assault Course – everyone leaves extremely muddy! Contact us for more information or visit London Youth Action www.londonyouthaction.co.uk Muddy Schools! Teamwork Primary school group Youth Challenge Rope challenge College team building!


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This is a digital file
Trinity Arched SVG Files for paper printed projects or vinyl cutting.Please verify your machines format before purchasing. You are purchasing a downloadable zip file that will need to be saved and unzipped on your computer. This is not an actual product that you will receive in the mail. You will receive one downloadable zipped file.Your zip file will include the following formats: SVG, SVG3, DXF, EPS, PNG, JPGThese formats are commonly used for paper printed projects or vinyl cutting. For example: You can use them with your Silhouette or Cricut cutting machines. You may also use them with larger commercial cutters. **Original Designs by Katelyn's Kreative Stitches**Please read our Shop Policies. **Full Terms of Use are also included in each file.
Payments Accepted:We accept Visa, Master Card, American Express, Discover, and Paypal. Personal Checks or Money Orders:We do not accept personal checks or money orders at this time.
Refunds/Exchanges:Due to the electronic nature of our products, refunds CAN NOT be offered. However, If you have any questions please contact us and we will be happy to help. We always look forward to improving our products if or when necessary. Please understand that we are not responsible for the results of any altered designs.
Our Terms of Use Upon Purchasing: By purchasing our Designs you agree to our TERMS OF USE included in each zip file and located on our website. Each Embroidery File and/or SVG File will contain separate TERMS of USE.Our Design Files that are purchased or downloaded from Katelyn's Kreative Stitches, CAN be used or placed on items to be sold. However, the designs themselves CANNOT BE ALTERED, SOLD, TRADED, SHARED or INCLUDED in any design set or collection through a digital format. Our designs MAY NOT be pulled apart to use certain elements of a design to create your own designs for reselling of a digital file.You MAY NOT re-create a copy of our designs in any way shape or form. Many hours go into creating and preparing our designs so Please Respect our Work! Designs are solely for Personal use and Limited Commercial use. This is not a license for reproduction of the images, including our customer sample images that are sent to us. We ask that you please contact us about any concerns or issues that you may have with your results, so we may review them and improve our products, if and when necessary. We truly appreciate your support of Katelyn's Kreative Stitches and we hope that you'll enjoy each and every design that you purchase from us.


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Available in Caldwell, Burke, Catawba, Alexander, McDowell, Lincoln, Gaston and Cleveland counties.
Through Innovations (Medicaid) funding ComServ, Inc. has the skills and resources to provide a break for caregivers to take time to rest and recharge from the day to day commitments of supporting a person with a disability and often the whole family. Rrespite services provides the family/ caregiver and a person with a disability with a planned, short-term, time-limited break from their usual caring role. It is a service that also ensures the person who is supported by the Innovations Waiver has an enjoyable break doing activities of their choosing. Respite 's goal is to provide a positive experience for both the caregiver and the person with a disability. The service is provided to children over the age of three and adults.
Goals of Respite services are:
- Reduce stress and help maintain family relations
- Assist and strengthen the family as a unit
- Contribute to good physical and emotional health and allow families to successfully continue caring for their children or adult family member at home
- Provide families time to rest, relax, and recreat
- Help families through periods of crisis and adjustment
- Help improve long-term family stability and reduce the need for out-of-home placements or lessens the need for long-term residential services
For more information contact: Gastonia Office – 980-320-1753
Morganton Office – 828-438-6026
Respite Resources:
North Carolina Respite Coalition - northcarolinarespitecarecoalition.org
ARCH National Respite Network and Resource Center - archrespite.org
North Carolina Department of Health and Human Services - www.ncdhhs.gov


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Over the years we have seen REALTORS® use the marketing phrase "I will negotiate for you!" and acquire negotiation expertise certifications from various entities.
How does this translate for your client?
- Do you attend the presentation of the offer?
- Do you allow the "other" agent to attend the presentation?
- The NAR Model MLS Policy on Cooperating Broker at the Presentation**
Recently I was teaching a class at a state association of REALTORS® who indicated that being at the presentation was "old school" – no one does this anymore. "Then, how…?" The comments ranged from, "I discuss the offer with the other agent" to "With the permission of my buyer, I top the offer with an explanation of the wants and needs of my buyer".
If the purpose of a negotiation is to "do a deal", would it not be in the best interest of the client and their REALTOR® to sit down together and hash out the issues? With the client in the mix?
From The "Harvard Negotiation Project: 5 Lasting Rules For Negotiating Anything":
1. Don't Bargain Over Positions
2. Separate the People From the Problem
3. Focus on Interests
4. Invent Options for Mutual Gain
5. Insist on Using Objective Criteria
The Harvard Negotiation Project began in 1979 to assist business people better their conflict resolution skills. Your question would be: "Presenting a contract is not conflict resolution, so why treat it like a conflict?"
Would it be fair to say that unless an offer is full price and meets the Seller's every want and need, there might be areas of contention? Or conflict?
While my role today is not primarily one of REALTOR® listing or selling agent (though I do take referral business), I do as many as 20-30 Maricopa County Court mediations during the period of a month(voluntary- no pay). When everyone shows up, my settlement rate is over 80%. On some days, all 4 mediations end up with a full settlement.
How? By remembering that the mediation is about the parties and the role of mediator is one of directing the discussion to an agreement made by both parties. Sound a bit like negotiating?
First, consider that your client wants a property at a particular price and with certain terms. Second, consider that some of these terms and conditions may be "negotiable". Third, consider that the offer may not suit the Seller(or the counter offer may not suit the buyer). Fourth, consider what the outcome may be if your advocacy gets in the way or you misspeak.
My mediations involve one or two attorneys, or maybe no attorneys at all. The best and easiest mediations are with attorneys in the room with their clients, mainly because they present a clear and balanced picture of advocacy for their clients. I watch with wonder at their ability to advise their client, negotiate the issues with the other side, and to understand when they are about to put their client in jeopardy. They sense when the deal is about to go south. They understand the consequences of not coming to an agreement. When there are no attorneys present, the parties struggle with their personal wants and needs, principles, hurt, anger, and it becomes the role of the mediator to direct the conversation and discussion back to the issues.
Mediation is not about the law or what's "fair". Mediation is about what the parties want as an outcome. A lot like negotiation.
The point here to remember is that many of these mediations emanate from previous agreements. The common thread of all mediations is the lack of communication about the consequences surrounding the agreement the parties have with the "other" party. They include Landlord/Tenant, Insurance Companies, Credit Card Companies, Purchase Agreements, etc.
The more the parties focus on what they understood about the original agreement, the longer the conflict resolution process. Getting stuck on a principle or a position, real or imagined, the more work for the mediatior to work the participant past it. That's why it's so important to understand the original presentation of terms and conditions. Did everyone buy in then, or were there unresolved issues?
So, when and if you can, give full negotiations a chance by offering to have the Buyer's agent at the presentation (even telephonically) or asking to be present at the presentation of your offer as the Buyer's agent. You just might see an amazing uptick in successful agreements!
Happy house-selling!
**You must be a REALTOR(R) member and log in to read this policy. If you are not a REALTOR(R) member and wish to see the policy, email me at email@example.com
Kathy Howe


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Home > Vegetable Plants > Vegetable Seed > Beans
goes well with...
With a bushy growth habit this small runner bean is ideal grown in tubs and containers on patios or in open ground where space is limited.
Available now, priority dispatch.
With a bushy growth habit this small runner bean is ideal grown in tubs and containers on patios or in open ground where space is limited. Hestia is proving to be a popular choice with gardeners with its pretty red and white flowers appearing first followed by a good crop of slim, stringless 18/20cm tasty runner beans. **Brookside Nursery Top Tip Although this variety is compact, it can grow several stems and that is quite normal, so the plants will benefit from 30cms high canes/sticks placed around the pots for them to scramble up.
Of all the different types of pulses, Runner Beans are probably the most popular variety for home growing. There is nothing quite like the fresh taste of your just picked beans, from your very own garden, with your dinner!
Product Code: K30431AHeight: 30-45cm(12-18in)Position: Full SunSutable for Patio Containers? YesHarvesting Period: July to AugustSpacing: 30 cm (12in)
For orders containing seed only, we make a one-off Postage and Packing charge of £0.95 for the entire order. If you order other items as well as seeds the maximum postage and packing charge will be £3.95 per order. Delivery is free for all orders over £40 in value.
We normally dispatch orders containing seed only within 2-3 working days of ordering.
Seed only orders are dispatched via Royal Mail 2nd Class post.
If your order contains a mixture of seed and other items we will normally dispatch the seeds separately via Royal Mail 2nd Class post within 2-3 working days and the remaining items will be dispatched according to their individual delivery times.
Runner beans are frost tender so can either be started under glass in pots or Rootrainers from late March to mid-May or sown direct in the ground from mid-May. Sow indoors - Sow singly in individual pots 5cm deep into a good quality multi-purpose compost. Plant out 20cm apart from late May or when the risk of frost has passed.Sow outdoors May/June directly where crop is to be grown. Position 2 seeds 5cm deep and 20cm apart.
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Pea Half Pint (First Early) - 100 Seeds£2.30
A compact bushy variety of pea that is ideal for growing on a patio in containers or pots.
Geranium F1 Horizon Mixed | Tray of 40 Plug Plants£9.99
Geranium Horizon are an outstanding series of Geraniums, versatile, prolific and free flowering all summer.
Onion White Lisbon (RHS Award of Garden Merit) - 800 Seeds£1.65
White Lisbon is quick and easy to grow and has a mild flavour.
Tomato Cherry Baby | 5 Vegetable Plug Plants£3.99
Tomato Cherry Baby is superb for cold greenhouses super productive plants soon mass with dense clusters of up to 350 sweet 20g fruits per plant.
Tomato Tumbling Tom Red | 5 Vegetable Plug Plants£3.99
A Cascading, branching tomato for use in hanging baskets & containers.


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Shoe Storage Cabinets With Doors
Many people, particularly females, need a shoe storage option as a result of the minimal quantity of space they have, the sort of space they have and even the number of as well as what kind of shoes they have. However I state, never are afraid, your excellent shoe storage option is below!
If you have a really minimal quantity of space for your shoes, try using an over the door shoe shelf. Most of them will certainly hold virtually 2 loads pairs of shoes, as well as it keeps them up off the flooring. Shoe Storage Cabinets With Doors .
Are you the sort of individual that has a pair of shoes that you just put on for special occasions as well as are wish to safely save them in between uses? If so, there is a shoe storage option for you also. You could use private plastic containers that you could place a pair of shoes in so that you could save under your bed, on a closet rack or any place you have the space.
Shoe Storage Cabinets With Doors .Currently if you have space on the flooring for a much more open kind of shoe storage, there are services for you. Depending on the kind of shoes you have or what your certain demands are, you could discover bench-like storage areas or a straightforward, yet attractive shoe shelf.


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Kate Willis
Kate was elected to the Board as a tenant member in September 2009. She is a GHA tenant who lives in the south of the city. Kate works part-time for Castlemilk Timebank, which brings local people together by swapping tasks. She is the Chair of the South Area Committee and a GHA appointee on the Wheatley Housing Group Board.Back to GHA Board members


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Looking for properties in SLS Splendor?1Properties to Rent
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About SLS Splendor
Project Score
The SLS Splendor is one premium project which is set up in the Bellandur region of Bangalore. This is a modernized living space which has an availability of 3 BHK apartments for interested residents. Along with the finest apartments there are many facilities that are available in this project like gym, swimming pool, club house, rain water harvesting system, intercom, jogging track, sewage water treatment plant, multipurpose room and much more. The entire project is very well connected to the major parts of the city. Different schools, banks and hospitals all are available nearby the project without much distance hassle.
|Feb 2011
|Jun 2009
SLS Splendor Amenities
Lift Available
Car Parking
Power Backup
24 X 7 Security
Children's play area
Club House
Swimming Pool
Sports Facility
Jogging Track
Rain Water Harvesting
Multipurpose Room
Landscaped Gardens
SLS Splendor Specifications
- InternalSal Wood Frame
- MainTeak Wood Frame and Shutter
- BalconyCeramic Tiles
- KitchenVitrified Tiles
- Living/DiningVitrified Tiles
- Master BedroomVitrified Tiles
- Other BedroomVitrified Tiles
- ToiletsAnti Skid Tiles
- ExteriorWater Proof Cement Paint
- InteriorEmulsion Paint
- KitchenCeramic Tiles Dado up to 2 Feet Height Above Platform
- ToiletsGlazed Tiles Dado Up to Door Height
- WindowsPowder Coated Aluminium Sliding
- KitchenGranite Platform with Stainless Steel Sink
- ToiletsBranded CP Fittings and Sanitary Ware
SLS Splendor Floor plans
- 1,246 sq ftBathroom - 2
- 1,212 sq ftBathroom - 2
- 1,095 sq ftBathroom - 2
- 1,171 sq ftBathroom - 2
- 1,195 sq ftBathroom - 2
- 1,231 sq ftBathroom - 2
- 1,159 sq ftBathroom - 2
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About locality: Bellandur
Bellandur is a neighbourhood located towards the southeast of Bengaluru. The area is home to Bellandur Lake, the largest lake in the city. It is a part of the Bellandur drainage system which acts as a...
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Last update - 03-06-2015
Makaan.com is an online platform for real estate property listings. Makaan.com allows its users (real estate agents or individual sellers) ("Users") to post their Listings and share information of the properties available for sale or rent. Makaan.com only provides a platform for, and therefore merely displays, the information as uploaded by the users. Makaan.com does not in any way facilitate the sales between the Users and you/visitors and is not acting on behalf of any User and cannot be deemed to be a real estate agent as defined under the Real Estate (Regulation and Development) Act, 2016 ("Act"). Read Disclaimer


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Here we go, I proudly introduce our latest package, a new project between me and Wasin Pummarin, the USA – based and award winning photographer. Wasin Pummarin and I first met in 1999 when we both joined the Photo Club at Chulalongkorn university. While each of us grew in experience and created our own style…
I would love to hear from you!
Please contact me for more information about packages, prices or any other questions.
I check my mail every day and will get back to you as soon as possible :)If you have not received any reply within a few days, please check your junk/spam box.
Darin Limsuansub
+66 87 8822729
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- The Wedding of Orawan and Ken at AYANA Resort and Spa, Bali
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We provide illustration production services for video games and movie industry. We specialize in outsourcing services for 2D and 3D art for various platforms and genres, e.g. Fantasy, Sci-fi, Environments, Caricatures, Manga, Characters artworks, Concept Design, and Matte Painting.
We have an experienced team of professional artists capable to support client's project during any development stage.
Feel free to contact us for any inquiries about outsourcing.
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By Laurie Riedman
I love the type of help that shows up exactly when I need it.
So I'm not surprised that Xerox received a Software category Technology Innovation award this week from the Wall Street Journal for some really cool technology called Virtual Help Desk.
Help is sort of a swear word for me (or at least I find myself swearing a lot when I use it). You see, I'm the self-sufficient type. I'm also a tad technically challenged. It's a combustible combination.
On top of that – I'm an independent consultant that works from a home office. For me time is money, so when a printer, computer or other techno device stops working, I really don't have time to flip through my printer manual for technical instructions. I resort to hitting the reset button way too many times, and praying the device will eventually come to its senses. H-E-L-P! Sound familiar?
According to ethnographers at Xerox this scenario is common. They studied the way customers respond to printer issues and found that what we really need — is real time help. A person – not a manual – to guide us through the steps we need to take – right then and there.
Virtual Help Desk does just that.
So hats off to the team of really smart researchers from the Xerox Research Centre Europe who created this cool Web-based 3D virtual reality tool. Virtual Help Desk gives Xerox customers like me instant access to live support for their printer or multifunction device – while I'm standing at the printer.
Here is how works:
Let's say the document I need to pick up isn't printing. Rather than freaking out like I would normally do – using Virtual Help desk – I can calmly (notice the word calmly) press the 'Help' button once (notice the word once) and I will be automatically connected via a call to the support desk. As the agent accepts the incoming call, the system uploads a 3D model of the printer while gathering and displaying data on the status of the machine. The system simultaneously uploads the same 3D model on the screen in front of me so I can see exactly what the help desk agent is suggesting I do. In moments, I'm having a real-time multimedia conversation and can address the problem right then and there.
So, it's understandable that the panel of esteemed technology gurus at the Wall Street Journal gave this team the prize! Not only does the Virtual Help Desk promise to ease customer frustration and shorten customer care calls – more importantly — for customers like me – it gives me the freedom to focus on my real business..
ARVE Error: id and provider shortcodes attributes are mandatory for old shortcodes. It is recommended to switch to new shortcodes that need only url
Feel free to check out a video demo of the technology or find more info in this release.


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Want to learn a sport that will teach coordination, dance skills, sportsmanship, and encourage self-confidence? You are in the right place! Come learn the sport of baton twirling with the Brite Star Twirlers; state, national and AAU Junior Olymipic Champions.
Learn how to twirl a baton, rhythmic and pom dance routines to perform at community events such as parades, competitions and shows.
For more information contact:
Candice DowdyOwner/AAU National ChairPhone: 407-617-9358Email Candice Dowdy


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Examples > Communication
This example demonstrates string-based communication from the MSP430LaunchPad to the computer using a call-and-response (handshaking) method. The sketch sends an ASCII string on startup and repeats that until it gets a serial response from the computer. Then it sends three sensor values as ASCII-encoded numbers, separated by commas and terminated by a linefeed and carriage return, and waits for another response from the computer.
You can use the Energia serial monitor to view the sent data, or it can be read by Processing (see code below). The example below splits the incoming string on the commas and convert the string into numbers again.
Compare this to the Serial call and response . They are similar, in that both use a handshaking method, but this one encodes the sensor readings as strings, while the other sends them as binary values. While sending as ASCII-encoded strings takes more bytes, it means you can easily send values larger than 255 for each sensor reading. It's also easier to read in a serial terminal program.
In this code, we use the function Serial.print(). This function writes the value of what is in the function as readable ASCII text. For instance if we put Serial.write(100); into Energia sketch, when we open the Serial monitor, we will see a string of "100" written on the Serial Monitor. We can also write words to the Serial Monitor using Serial.print(). For instance Serial.print("Hello"); will return "Hello" on the Serial Monitor. With Serial.print() you can also change the base you want to read the value in the function. For example, Serial.print(78, BIN) will show "1001110" on the Serial Monitor.
Connect analog sensors to analog input pin 0 and 1 with 10K ohm resistors used as voltage dividers. Connect a pushbutton or switch to digital I/O pin 2 with a 10Kohm resistor as a reference to ground.
image developed using Fritzing. For more circuit examples, see the Fritzing project page
This code is very similar to the Serial Call and Response example. The main difference is we read the sensor values from the LaunchPad as ASCII-encoded-numbers instead of binary values as was the case from the previous Serial Call and Response which make them easier to read in the Serial Monitor.
The Processing code is also similar to the Serial Call and Response example in which you change the position of the circle produced by Processing by changing the sensors connected to the LaunchPad.
/* Serial Call and Response in ASCII This program sends an ASCII A (byte of value 65) on startup and repeats that until it gets some data in. Then it waits for a byte in the serial port, and sends three ASCII-encoded, comma-separated sensor values, truncated by a linefeed and carriage return, whenever it gets a byte in. Thanks to Greg Shakar and Scott Fitzgerald for the improvements The circuit: * potentiometers attached to analog inputs 0 and 1 * pushbutton attached to digital I/O 2 Created 26 Sept. 2005 by Tom Igoe modified 24 Apr 2012 by Tom Igoe and Scott Fitzgerald modified 24 Apr 2013 By Sean Alvarado Hardware Required: * MSP-EXP430G2 LaunchPad * (2) potentiometers * momentary switch/button * (3) 10K ohm resistors * breadboard * hook-up wire This example code is in the public domain. */ int firstSensor = 0; // first analog sensor int secondSensor = 0; // second analog sensor int thirdSensor = 0; // digital sensor int inByte = 0; // incoming serial byte void setup() { // start serial port at 9600 bps and wait for port to open: Serial.begin(9600); pinMode(2, INPUT); // digital sensor is on digital pin 2 establishContact(); // send a byte to establish contact until receiver responds } void loop() { // if we get a valid byte, read analog ins: if (Serial.available() > 0) { // get incoming byte: inByte = Serial.read(); // read first analog input: firstSensor = analogRead(A0); // read second analog input: secondSensor = analogRead(A1); // read switch, map it to 0 or 255L thirdSensor = map(digitalRead(2), 0, 1, 0, 255); // send sensor values: Serial.print(firstSensor); Serial.print(","); Serial.print(secondSensor); Serial.print(","); Serial.println(thirdSensor); } } void establishContact() { while (Serial.available() <= 0) { Serial.println("0,0,0"); // send an initial string delay(300); } } /* // Processing code to run with this example: // This example code is in the public domain. import processing.serial.*; // import the Processing serial library Serial myPort; // The serial port float bgcolor; // Background color float fgcolor; // Fill color float xpos, ypos; // Starting position of the ball void setup() { size(640,480); // List all the available serial ports println(Serial.list()); // Change the 0 to the appropriate number of the serial port // that your LaunchPad is connected to. myPort = new Serial(this, Serial.list()[0], 9600); // read bytes into a buffer until you get a linefeed (ASCII 10): myPort.bufferUntil('\n'); // draw with smooth edges: smooth(); } void draw() { background(bgcolor); fill(fgcolor); // Draw the shape ellipse(xpos, ypos, 20, 20); } // serialEvent method is run automatically by the Processing applet // whenever the buffer reaches the byte value set in the bufferUntil() // method in the setup(): void serialEvent(Serial myPort) { // read the serial buffer: String myString = myPort.readStringUntil('\n'); // if you got any bytes other than the linefeed: myString = trim(myString); // split the string at the commas // and convert the sections into integers: int sensors[] = int(split(myString, ',')); // print out the values you got: for (int sensorNum = 0; sensorNum < sensors.length; sensorNum++) { print("Sensor " + sensorNum + ": " + sensors[sensorNum] + "\t"); } // add a linefeed after all the sensor values are printed: println(); if (sensors.length > 1) { xpos = map(sensors[0], 0,1023,0,width); ypos = map(sensors[1], 0,1023,0,height); fgcolor = sensors[2]; } // send a byte to ask for more data: myPort.write("A"); } */
Corrections, suggestions, and new documentation should be posted to the Forum.
The text of the Energia reference is licensed under a Creative Commons Attribution-ShareAlike 3.0 License. Energia reference is based on the Arduino reference. Code samples in the reference are released into the public domain.