Before the Open (Jan 29)

Posted on by Jason Leavitt

Good morning. Happy Tuesday.
The Asian/Pacific markets closed mixed and with an upward bias. Australia, China, Indonesia, Japan, South Korea and Taiwan rallied while India and Singapore dropped. Europe is currently mostly down. Switzerland, Italy, Spain and Greece are posting the biggest losses. Futures here in the States point towards a moderate gap down open for the cash market.

The dollar is flat. Oil and copper are up small amounts. Gold and silver are up.
As I said yesterday and over the weekend, I like the market, but it’s too late to chase stocks up. Stocks are either too far gone because they broke out last week and have already rallied a bunch or they’re sitting in patterns, but buying a breakout would constitute buying late in a move. This is risky. At this stage of the game, it’s best to let the market come down or at the very least rest and move sideways for a week or two. 2013 is setting up to be a good year, but even during good years you need to pick your spots wisely. If you enter late, trades turn into investments as you wait months just to get back to even. Have patience.
Ford (F) did great with earnings…stock is up 2.3% before the open.
Yahoo (YHOO) beat expectations…stock is up 3.1%.
DR Horton (DRI) is up 1.2% after releasing earnings.
Harley Davidson (HOG) posted lower revenue and profit…stock is down 2.3%.
Eli Lilly’s (LLY) profits dropped but they upped their guidance for the year….stock is up 1.6%.
Pfizer (PFE) is down fractionally after earnings.
Tyco (TYC) posted lower net profit compared to the year-ago period…the stock has not traded premarket.
Corning (GLW) is up 2.8%…earning related.
International Paper (IP) is down almost 1% after releasing earnings.
Danaher (DHR) posted a good quarter but lowered estimates 2013 estimates.
Lexmark (LXK) and Illinois Tool Works (ITW) also have earnings this morning. Amazon (AMZN) announces after the close.
The market has been on an amazing run this month. We’ve had lots of great breakouts. Let things settle down in the near term. I would not advise aggressively chasing stocks higher. 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 (Jan 29)”

  1. Case Shiller is supposed by some to be a positive indicator. It is in fact a demonstration of what happens when the Fed holds mortgage rates low and comsumption goes up. The home loan banks will end up from a lot, too many, loans with 15-30 duration at 3.6%.That spells another crisis in the housing finance market whenever the Fed decides to stop its policy gaff. Things are less good than they seem as we watch and wait of the Fed mircle of unwinding. Hang on. We still have the sequestration and debt limits, and oh yes, now the new welfare wave with the new illegal alien “solution’ NO tax revenues and 12 billion in aid and health care. Few more solutions like that and I am gold.

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