Before the Open (Sep 8)

Good morning. Happy Monday. Hope you had a good weekend.
The Asian/Pacific markets closed mixed. India rallied 1.1%, followed by Indonesia (up 0.6%). Australia dropped 0.4%. China, South Korea and Taiwan were closed. Europe is currently mostly down. London is down 1%, followed by Russia (down 0.9%), Austria (down 0.8%), Prague (down 0.7%), Spain (down 0.6%) and Greece (down 0.5%). Futures here in the States point towards a down open for the cash market.
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The dollar is up. Oil is down, copper up. Gold and silver are down.
I don’t have anything to add to the comments I made over the weekend in the weekly report. I like the market, but I don’t love it. Because of this I’m long, but I’m not all in. Some indicators fully support a continuation of the uptrend; others are flashing warning signs. The participation rate (breadth) has been declining…less and less stocks are participating. This can last in the near term, but over time something has to give. Either the lagging stocks have to catch up some, or the burden on the leadership stocks will eventually pull the market down. Nothing is urgent. Nothing is “on the clock.” But at some point I’m going to want to see the participation rate increase. Again, I like the upside, but I don’t love it. More after the open.
Stock headlines from barchart.com…
Ford (F -0.75%) slipped over 2% in pre-market trading after Morgan Stanley downgraded the stock to ‘Underweight’ from ‘Equal Weight.’
Campbell Soup (CPB +0.66%) reported Q4 adjusted continuing operating EPS of 49 cents, right on consensus, although Q4 revenue of $1.85 billion was less than consensus of $1.87 billion.
Citigroup initiated a ‘Buy’ rating on AIG (AIG -0.34%) with a price target of $68.
Bank of America (BAC -0.56%) was upgraded to ‘Buy’ from ‘Neutral’ at Goldman Sachs.
General Electric (GE +0.54%) will sell its appliances business to Electrolux AB (ELUXY -1.84%) for $3.3 billion.
Yahoo! (YHOO +1.02%) climbed over 3% in pre-market trading after Alibaba Group Holding Ltd. said it plans to raise as much as $21.1 billion in an intial public offering.
Facebook (FB +1.72%) rose over 2% in pre-market trading after it reported that daily views on its platform exceeded 1 billion.
Biotechnology Value Fund reported a 19.7% stake in Targacept (TRGT -3.31%).
Starboard Value raises its stake in RealD (RLD +0.83%) to 9.1% from 7.9%.
Teledyne Technologies reported a 5.65% stake in Bolt Technology (BOLT -0.09%).
Earnings and Economic Numbers from seekingalpha.com…
Today’s economic calendar:
12:30 TD Ameritrade IMX
3:00 PM Consumer Credit
Notable earnings before today’s open: CPB
Notable earnings after today’s close: CASY, FCEL, FN, KFY, PBY, TPLM
Other…
today’s upgrades/downgrades from briefing.com
this week’s Earnings
this week’s Economic Numbers