Stocks started out strong, but despite the lower producer inflation via PPI the markets were mixed and the net result was not certain until the very end of the day. Many of the Warren Buffett stocks and George Soros stocks were among the movers today. One issue affecting stocks ahead is that investors and traders alike are starting to figure out that cost cuts at the likes of what was seen over the last year cannot go on forever, and that benefits can only add so much.

Here were today's unofficial closing bell levels:

Dow 10,423.81 +16.85 (0.16%)
S&P 500 1,110.31 +1.01 (0.09%)
Nasdaq 2,203.78 +5.93 (0.27%)

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Analyst upgrades:

• Barclays upgraded Exxon (XOM) to overweight from equal weight based on a higher production growth outlook. The firm, which raised its target to $92 from $90, expects Exxon to have organic growth of more than 3% in 2010 and an average growth rate of 2.6% between 2009 and 2013.
• Kaufman Bros. upgraded Palm (PALM) to buy from hold citing the recent pullback in shares and indications that Verizon (VZ) will carry webOS phones as early as 1H10. The firm has a $16 target on the stock.
• Piper Jaffray raised Medicis (MRX) to neutral from underweight and raised its target to $20 from $16. Following a management meeting, Piper said they have increased confidence in Soldyn risk and LipoSonix's safety profile.
• Illinois Tool Works (ITW) was upgraded to buy from neutral at UBS.
• Devon Energy (DVN) was upgraded to outperform from market perform at Wells Fargo.
• Carmike Cinemas (CKEC) was upgraded to buy from neutral at Merriman.

Today was another up-day that started out strong and stayed strong. Retail sales helped trump a weak NY Fed manufacturing number, and Ben Bernanke said he sees no asset bubbles in the US markets today.

Here were today's unofficial closing bell levels:

DJIA
NASDAQ
S&P500

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There are only seven weeks left in the year, so it is time to start thinking about 2010. If you have been keeping up with my 2009 picks (see: Chasing Value: 2009 blazing picks -- Q3 review ) than you would be aware that the group is up 40% through the third quarter.

This year I bought all of my picks so that I would be riding in the same ship as anyone that might have considered my suggestions.

I will be breaking up my potential picks into three categories; contender, on the fence, and out of the running, until I finalize the list in the last week of the year.

Climate change isn't going to be free. A report by Point Carbon, an independent consulting company that tracks global carbon and energy markets, estimates that U.S. climate legislation could push the price at the pump 13 cents a gallon higher. The increase would result from the cost to oil companies for carbon permits, which they can pass along to consumers.

This is a much rosier view than that of the oil industry, however, which believes a U.S. cap-and-trade system would thrash demand for gasoline and lead to the shuttering of many refineries.

Here are some highlights from last week's earnings coverage from BloggingStocks:

• Aetna Inc. (NYSE: AET) reported better-than-expected Q3 earnings and revenue, sending shares higher.
• Allergan Inc. (NYSE: AGN) reported better-than-expected Q3 numbers, sending shares higher.
• Bare Escentuals Inc. (NASDAQ: BARE) Q3 profit easily topped analysts' estimates, and shares surged.
• Cabot Oil & Gas Corp. (NYSE: COG) received an upgrade following the release of its Q3 numbers.
• Estee Lauder Companies Inc. (NYSE: EL) reported strong Q1 results, sending shares higher.
• E*Trade Financial Corp. (NASDAQ: ETFC) reported a smaller-than-expected net loss for Q3.
• Goodyear Tire & Rubber Co. (NYSE: GT) Q3 earnings topped estimates and revenue was up sequentially.

Here are some highlights from last week's earnings coverage from BloggingStocks:

• AK Steel Holding Corp. (NYSE: AKS) reported better-than-expected Q3 results but shares fell anyway.
• Baidu Inc. (NASDAQ: BIDU) posted strong Q3 results but shares sold off on a disappointing guidance.
• Burger King Holdings Inc. (NYSE: BKC) said lower Q1 earnings fell short of analysts expectations.
• Dreamworks Animation SKG Inc. (NYSE: DWA) topped Q3 profit and revenue estimates, lifting shares.
• Geron Corp. (NASDAQ: GERN) posted a narrower-than-expected Q3 loss, sending shares sharply higher.
• Honda Motor Co. Ltd. (NYSE: HMC) reported lower Q2 earnings and sales on weak demand for cars.

Here are some highlights from last week's earnings coverage from BloggingStocks:

• Aflac Inc. (NYSE: AFL) reported strong Q3 results, declared a dividend, and offered guidance for Q4.
• Avon Products Inc. (NYSE: AVP) Q3 earnings slumped and revenue was hurt by currency translations.
• BP (NYSE: BP) shares leaped higher after it reported better-than-expected quarterly earnings.
• Daimler AG (NYSE: DAI) reported that it returned to profitability in Q3 but warned of decreasing revenue.
• General Dynamics Corp. (NYSE: GD) Q3 earnings beat expectations and it lifted its earnings outlook.
• Hershey Co. (NYSE: HSY) posted strong Q3 earnings and expects full-year earnings ahead of forecasts.

Today was mired by awful spending and income data as many are actually now not believing that high GDP figure from yesterday. Earnings were virtually the same as earnings tend to beat estimates but because of cost cutting.

Here were today's unofficial closing bell levels:

Dow 9,710.54 -252.04 (-2.53%)
S&P 500 1,036.01 -30.10 (-2.82%)
Nasdaq 2,045.11 -52.44 (-2.50%)

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Oil giant Chevron Corp. (NYSE: CVX) will get its chance to impress Wall Street before the market opens Friday when it reports its third quarter results.

The last time the company reported earnings was back in July when it was unable to meet analyst estimates by posting 87 cents per share verse estimates for 95 cents. Traders seem optimistic that the company will meet expectations this time around and are driving the stock up 2.5% in today's trading.

ConocoPhillips (NYSE: COP), the Houston-based oil and gas giant, is scheduled to discuss its third quarter 2009 financial results in a conference call Wednesday at 11:00 AM ET. You can catch the live webcast of the call on the company's website.

During the three months that ended in September, ConocoPhillips, entered a joint venture in Abu Dhabi, upgraded its inventory software, and declared a quarterly dividend. Analysts surveyed by Thomson Reuters expect this integrated energy company to report that earnings plunged 71.7% from a year ago to $0.94 per share. Revenue for the quarter is expected to be 49.5% lower to $35.4 billion, due to weak demand and low prices.

Today started out higher for stocks, but then the US Peso came into play. Shares have been the beneficiary of a weakening dollar, but then the currency bears started to cover the position. There is talk that some foreign central banks intervened to halt the rise of their own currencies, although whether or not that was the case may not be known.

Here were today's unofficial closing bell levels:

Dow 9,867.81 -104.37 (-1.05%)
S&P 500 1,066.98 -12.62 (-1.17%)
Nasdaq 2,141.85 -12.62 (-0.59%)

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Analyst initiations:

• Allegheny (NYSE: AYE) was initiated with a buy at Citigroup as attractive at current levels. Target is $33.
• PPL Corp. (NYSE: PPL) was initiated with a buy at Citigroup. Citi believes PPL's earnings power from the Pennsylvania regulated utility market is being underappreciated. Target is $35.
• FirstEnergy (NYSE: FE) was initiated with a Buy at Citigroup who believes the company's current valuation doesn't reflect its transition to full market-based rates in 2011. Target is $56.
• Waste Management (NYSE: WM) coverage resumed with a Neutral at Goldman.
• Exxon (NYSE: XOM) initiated with a Buy at Soleil. Target is $90.
• Vodafone (NYSE: VOD) was initiated with a Buy at ING Group.

Since the stock market bottomed in March of this year, it has been firing on all cylinders -- except for those in the auto industry who manufacture the most cylinders of course. This year has not been kind to them.

For months, many have been surprised at the rapid rise, given the level of unemployment. During this same period, Wall Streeters have been dancing up and down, looking forward to more bonuses.

As the number of unemployed has climbed and the period of same has lengthened, many have wondered how business could be improving during a time when the consumer (those still left) has transformed from spender to saver.

An update: a decision to hold one short and close another short position - due to the probability of higher-than-expected U.S. GDP growth in Q3/Q4, and the impact that better economic recovery would have on consumer spending.

Exxon-Mobil (NYSE: XOM), recommended on June 3, 2009 at a price of $72.88. As expected, Exxon-Mobil's stock remains under pressure, due to the possibility of moderating oil prices and continued, sluggish U.S. gasoline sales, stemming from 7 million lay-offs in the U.S., increased vehicle efficiency, and a frugal consumer. Hold Short, but Cover Short on a bounce off $60, $56.50, $55, $50, $45, or $40. Revised Buy/Stop Loss if you sold shares in this company: $78.