Before the Open (Nov 7)

Good morning. Happy Monday. Hope you had a great weekend.
The Asian/Pacific markets closed up across the board. New Zealand rallied more than 2%; Japan, Australia and Taiwan did better than 1%; Hong Kong, India and South Korea also did well. Europe is currently posting across-the-board gains. The UK, Germany, France, Austria, the Netherlands, Sweden, Switzerland, Greece, Turkey, Finland, Spain, Italy and Portugal are up more than 1%. Futures in the States point towards a huge gap up open for the cash market.
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LB Weekly – the indexes, the breadth indicators, a look at the big picture
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The dollar is up. Oil and copper are up. Gold and silver are down. Bonds are down.
It’s all about the election. I don’t have anything to add to the comments made over the weekend in the weekly report. In it I concluded the election is the single biggest event we’ve had in years. Bigger than the first time the Fed raised rates. Bigger than the Brexit vote. Bigger than everything.
I said a big move was coming. Wall Street doesn’t like uncertainty, and it doesn’t want a contested election. It wants a declared winner tomorrow night. If it happens, the market will surge. If it doesn’t, the market will tank. I don’t believe there will be any middle ground. We’ll move huge up or down.
News trumps the charts, and this news item is bigger than anything we’ve had in many years.
Stock headlines from barchart.com…
NetSuite (N -3.89%) surged 20% in pre-market trading after shareholders endorsed Oracle’s bid for the company
Cummins (CMI +2.10%) was raised to ‘Buy’ at Evercore ISI with a price target of $133.
Physicians Realty Trust (DOC +2.15%) was upgraded to ‘Strong Buy’ form ‘Marker Perform’ at Raymond James with a 12-month target price of $22.
Hostess Brands (TWNK) was rated a new ‘Buy’ at SunTrust with a price target of $15.
Macerich (MAC +0.72%) was upgraded to ‘Buy’ from ‘Neutral’ at Mizuho Securities with a target price of $84.
Biogen (BIIG) was upgraded to ‘Overweight’ from ‘Neutral’ at Piper Jaffray with a 12-month target price of $335.
Healthcare Trust of America (HTA +0.35%) was upgraded to ‘Outperform’ from ‘Market Perform’ at Raymond James with a 12-month target price of $33.
Compass Point Research & Trading initiated a ‘Sell’ recommendation on Alliance Data Systems (ADS -0.12%) with a price target of $168.
Berkshire Hathaway (BRK) reported Q3 operating EPS of $2,961, below consensus of $3,058.
Knoll Capital reported a 6.1% passive stake in Abeona Therapeutics (ABEO -2.63%) .
Total System Services (TSS +0.91%) fell nearly 1% in after-hours trading after the company said it is in talks with the FTC on a potential settlement over certain marketing practices with its NetSpend unit that was investigated by the FTC.
Today’s Economic Calendar
8:30 Gallup US Consumer Spending Measure
10:00 Labor market condition index
12:30 PM TD Ameritrade IMX
3:00 PM Consumer Credit
Today’s Earnings here
Other…
today’s upgrades/downgrades from briefing.com
this week’s Earnings
this week’s Economic Numbers