Before the Open (Dec 27)

Posted on by Jason Leavitt

Good morning. Happy Thursday.
The Asian/Pacific markets closed mostly up. Japan led the way while China and India dropped. Europe is currently mostly up. Greece is up 1.8% followed by France, London and Austria. Futures here in the States point towards a positive open for the cash market.

The dollar is down. Oil and copper are flat. Gold and silver are down.
Volume was very light yesterday, and while it may pick up a little today, it’s silly to expect a normal day of trading today or tomorrow. I’ve been in a defensive posture the last week, and it’s served me well. With the fiscal cliff looming and the high possibility of a quick move in either direction, there has been no sense pressing trades. Here’s an update of the daily charts. The Dow has taken out a prior low. The Nas broke out but could not hold resistance. The S&P hit a higher high but has given everything back; the index is unchanged over the last couple weeks. The Russell is doing the best.

Diodes (DIOD) is acquiring Shanghai-based BCD.
Toyota is paying $1.1B to settle a class-action lawsuit that has lingered for a few years.
Marvell Tech (MRVL) lost a patent infringement case brought by Carnegie Mellon and has been ordered to pay $1.2B in damages.
Treasury Secretary Tim Geithner says the government will hit the debt ceiling on Dec 31.
Play good defense. There’s no reason to be aggressive right now.
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 27)”

  1. The correction will come today, probably down to something like 1230, after that it is all in the hands of the president and congress, which to say, our affairs are unmanaged.
    I think bonds are good here, short the yen, long something in China, turkey, brazil, maybe eastern europe. The US indexes are too volitale to call.

  2. from a ew perspective imo wave 1 down ended i hour ago and im long for 2 up,which is confirmed by piviot points /tick ind /euro ect
    for the usa perspective its the debt ceiling problem not just the fiscal cliff–sack the cops and obarma—marsian robots can do a better job
    from a big boy perspective its quad witch opts ex for europe /oz/ asia –not santa

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