Before the Open (Dec 18)

Posted on by Jason Leavitt

Good morning. Happy Tuesday.
The Asian/Pacific markets closed mixed and with an upward slant. Japan, Malaysia and South Korea moved up. Europe is currently up across-the-board (except for Greece). Austria and the Czech Republic are leading the way; Belgium, Germany and London are doing well too. Futures here in the States point towards a gap up open for the cash market.

The dollar is down a small amount. Oil is up, copper down. Gold is flat, silver is up.
Yesterday’s solid move up was largely due to news from Washington the two sides of the fiscal cliff talks were getting closer by conceding a few things. Today we’re getting more of the same type of news. Supposedly Obama is willing to raise his upper threshold from $250K to $400K and he’s agreed to cut spending $1.2T.
Facebook (FB) is in the news again with its new Terms or Service. Apparently they’re granting themselves permission to sell your name, location, comments and photos to 3rd parties.
Boeing (BA) is raising its quarterly dividend 10% and is buying back $3.6B in stock.
Nielson (NLSN) is buying Arbitron (ARB) for a 25% premium over yesterday’s closing price.
Sanderson Farms (SAFM) is up almost 5% in premarket…earnings related.
Here’s an update of the daily index charts. With the Nas matching its previous high and then registering a higher low, it’s setting up in an ascending triangle pattern in the middle of its September high and November low. The Dow, S&P and Russell have made higher highs and higher lows for about four weeks, and yesterday’s candle makes last week’s weakness look like innocent pullbacks within uptrends. There’s still lots of resistance overhead, and with the market pricing in a fiscal cliff agreement, we have to start thinking about the possibility of selling pressure, not buying pressure, after an agreement is officially made.

I remain cautiously optimistic. 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 (Dec 18)”

  2. to me the above charts all look like short term reverse head shoulders
    but that would be normal if the right shoulder of a longer term down bearish h/s was forming
    is obarma for real
    he wants more debt and a raising of the debt ceiling
    for those that beleive in longer term cycles
    fri 21st like changing from winter to summer a new cycle starts with the alinement of the galaxy
    debt ,insanity,criminality,coruption,selfishness will be exposed and a new cycle of spiritual awearness will evolve
    i expect the market to explode up till friday and die
    however i am only any good at predicting intraday moves
    so dont beleive a word i say

  3. the word dicotomy definded —
    one thing divided into positive and negative
    its all to do with energy and magnatisum
    perhaps the magnatium of earth will change with a new game for all,to evolve

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