Before the Open (Nov 10)

Good morning. Happy Monday. Hope you had a nice weekend.
The Asian/Pacific markets closed with a lean to the upside. China rallied 2.3%, Taiwan 1.5% and South Korea and New Zealand 0.95%. Japan dropped 0.6%. Europe is currently mostly up. Norway is up 1.2%, followed by Russia (up 0.9%), Austria (up 0.7%) and London, Prague and Amsterdam (up 0.5% each). Greece is down 2.4%. Futures here in the States point towards an up open for the cash market.

The dollar is down. Oil is up, copper is down. Gold and silver are down.
I don’t have anything to add to comments I made in the Weekly Report and accompanying video posted Sunday morning. The market is in good shape and given the movement and levels reached of many indicators, odds heavily favor a continuation of the trend and additional new highs being made this winter. But the rate of ascent is not going to continue (the S&P is up 200+ points in less than four weeks), and in the very near term, one could argue for a temporary rest. I like the market overall, but am less enthusiastic in the near term. The Nas and small caps started to lag at the end of last week, and breadth started to fall off. Nothing screams top…just some subtle hints the market may rest a little.
Check out the video to see what indicators I follow and how I read them.
Stock headlines from barchart.com…
WhiteWave Foods (WWAV -1.41%) reported Q3 EPS ex-items of 27 cents, better than consensus of 26 cents
Grainger (GWW +0.02%) was downgraded to ‘Sell’ from ‘Hold’ at Deutsche Bank.
Abercrombie & Fitch (ANF -16.62%) was downgraded to ‘Neutral’ from ‘Buy’ at Janney Capital.
British Petroleum (BP +0.45%) was downgraded to ‘Neutral’ from ‘Overweight’ at JPMorgan Chase.
Citigroup reiterated a ‘Buy’ rating on Nike (NKE -0.87%) and raised its price target on the stock to $107 from $93.
PulteGroup (PHM +1.84%) was upgraded to ‘Buy’ from ‘Neutral’ at BofA/Merrill Lynch.
Target (TGT +3.68%) was upgraded to ‘Buy’ from ‘Hold’ at Stifel.
Eaton Vance (EV +17.00%) was downgraded to ‘Neutral’ from ‘Buy’ at Sterne Agee.
Transocean (RIG -0.70%) reported Q3 adjusted EPS of 96 cents, much better than consensus of 83 cents.
Boeing (BA -0.10%) and SMBC Aviation Capital announced an order for 80 737 MAX 8s, valued at more than $8.5 billion at list prices,
Berkshire Hathaway (BRK.A +0.08%) reported Q3 EPS of $2,876, better than consensus of $2,594.
PointState Capital reported a 6.4% passive stake in Synergy Pharmaceuticals (SGYP +6.04%) .
Abingworth reported a 15.5% passive stake in Sientra (SIEN -1.64%) .
AT&T (T +0.55%) acquired Mexican wireless company Iusacell for $2.5 billion.
Earnings and Economic Numbers from seekingalpha.com…
Today’s economic calendar:
12:30 TD Ameritrade IMX
1:00 PM Results of $26B, 3-Year Note Auction
Notable earnings before today’s open: ARQL, BID, CACQ, CMCM, CRIS, DDD, DF, ENTR, EVEP, GAS, GOGO, GTXI, KWK, LIOX, MGIC, MPAA, RIG, RIGP, RSPP, RYN, SNSS, TA, TRQ, WWAV, ZINC
Notable earnings after today’s close: AMBC, ASEI, ATHX, ATLS, ATW, CALL, CARA, CLUB, CMLS, CUI, CZR, DMD, EGY, ERII, FXEN, HALO, HGR, HK, ICEL, ICUI, IPAR, LLNW, MODN, NPSP, OMER, PDLI, PRAA, PTLA, RAX, RMTI, SAAS, SCLN, TC, WWD
Other…
today’s upgrades/downgrades from briefing.com
this week’s Earnings
this week’s Economic Numbers