Before the Open (Sep 26)

Posted on by Jason Leavitt

Good morning. Happy Wednesday.
The Asian/Pacific markets closed mostly down. Japan dropped 2%; China and Indonesia more than 1%. Europe is currently suffering pretty stiff across the board losses. Austria, France and Norway are down more than 2%. Belgium, Germany, Amsterdam, Stockholm, Switzerland, London and the Czech Republic are down more than 1%. Futures here in the States point toward a down open for the cash market.

The dollar is up. Oil and copper are down. Gold and silver are down.
The market finally cracked yesterday. It was the first big down day we’ve gotten in over a month. One day certainly does not change the trend, but we still have to manage our positions wisely. I’ve had a defensive posture since last week because we didn’t have many good set ups to play, and I know from experience stocks that breakout at the end of decent run have much lower odds of “working” than stocks that breakout at the beginning of a run. Timing is important. The same pattern at different times will produce different results.
The conflict between China and Japan continues. Japan’s market hit a 2-week low; China hit a 3-year low.
The protests in Greece and Spain are getting ugly. Yields on 10-year Spanish bonds moved up 24 basis points. And to add insult to injury, the Catalonia region announced elections which could lead to the region breaking away from Spain and forming its own country.
Radioshack’s (RSH) CEO has stepped down.
Oppenheimer raised its price targets on T and VZ.
OMN did fairly well with earnings but the stock is down a bunch in premarket trading.
Dollar Thrifty (DTG) could not find a buyer other than Hertz (HTZ), so the acquistion will likley take place because DTG’s board has already unanimously recommended stockholders accept the offer.
Kohl’s (KSS) is opening 12 new stoks this fall.
Play good defense. Preserve capital. This is not a time to be a hero.
headlines at Yahoo Finance
headlines at MarketWatch
today’s upgrades/downgrades
this week’s Earnings
this week’s Economic Numbers

0 thoughts on “Before the Open (Sep 26)”

  1. The quality of markets was on view when its nerves came frayed and it fell hard on news that was old and likely of no import. No place to be. Bonds and cash seem OK for a while, and maybe the odd short or long just to keep the hand in. Obama may win? That should be watched, it may be an “event” of proportions to the market.

  2. instos have their buy sell orders at piviot points
    retailers at fib levels or chart sup/res
    neg tick extreme at piviots –so im reversing to long
    tech sell off effecting ndx and spx
    maybe last fridays index rebalancing was hard to accept

  5. at high noon ,uncle ben should take over and may buy back some of its spx futures shorts ,after diecting sir charles to be a bit bearish y/day
    uncle ben may have his curency fiddle with him as well

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