Baltimore — (TFN): How efficient are the markets? It is like asking how smart is the human race We all know the answer, but few of us are willing to suck in our pride and admit there are a few dim bulbs among us.

Judging by the sudden rise in fame of Levi Johnson or Balloon Boy’s antics, the human brain is far feebler than we give credit.

And so are the markets.

If you have taken a basic finance class anytime between 1965 and the present, you have likely studied Eugene Fama and his efficient market hypothesis.

Essentially, the University of Chicago professor created a cult-like following of investors and academicians that believe markets entirely reflect all known information and instantly react to new information.

For example:

When I told my ever-optimistic, ever-“hopeful” colleague, Laura Cadden, the news the majority of Obama’s infrastructure stimulus would finally be doled out sometime early next year

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Ecosphere Technologies is a diversified water engineering and environmental services company with a primarily focus on the natural gas industry. One of the shining stars of Ecosphere Technology is their subsidiary, Ecosphere Energy Services, LLC (EES), which today announced that it has closed a major financing round of $7.5 million with Fidelity National Financial (FNF).

The union of EES and FNF will provide benefits to all involved. EES has become known as a leading provider of proprietary water purification and management systems to the energy industry and showcase the proprietary Ozonix technology which offers an eco-friendly “Total Water Management” system that is capable of cost effectively reclaiming water for maximum reuse and minimal waste. This technology has the capability of protecting our most precious resource while providing protection to the environment.

As for FNF, they are a leading provider of title insurance and specialty insurance. Being a known

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Dr Stock Pick HOT News & Alerts!

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FREE Daily Stock Alerts From DrStockPick.com

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Thursday October 1st, 2009

DrStockPick.com Stock Report!

CMCSA, PWRM, CSCO, AQNM, IMCI, BHI

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PWRM, Power 3 Medical Products Inc, PWRM.OB

Power3 Medical Products, Inc. is a leading bio-medical company engaged in the commercialization of neurodegenerative disease and cancer biomarkers, pathways, and mechanisms of diseases through the development of diagnostic tests and drug targets. Power3’s patent-pending technologies are being used to develop screening and diagnostic tests for the early detection and prognosis of disease, identify protein biomarkers, and drug targets. Diagnostic tests are targeted toward markets with critical unmet needs in areas including neurodegenerative disease (NuroPro) and breast cancer (BC-SeraPro). Power3 expects to

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The risk factors surrounding the nation’s oil industry are through the roof. The action is costing unprepared investors a lot of money. For proof, ask Delta Petroleum (NYSE:DPTR) shareholders.

Even a first grader can look at this market and know anything but fundamentals are driving the action. Fortunately for guys like me, few grade-school can figure out why.

These days, it is all about the macro-economy. More specifically, the only thing anybody cares about is the value of the dollar. When the greenback is up, the market is down (like today). When the dollar is weak, the market rallies – like last week.

There are several reasons for the trend: flight to safety, inflation, political risk… you name it.

What matters for us as traders is the pattern is unwaveringly true for the crude markets. With oil settlement denominated in dollars, the ever-important energy source is tied directly to the greenback.

The correlation

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EnCana Corporation (ECA) has recently said that a significant exposure to the Horn River shale play (in a remote corner of northern British Columbia) should add substantial value to the company in the future. This shale play could hold as much as 500 trillion cubic feet (Tcf) of natural gas. The Horn River shale play ranks among the largest gas finds in North America as exploration in the region firms up its potential. It is the third largest shale play after Marcellus and Haynesville, having 1,500 Tcf and 717 Tcf of gas, respectively. With partners such as Apache Corporation (APA), EOG Resources (EOG) and Devon Energy Corporation (DVN), the Horn River shale play has revolutionized North America’s natural gas industry. EnCana has built considerable land positions in different emerging shale plays, which add significant depth to its strong portfolio of natural gas ...

Quanta Services Inc. (PWR) recently agreed to acquire privately held Price Gregory Services Inc., a leading natural gas and oil transmission pipeline infrastructure service provider in North America, in a cash and stock transaction valued at about $350 million.

According to the deal Quanta will issue approximately 11.1 million shares of common stock worth $250 million, and will pay nearly $100 million in cash, subject to adjustment, to Price Gregory shareholders.

Price Gregory is a leading energy infrastructure services provider of its kind, specializing in the construction of large diameter transmission pipelines. Building on Quanta’s strength in electric power business, this acquisition strongly positions the company as a leader in the North American energy transmission infrastructure market and will help it to take advantage of the positive long-term outlook for the natural gas industry.

Price Gregory had revenue of more than $1.41 billion and earnings before interest, taxes,

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Quanta Services, Inc. (PWR) signed an agreement to acquire privately-held Price Gregory Services, Inc., an energy infrastructure services provider in North America that specializes in the construction of large diameter transmission pipelines.

This transaction, which is expected to close in the fourth quarter of 2009, is valued at $350 million. Quanta will issue approximately 11.1 million shares of its common stock, valued at $250 million, and will pay approximately $100 million in cash, subject to adjustment, to the stockholders of Price Gregory.

This acquisition further strengthens Quanta's leadership position in the North American electric power transmission industry. The company said that Price Gregory will significantly expand the scale and scope of Quanta's existing natural gas operations and will position it to take advantage of the positive long-term outlook for the natural gas industry.

Quanta expects a substantial increase in revenues and earnings, strong margins, and significant free cash flows with the

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I ran across a href="http://www.rigzone.com/news/article.asp?a_id=78661"this report today /athat the Marcellus Shale could end up yielding even more natural gas than expected, which already was a major number:br /br /blockquotepNew calculations show the Appalachian Basin's Marcellus Shale formation could yield enough natural gas to supply all U.S. needs for nearly two decades -- dramatically more than previous estimates. Penn State University geosciences professor Terry Engelder projects nearly 500 trillion cubic feet of natural gas could be produced from the entire formation, which is found in portions of five states, including most of Pennsylvania. Engelder published his latest estimate in the August issue of Fort Worth Oil and Gas Basin magazine. /pp/pp"If the natural gas from the Marcellus could be extracted on demand, the Marcellus alone would last the U.S.A. more than 19 years, producing 489 trillion cubic feet of gas," Engelder said Monday. It was Engelder and Gary Nash, a professor ...

The markets are moving. While the nation’s biggest companies are making the headlines, some of the smallest firms are creating the most profit potential.

After a banner week for the equities market last week, we are off to another positive start.

As the equities market continues to react to a slew of better-than-expected earnings reports, all eyes have turned to Ben Bernanke and his official commentary to Congress later this week. Unless the Fed chief says something entirely unexpected, bordering on economically outrageous, do not expect the markets to make a huge move in either direction.

This is still an earnings game. As long as investors work to adjust their expectations higher, the markets will move accordingly.

For the smallest of publicly traded companies – the firms that were on the ropes as the credit crunch tightened its grips – news of strong earnings could not have been more welcome.

While the big boys

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Ecosphere Technologies, Inc., a diversified water engineering and services company primarily focused on the natural gas industry, announced that the Corporation Commission of Oklahoma approved a permit application by Newfield Exploration Mid-Continent, Inc. to build and operate a water recycling plant utilizing the Ecosphere Ozonix Water Treatment System for two years. Newfield is now able to process frac flowback water into freshwater and brine utilizing Ecosphere’s Ozonix System.

Ecosphere Energy Services, LLC, President, Dennis McGuire stated, “We appreciate the Commission’s granting of the permit to utilize our Ozonix technology in Oklahoma. Their representatives visited our site twice during the pilot program to witness the Ozonix System working and took samples for independent testing. It was a lengthy and deliberate procedure to gain Commission approval and their efforts will help to preserve Oklahoma’s precious water resources.”

He continued, “The Ecosphere Ozonix System will also result in fewer trucks on the road hauling water

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