Before the Open (Oct 3)

Posted on by Jason Leavitt

Good morning. Happy Wednesday.
The Asian/Pacific markets closed mixed and with a bearish slant. Not one index moved more than 0.5%, and China was closed again. Europe is currently mixed. Greece is up 1.5%; otherwise there are no noticeable movers. Futures here in the States point towards a flat open for the cash market.

The dollar is up. Oil and copper are down. Gold and silver are up.
Tonight is the first of the presidential debates…a major pain for those who work or live in Denver because I25, the main highway cutting north-south through the city, is closed. The debates should take place in the middle of nowhere so hundreds of thousands of people are not negatively impacted.
We entered this week with the intermediate term trend solidly up but the near term unclear. Plus several indicators had reached extreme levels and reversed. I was hoping for a little more weakness so the charts could better reset themselves and the indicators could cycle the opposite direction. So far we’ve gotten very little net movement. Monday and Tuesday saw the market strong early but then weakish most of the days. The weekly candles are either slightly up or slightly down, and so far the action has taken place within the high and low of last week.
WAG same store sales dropped 11.1%…the stock is down 2.5% in premarket trading.
MON is down 2.7% before the open…earnings and guidance related.
FDO did well with earnings…it’s up 2.3%.
MetroPCS (PCS) and T-Mobile are merging.
SRPT is up 125% in premarket trading.
BGS is doing a 3.63M share secondary offering.
Lifelock is going public at $9/share. That’s a terrible price. Most large funds won’t consider any stock under 10 bucks.
BBY’s found along with some investors are mulling a bid to buy the company and take it private.
Don’t force trades. More after the open.
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 (Oct 3)”

  1. Pingback: The Best Blogosphere Market Linkfest | TTG Trading

  2. Confusion reigns in corporate America: where taxes? Business regulation, trade policy, benefit costs,loss of gross margins. Congressional instability and the threat of a Global recession. Does it get any better for loss of momentum? We made a terrible mistake four years ago and we have a chance to change. We should do so.

  3. Agree with your comment of chance to make change in November.
    Not sure why/how markets are holding up (are they complacent) in midst of uncertainity in EU, fiscal cliff in US, ensuing defense spending cut, slowing China (most of fortune-500 thrive on growth in china).

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