Today was one of the days where the only way to know where it would really end up was to have a crystal ball or time machine with a 4:00 PM destination. The only real data was existing home sales, and the overseas markets offered enough continued weakness and uncertainty that the news flow almost did not even matter. The three major stock indexes all spent at least some time in positive territory despite the woes of the day.

Here were the unofficial closing bell levels:

Dow 10,066.57 -126.82 (-1.24%)
S&P 500 1,073.63 -14.06 (-1.29%)
Nasdaq 2,213.55 -15.49 (-0.69%)

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Proshares UltraShort Barc 20-Year Treasury ETF (TBT) closed at $48.95. TBT April, May and June option implied volatility is at 22, below its 26-week average of 30, according to Track Data, suggesting decreasing price movement.

Two stocks with IV rise on March 24: Genzyme (GENZ) +4%, Annaly Mortgage Management (NLY) +6%, according to IVolatility.

ISE Sentiment Index-ISEE closed at 155 on 3/24/10. ISEE 10-day moving average is 131.

Options Update is by Stock Specialist Paul Foster of theflyonthewall.com.

Not all of my stock picks work out. I first wrote about Genzyme Corp. (GENZ) on June 19, 2009, at a price of $55.02. In the fall 2009, Genzyme's technicals had deteriorated to the point that the stock chart formed a bear hug: a bearish pattern, and I noted at that time, I thought that the prudent stance in December was to stand aside.

After falling through key, psychological support at $50, Genzyme's shares found support at/near $47, and have since moved back above $50 and the key 50-day moving average. However, the rally has been less than impressive. The MACD Histogram, a measure of buying pressure and selling pressure is less than convincing: according to my analysis, there's not enough buying pressure. Hence, I'd take the roughly $3 gain.

Analyst upgrades:

• Jefferies upgraded CME Group (CME) to Buy from Hold and has a $330 target on the stock. The firm believes increased regulatory concerns have created a buying opportunity and notes that CME Group's fundamentals are stable-to-improving.
• Susquehanna upgraded Priceline.com (PCLN) to Positive from Neutral and has a $230 target on the stock. The firm believes Priceline.com likely outperformed expectations in Q4.
• Citigroup upgraded AutoZone (AZO) to Buy from Hold citing an attractive valuation, favorable industry trends, and the potential for margin expansion. The firm raised its target price on shares to $188 from $176.
• Genzyme (GENZ) was raised to Sell from Conviction Sell at Goldman.
• Disney (DIS) was upgraded to Neutral from Underweight at JP Morgan.
• Exxon Mobil (XOM) was upgraded at Collins Stewart to Buy from Hold.

I'm placing a hold on Genzyme Corp's (GENZ) shares, first recommended on June 19, 2009 at a price of $55.02. If you're tempted to Buy GENZ's recent dip, hold-off. Here's why.

Genzymes' fundamentals suggest brighter days are ahead: The First Call FY2009/FY2010 EPS estimates for GENZ are $2.25 to $3.54. However, the stock's technical indicators have deteriorated this autumn, and indicate otherwise: the stock again dipped below the key, 50-day moving average, and also fell below psychological support at $50. Further, GENZ's chart now represents a bear hug -- a bearish pattern, and the rule is: when the fundamentals and technicals conflict -- stand aside.

Many said that today was based on solid economic data, but the markets were already pointed handily north. Today was about traders putting the risk trade back on by buying stocks and buying commodities. Dubai's explosive consequences seem to be mitigated, but that will be determined in time.

Here were the unofficial closing bell levels today:

Dow 10,471.58 +126.74 (1.23%)
S&P 500 1,108.86 +13.23 (1.21%)
Nasdaq 2,175.81 +31.21 (1.46%)

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Genzyne Corp.'s (NASDAQ: GENZ) stock has meandered since the June 19, 2009, Buy recommendation at $55.02, and it appears institutional investors have adopted a wait-and-see stance regarding the company.

Even so, I'm reiterating my Buy rating for GENZ. Here's why:

Analyst upgrades:

• Citigroup upgraded Procter & Gamble (NYSE:PG) to Buy from Hold after meeting with management as it believes a more aggressive strategy will lead to the company regaining market share. Citi raised its target on shares to $66 from $54.
  
• Piper Jaffray upgraded Allscripts (NASDAQ:MDRX) to Overweight from Neutral after learning the company signed a large contract with North Shore Long Island Jewish Hospital. Piper now sees upside to estimates and raised its target on shares to $22.50 from $14.
  
• UBS upgraded Amedisys (NASDAQ:AMED) to Buy from Neutral following a review of the Senate Finance Committee's healthcare proposal, which they view as "benign." The firm raised its target to $57 from $46.
• Daimler (NYSE:DAI) was upgraded to Outperform from Market Perform at Bernstein.
  
• Boston Private (NASDAQ:BPFH) was upgraded to Outperform from Market Perform at Keefe Bruyette.
  
• E-Trade (NASDAQ:ETFC) was upgraded to Buy from Neutral at Goldman.

The U.S. Food and Drug Administration (FDA) has some questions for Genzyme Corp. (NASDAQ: GENZ) regarding trial data for its leukemia drug, Clolar. Because Genzyme didn't follow the FDA's recommendations in conducting its main study of Clolar, the regulatory agency is reluctant to make a decision on the basis of the trial results.

In 2007, FDA staff advised Genzyme to conduct a randomized study in which participants receiving Clolar would be compared against a set of patients not receiving the drug. However, the drug company's primary tests did not include a control group; instead, the treatment was tested only on elderly patients with acute myeloid leukemia (AML).

Pharmaceutical drugmaker Genzyme (NASDAQ: GENZ), based in Cambridge, Massachusetts, specializes in creating drugs for rare diseases. Despite the small market, the Orphan Drug Act gives the company tax credits and enhanced patent protection, virtually guaranteeing that its drugs become blockbusters, like it's Gaucher's disease drug Cerezyme.

Recently, the company has halted production of the drug after a virus was discovered in production equipment at its Allston plant. Since the company expects a shortage in the supply of the drug, Genzyme said it would ask some consumers to conserve their stocks of the drug by temporarily skipping or reducing doses. The missed doses will not cause significant health problems, Genzyme said.