Before the Open (Jun 13)

Good morning. Happy Friday.
The Asian/Pacific markets closed mixed. India and Korea dropped more than 1% followed by Australia and New Zealand. Japan, Hong Kong and China did well. Europe is currently down across-the-board. London, France, Germany, Stockholm, Austria, Italy, Switzerland and Greece are all posting noticeable losses. Futures here in the States point towards a down open for the cash market.

The dollar is up. Oil is up, copper is up. Gold and silver are up.
The market has dropped three straight days, and after the S&P rallied 140 points off its April low, it has now dropped about 25 – overall that’s not bad. I’d consider the recent selling to be perfectly normal and healthy for an uptrending market.
But as I’ve said numerous times this week, you must manage positions wisely. If you’re a short term trader, you don’t have time to allow a correction to play out. It’s not your style. You’re better off cashing out and waiting for a re-entry. If you’re longer term, you can hold your best positions as long as they don’t fall much. You cannot give much of your profits back regardless of how long you wish to hold positions.
Sometimes the market is easy to trade…you can take positions and then sit back and let the market do the work for you. Other times you can’t use such a passive management stance…such as right now.
When the market changes, my attitude changes…one from taking positions and letting the market do the work for me to one where I have to actively do the work. The latter is the case right now. Don’t be lazy. More after the open.
Stock headlines from barchart.com…
Marvell (MRVL -1.39%) was downgraded to ‘Neutral’ from ‘Positive’ at Susquehanna.
Con-way (CNW -0.37%) was upgraded to ‘Buy’ from ‘Hold’ at Wunderlich.
lululemon (LULU -15.91%) was downgraded to ‘Neutral’ from ‘Overweight’ at JPMorgan Chase.
Occidental Petroleum (OXY +1.36%) was initiated with a ‘Buy’ at Jefferies with a price target of $114.
Marathon Oil (MRO +1.74%) was initiated with a ‘Buy’ at Jefferies with a price target of $45.
Aeropostale (ARO -2.62%) jumped almost 8% in after-hours trading after Sycamore reported an interest in acquiring Express.
Express (EXPR -2.59%) surged over 20% in after-hours trading after Sycamore Partners reported a 9.9% stake in the company.
Cimarex Energy (XEC +0.79%) will replace International Game (IGT -0.28%) in the S&P 500 as of the close of trading on Jun 20.
Eminence Capital reported a 5.1% passive stake in Fossil (FOSL -0.51%) .
Intel (INTC +0.11%) was upgraded to ‘Buy’ from ‘Neutral’ at Roth Capital.
Intel (INTC +0.11%) rose over 5% in after-hours trading after it raised guidance on its Q2 revenue view to $13.7 billion, plus or minus $300 million, stronger than consensus of $13.02 billion.
Finisar (FNSR +0.12%) slumped over 20% in after-hours tading after it reported Q4 EPS of 36 cents, weaker than consensus of 38 cents.
Earnings and Economic Numbers from seekingalpha.com…
Today’s economic calendar:
8:30 Producer Price Index
9:55 Reuters/UofM Consumer Sentiment
Notable earnings before today’s open: none
Notable earnings after today’s close: none
Other…
today’s upgrades/downgrades from briefing.com
this week’s Earnings
this week’s Economic Numbers