Before the Open (Nov 6)

Good morning. Happy Wednesday.
The Asian/Pacific markets closed mixed. China dropped, Indonesia and Japan did well. Europe is currently mostly up. Austria, France, Norway, Stockholm, Switzerland, Czech Republic, Greece and Italy are doing the best. Futures here in the States point towards a solid gap up for the cash market.

The dollar is down. Oil and copper are up. Gold and silver are up.
The market remains in consolidation mode while lots of opposing forces sort themselves out. Here’s the 60-min SPX chart. The index rallied 130 points and has since been trading quietly in a tight range. Once again, it’s correcting with time, not price. Instead of pulling back to shake the tree a little and cast a little doubt on the bull’s staying power, it has moved sideways to accomplish the same thing.

Today’s open will be near resistance at 1770, which is much more interesting than trading in the middle of the range.
Otherwise my opinion of the market hasn’t changed. Near term there are questions; I could argue for a move in either direction. But long term I like the market and think the end of the year will be good for the bulls.
Stock headlines from barchart.com…
Time Warner (TWX -0.64%) reported Q3 EPS of $1.01, much better than consensus of 89 cents.
Hospira (HSP -0.52%) reported Q3 EPS of 51 cents, better than consensus of 44 cents.
Duke Energy (DUK -0.03%) reported Q3 EPS of $1.46, below consensus of $1.51.
Humana (HUM -0.19%) reported Q3 EPS of $2.31, well ahead of consensus of $2.16.
Abercrombie & Fitch (ANF +0.26%) fell over 5% in after-hours trading after it said it sees Q3 EPS at the higher end of 40 cents-45 cents range, better than consensus of 40 cents, but then said it sees Q4 EPS of $1.40-$1.50, below consensus of $1.47.
C.H. Robinson (CHRW -1.30%) reported Q3 EPS of 69 cents, below consensus of 73 cents.
Life Technologies (LIFE -0.01%) reported Q3 EPS of $1.02, better than consensus of 97 cents.
Live Nation (LYV -1.12%) reported a Q3 EPS of 22 cents, well below consensus of 34 cents.
OfficeMax (OMX -0.26%) reported Q3 adjusted EPS of 15 cents, weaker than consensus of 22 cents.
Fossil (FOSL +2.93%) reported Q3 EPS of $1.58, well ahead of consensus of $1.36.
DaVita (DVA -0.39%) reported Q3 EPS of 98 cents, stronger than consensus of 96 cents.
Office Depot (ODP -0.53%) reported Q3 adjusted EPS of 2 cents, well below consensus of 6 cents.
Tesla (TSLA +0.92%) plunged 10% in pre-market trading after it reported Q3 EPS of 12 cents, higher than consensus of 11 cents, but said it delivered about 5,500 of its Model S vehicles in Q3, below some estimates of as much as 5,850 cars.
21st Century Fox (FOXA -0.18%) fell nearly 2% in after-hours trading after it reported Q1 adjusted EPS of 33 cents, weaker than consensus of 35 cents.
Ternium (TX +0.49%) reported Q3 EPS of 50 cents, better than consensus of 48 cents.
Earnings and Economic Numbers from seekingalpha.com…
Today’s economic calendar:
7:00 MBA Mortgage Applications
10:00 Leading Indicators
10:30 EIA Petroleum Inventories
Notable earnings before today’s open: ABMD, AUXL, AVA, CHK, CLH, CNP, CSTE, CWH, DUK, DVN, END, EZCH, GEO, GGS, HCLP, HFC, HSNI, HSP, HUM, KELYA, LAMR, MGA, MMC, NAVB, NPSP,OGE, PKD, PNK, POM, POWR, POZN, PWE, RL, SBGI, SKYW, STRZA, SUNE, SUSP, SUSS, TAP, TLM, TSRA, TWX, VG, VOYA, WRES, XEC
Notable earnings after today’s close: ACLS, ACXM, ALNY, ALSK, AMTG, ANDE, ATO, ATVI, AWAY, AWK, BALT, BIOS, BKD, CBS, CECO, CKP, CLR, CODI, CPE, CTL, CVG, CXO, CXW, DCTH, DGIT,DK, DVR, DXCM, ENS, ERII, EVC, FLTX, FTK, G, GA, GNK, HIMX, HNSN, HT, INWK, IO, LPSN, MAA, MDLZ, MKL, MRIN, NDLS, NVTL, OAS, OILT,OSUR, PDLI, PHH, PMT, PMTC, PRI, PRU, QCOM, RIG, RJET, ROSE, RST, SCTY, SLCA, SN, TCAP, TEG, TPX, TS, TSO, TWTC, UHAL, WAC, WES, WFM,WG, WTI
Other…
today’s upgrades/downgrades from briefing.com
this week’s Earnings
this week’s Economic Numbers