Analysts Down Under are telling investors to buy into banks. But this is disastrous advice, says Dan. Banking is in terrible shape. Investors would be much better off buying into beaten-down resource and energy firms. It’s now the best time since 2003 to buy a portfolio of world-class projects at very good values. This from Dan Denning…

The news on the Street is not looking good. The Fed, it seems, is spoiling the party. Few expect it to slash rates further.

Then there’s oil. The black goo rose 87 cents to $137.61 a barrel in electronic trade this morning.

MarketWatch has S&P 500 futures down 6.5 points to 1,311.80 and Dow industrial futures down 54 points.

Dan Denning in The Daily Reckoning Australia expects a ‘highly differentiated’ performance in stock markets for the rest of the year.