Before the Open (Jun 10)

Good morning. Happy Monday. Hope you had a nice weekend.
The Asian/Pacific markets closed mostly up. Japan rallied 5%, and Malaysia, New Zealand and Taiwan also did well. Indonesia dropped 1.8%. Europe is currently mixed. Greece is down almost 6%; Belgium is down 1.6%. Germany and London are doing well. Futures here in the States point towards a moderate gap up open for the cash market.

The dollar is up. Oil and copper are down. Gold is down, silver is flat.
I don’t have anything to add to the comments I made in the weekly report posted over the weekend. The bulls are breathing again. No longer are their backs against the wall. They pushed prices up last Thursday and Friday and now have wiggle room.
The question now is whether last week’s late rally was the beginning of a leg up that will take the indexes to new highs or just a dead cat bounce within a newly-formed near term downtrend. Sometimes the answer to such a question is obvious – or at least the odds of one of the scenarios coming true is much higher than the other – but not this time. I think it’s best to play it safe. Keep trades short term, and consider the possibility the market falls int a range for a couple months.
Some indicators hit extreme levels last week and reversed; others are still acting bearish.
Some stocks rallied huge Friday; others lagged.
The near term is not clear.
Here are some stock-specific stories from barchart.com…
SAIC (SAI +0.67%) was awarded a $900 million contract by U.S. Navy’s Space and Naval Warfare Systems to provide non-inherently governmental services and solutions to the Business and Force Support Portfolio.
AT&T (T -1.01%) was upgraded to “Buy” from “Hold” at Argus with a price target of $42.
Atlas Resource Partners (ARP +0.57%) announced that it has entered into a definitive agreement to acquire approximately 466 Bcf of natural gas proved reserves in the Raton, New Mexico and Black Warrior, Alabama Basins from EP Energy for $733 million.
Lennar (LEN +0.13%) was downgraded to “Neutral” from “Overweight” at JPMorgan
Stifel raised its price target for Cree (CREE +3.05%) to $70 from $59 and kept its “Buy” rating on the stock.
Facebook (FB) was upgraded to “Buy” from “Hold” at Stifel with a price target of $29.
Weyerhaeuser (WY +0.03%) was upgraded to “Outperform” from “Sector Perform” at RBC Capital.
Apple (AAPL +0.76%) rose nearly 1% in pre-market trading after people familiar with the plans said the company will introduce a new version of iOS at its developers conference in San Francisco today.
Piedmont Natural Gas (PNY -0.12%) reported Q2 EPS of 74 cents, better than consensus of 73 cents.
Also, Apple’s Worldwide Developer Conference begins today and runs all week, so AAPL could trade wildly this week along with companies that supply Apple with parts.
headlines at Yahoo Finance
headlines at MarketWatch
today’s upgrades/downgrades
this week’s Earnings
this week’s Economic Numbers