Peter Way selects his buys by following the trading activity of block traders -- those making large, million dollar bets. Here's the latest from his Block Trader Oil & Gold Monitor.

"The volume stock market liquidity-providers are hedging their necessary position risks in ways that foretell declining oil stock prices. Their records on such outlooks in the past are pretty good, so pay attention.

"The million-dollar market-makers are not always right, and here they tend to be a bit early, but it's obvious they can save you some grief and provide a chance to pick up some meaningful extra profit.

"From our recent review of energy ETFs, we also note that the pros' perception seems to be that energy stocks have been bid up too far. Ok, so what to do? Sell the oil holdings? Then where to put the proceeds?

MOST NOTEWORTHY: Monsanto, AstraZeneca and Millenium Pharmaceutical were today's noteworthy upgrades:

• Banc of America upgraded shares of Monsanto (NYSE: MON) to Buy from Neutral as they have grown more comfortable with two previous concerns: competition and valuation. They see an attractive entry point ahead of strong expected results for Q2.
  
• UBS upgraded shares of AstraZeneca (NYSE: AZN) to Neutral from Sell on valuation, as they believe many of the risks are priced into shares at current levels.
  
• Piper upgraded Millenium Pharma (NASDAQ: MLNM) to Buy from Neutral and added shares to their Alpha List ahead of additional front-line Velcade presentations at ASCO and expected front-line Velcade approval by June 20.

OTHER UPGRADES:

• Jefferies raised GSI Commerce (NASDAQ: GSIC) to Buy from Hold.
• JA Solar (NASDAQ: JASO) was upgraded to Overweight from Equal Weight at Lehman.
  
• Credit Suisse upgraded Wimm-Bill-Dann Foods (NYSE: WBD) to Outperform from Neutral.

MOST NOTEWORTHY: The medical supplies and devices sector, East West Bancorp, Tempur Pedic and AbitibiBowater were today's noteworthy initiations:

• Credit Suisse initiated the medical supplies and devices sector with a Market Weight rating and started shares of Edwards Lifesciences (NYSE: EW) and Becton, Dickinson and Co (NYSE: BDX) with Outperform ratings and Medtronic (NYSE: MDT) and Boston Scientific (NYSE: BSX) with Neutral ratings.
  
• East West Bancorp (NASDAQ: EWBC) was initiated with a Buy rating and $36 target at B. Riley; the firm's target implies a 23.1% potential total return over the next twelve months including the stock's 1.35% dividend yield.
  
• Tempur Pedic (NYSE: TPX) was started with an Outperform rating at William Blair, as they find the current valuation attractive for long-term investor given the company's strong position in the specialty sleep products.
  
• Deutsche Bank resumed coverage of AbitibiBowater (NYSE: ABH) with a Hold rating and $29 target, citing the strength of the Canadian dollar and difficult newsprint fundamentals.

OTHER INITIATIONS:

• Banc of America initiated shares of JA Solar (NASDAQ: JASO) and Trina Solar (NYSE: TSL) with Buy ratings and targets of $73 and $76, and initiated Horizon Lines (NYSE: HRZ) and Solarfun Power (NASDAQ: SOLF) with Neutral ratings and targets of $34 and $14.

MOST NOTEWORTHY: First Solar, JA Solar, Alcatel-Lucent, Nokia and Ericsson were today's noteworthy initiations:

• First Solar (NASDAQ: FSLR) and JA Solar Holdings (NASDAQ: JASO) were initiated with Buy ratings and targets of $160 and $61 at Collins Stewart. Collins Stewart sees room for margin expansion and is positive on First Solar after channel checks; the firm expects JA Solar to expand capacity given its long-term supply agreements with four wafer suppliers.
  
• Merrill Lynch started shares of Alcatel-Lucent (NYSE: ALU) with a Sell rating, citing a lack of revenue growth prospects.
  
• The firm also started shares of Nokia Corporation (NYSE: NOK) with a Buy rating, as they believe the company's share gains and margin expansion will continue.
  
• Merrill also resumed coverage of Ericsson (NASDAQ: ERIC) with a Neutral rating, expecting high single digit earnings and share growth, but not enough for a Buy rating.

OTHER INITIATIONS:

• Goldman initiated the trucking and railroad sectors with Neutral ratings.
  
• Wachovia initiated Isis Pharmaceuticals (NASDAQ: ISIS), BioMarin and Molecular Insight (NASDAQ: MIPI) with Outperform ratings and Bioenvision (NASDAQ: BIVN), Dendreon Corporation (NASDAQ: DNDN), Arena Pharmaceuticals (NASDAQ: ARNA) and Neurocrine Biosciences (NASDAQ: NBIX) with Market Perform ratings.

Wall Street's equity market kicks into fifth gear this week with 8 IPOs and 6 Secondaries on the docket.

Those deals tentatively scheduled to price include:

IPOs:

Possible

• SP Acquisition (DSP), a 36M-share IPO for this business financing company. UBS Investment and Ladenburg Thalmann are the lead managers. Filing pricing: $10.00.

Midweek

• Mediatech Investment (MDTC), a 10M-share IPO for this business financing company. UBS Investment and JMP Securities are the lead managers. Filing range: $14.00-$16.00.

MOST NOTEWORTHY: Ballard Power Systems Inc (BLDP), GSI Technology, Inc (GSIT), eTelecare Global Solutions (ETEL) and JA Solar Holdings Co, Ltd (JASO) were the most noteworthy initiations in today's modest-sized list:

• Lazard started Ballard Power (NASDAQ: BLDP) with a Hold rating based on valuation.

• GSI Technology (NASDAQ: GIST) is gaining shares at key customers while ramp-up of its next-generation product should act as a strong catalyst to revenue starting in 2H07; Baird started shares with an Outperform rating.

• Baird also initiated eTelecare Global (NASDAQ: ETEL) with an Outperform rating citing consistent above-industry growth rates.

• American Technology initiated JA Solar Holdings Co (NASDAQ: JASO) with a Buy rating, pointing to the company's long-term customer agreements and solid silicon position...

OTHER INITIATIONS:

• MetroPCS Communications, Inc (NYSE: PCS) was started with an Overweight rating at Lehman.

• Cowen initiated shares of NetGear, Inc (NASDAQ: NTGR) with a Neutral rating.

• Lazard initiated Itron, Inc (NASDAQ: ITRI) with a Buy rating.

• Pacific Crest started shares of AsiaInfo Holdings, Inc (NASDAQ: ASIA) with a Sector Perform rating.

Analyst summaries provided by TheFlyOnTheWall.com (subscription required).

As the hubris of non-democratic nations like Venezuela and Iran builds, feeling more manly as they receive windfall profits from higher oil prices, U.S. brain power once again looks like it will triumph.

While it will take decades to replace our dependence on foreign oil, the powerful results reported by First Solar Inc (NASDAQ: FSLR) and Sunpower Corporation (NASDAQ: SPWR) plus others point to the first stages of finding serious solutions for alternative fossil fuel sources.

First Solar reported first quarter revenue of $66.9 million and net income of $5 million, smashing Street estimates. The stock was up over $5 in yesterday's trading.

Sunpower, which we have been blogging about for a while, was up slightly in yesterday's trading along with Trina Solar Ltd ADS (NYSE: TSL) and JA Solar Holdings Co Ltd ADS (NASDAQ: JASO). After decades of the alternative power stocks floundering, these stocks have products, revenue and earnings.

Brain power will always win out over digging stuff out of the ground.

MOST NOTEWORTHY: Sunstone Hotel Investors, Inc (SHO), Under Armour, Inc (UA), Crocs, Inc (CROX) and Susquehanna Bancshares, Inc (SUSQ) were today's more noteworthy initiations:

• RBC Capital initiated Sunstone Hotel Investors (NYSE: SHO) with an Outperform rating.

• ThinkEquity started Under Armor Inc (NYSE: UA)and Crocs Inc (NASDAQ: CROX) with Accumulate ratings. The firm believes both companies can continue to grow market share, expand its product line and distribution and earn high ROIC.

• Stifel started Susquehanna Bancshares, Inc (NASDAQ: SUSQ) with a Sell rating...

OTHER INITIATIONS:

• Barrington started Continuecare Corp (NYSE: CNU) with an Outperform rating.

• Raymond James initiated JA Solar Holdings Co, Ltd (NASDAQ: JASO) with an Outperform rating.

• Thomas Wiesel started Inovio Biomedical Corp (NYSE: INO) with an Overweight rating and $8.

• Both BMO Capital and William Blair started FCStone Group, Inc (NASDAQ: FCSX) with a Market Perform rating; Banc of America started FCStone with a Neutral rating.

Analyst summaries provided by TheFlyOnTheWall.com (subscription required).

Wall Street's equity market maintains full-power boosters next week, with no less than 14 IPOs on the docket.

LM = The firm(s) lead managing the deal.
PD = The day of the week the deal is expected to price.

Those deals tentatively scheduled to price include:

IPOs:

Accuray (ARAY), a 13.3M-share IPO for this robotic radio-surgery device manufacturer. ARAY has $14.00-$16.00 filing range. LM: JP Morgan Chase & UBS Bank. PD: Thursday.

Cellcom Israel (CEL), an 18.975M-share IPO for this Israel-based cell phone service provider. CEL has a $16.00-$18.00 filing range. LM: Goldman Sachs, Citigroup, & Deutsche Bank. PD: Tuesday.

Fortress Investment Group (FIG), 34.3M-share IPO for this hedge fund. FIG has a $16.50-$18.50 filing range. LM: Goldman Sachs. PD: Friday.

JA Solar (JASO), a 15M-share IPO for this China-based solar cells manufacturer. JASO has a $12.50-$14.50 filing range. LM: CIBC World Markets & Piper Jaffrey. PD: Wednesday.

Mellanox Technologies (MLNX), a 6M-share IPO for this semiconductor manufacturer. MLNX has a $12.00-$14.00 filing range. LM: Credit Suisse & JP Morgan Chase. PD: Thursday.