Before the Open (Nov 25)

Good morning. Happy Friday.
The Asian/Pacific markets closed with across-the-board gains. India rallied more than 1%; Hong Kong, China and Singapore also did well. Europe is currently mostly down. Austria, the Czech Republic, Russia, Greece and Poland are weak; Denmark is doing well. Futures in the States point towards a positive open for the cash market.
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The dollar is down. Oil is down; copper is up. Gold is down; silver is up. Bonds are down.
Barring a big sell-off today, a third week of gains will be in place at today’s close.
Most of the indexes are at all-time highs. The Russell 2000 has moved up 14 straight days – that’s the index’s second-longest winning streak.
There isn’t much to dislike about the market. Among the indexes, the small caps are leading. Among the groups, financials are leading. Energy and consumer stocks are also doing well. Many safe-havens are lagging.
The internals are doing just fine, and we’re into the “feel good” time of year.
The lock-out rally has kept many investors on the sidelines, so even if we do get a dip or pause, it should be bought by those who have missed the move so far.
The biggest cause for hesitation is the extent of the gains. They’re clearly unsustainable. This doesn’t mean I’m looking to go short – no way, I have no interest in that side of the market – but it does mean we need to be a little more careful chasing stocks higher.
The market closes early today. See ya on the Message Board if you’re around.
Stock headlines from barchart.com…
Deere & Co. (DE +11.04%) was upgraded to ‘Neutral’ from ‘Underperform’ at Longbow Research.
Molson Coors (TAP -1.09%) was downgraded to ‘Neutral’ from ‘Buy’ at Bryan Garnier.
Eli Lilly (LLY -10.51%) was downgraded to ‘Neutral’ from ‘Overweight’ at Atlantic Equities LLP.
Juno Therapeutics (JUNO -24.50%) was downgraded to ‘Hold’ from ‘Buy’ at SunTrust.
Ctrip.com (CTRIP) reported Q3 adjusted EPS of 17 cents, better than consensus of 11 cents, and said it will buy Skyscanner in a $1.74 billion deal.
Lockheed Martin (LMT -0.10%) received a $1,28 billion down payment from the Pentagon to continue production of the F-35 jet while negotiations continue a contract for 90 aircraft, worth as much as $7.19 billion.
A Federal jury late Wednesday found that Wal-Mart (WMT +1.01%) failed to pay hundreds of California truck drivers minimum wage and awarded then $54 million in damages.
Insteel Industries (IIIN +2.12%) jumped over 5% in after-hours trading after it was announced that it will replace Littelfuse in the S&P SmallCap 600 Index as of the close of trading Monday, November 28.
Airgain (AIRG +0.75%) fell 5% in after-hours trading after it announced a release of lock-up restriction on shares of common stock that will take effect after the close of trading Monday, November 28 and it will offer $40 million shares on behalf of selling holders.
Corbus Pharmaceuticals Holdings (CRBP +0.63%) dropped almost 7% in after-hours trading after it filed an agreement to offer as much as $35 million in common stock via Cantor Fitzgerald.
Announcements and such here
Today’s Earnings here
Today’s Economic Calendar
8:30 International trade in goods
9:45 PMI Services Index Flash
4:30 PM Money Supply
4:30 PM Fed Balance Sheet
NYSE close at 1:00 PM
Other…
today’s upgrades/downgrades from briefing.com
this week’s Earnings
this week’s Economic Numbers