Is any sustained rally or bounce too much to ask for? That is what today felt like. We had a positive durable goods report this morning and the overseas markets held on to most of their gains. Some positive data on demand and supply gave oil the bounce that got it back above $70 per barrel.

Here were today's closing bell levels:

Dow 9,974.45 -69.30 (-0.69%)
S&P 500 1,067.92 -6.11 (-0.57%)
Nasdaq 2,195.88 -15.07 (-0.68%)

Top Analyst Calls

A late day recovery on word that not all Democrats are automatically for trying to make banks spin-off their derivatives desks entirely helped kick start some of the grossly oversold indexes. The notion that markets were entering extreme oversold levels also helped. Probably some short covering as well, even if the Case-Shiller data shows that housing prices still are falling. The DJIA was down for some time under 9,800 this morning, yet the recovery got stocks back over 10,000 and the markets een were fighting for a positive close in the last five minutes of the trading day.

Here were today's unofficial closing bell levels:

Dow 10,043.75 -22.82 (-0.23%)
S&P 500 1,074.03 +0.38 (0.04%)
Nasdaq 2,210.95 -2.60 (-0.12%)

Analyst upgrades:

• Oppenheimer upgraded Momenta Pharmaceuticals (MNTA) to outperform from perform as it finds the stock attractive ahead of FDA's decision on M-enoxaparin. The firm has a $15 price target on the stock.
• Wells Fargo upgraded Symmetry Medical (SMA) to market perform from underperform. The firm cited several factors for the upgrade, including valuation and its belief that Symmetry's customers have begun to deplete their inventories.
• Piper Jaffray upgraded Myriad Pharmaceuticals (MYRX) to neutral from underweight after the company announced Phase 2a date for Azixa. The firm has a $5 price target on shares.
• AvalonBay (AVB) and Mid-America Apartment (MAA) were upgraded to outperform from sector perform at RBC Capital.
• GSI Commerce (GSIC) was upgraded to overweight from equal weight at Morgan Stanley.
• FICO (FICO) was upgraded to equal weight from Underweight at Stephens.

Neurocrine Biosciences Inc. (NYSE: NBIX) announced on August 21, 2007, that the FDA accepted resubmission of its New Drug Application (NDA) for indiplon for the treatment of insomnia and has set a Prescription Drug User Fee Act action date of December 12, 2007. NBIX December option implied volatility is at 122, January is at 101. NBIX average option implied volatility over the last 26-weeks is 81 according to Track Data, suggesting larger winter price risks.

Daily options Update is provided by Stock Specialist Paul Foster of theflyonthewall.com.

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.