Before the Open (Apr 6)

Good morning. Happy Monday. Hope you had a good weekend.
The Asian/Pacific markets closed mostly up (although several markets were closed). India, Indonesia and Malaysia did well. Europe was closed. Russia finished with a small gain. Futures here in the States point toward a relatively big gap down for the cash market.

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The dollar is up. Oil is up, copper is up. Gold and silver are up big. Bonds are down.
The market closed last Thursday with two up days, two down days and being flat or up depending on which index you look at. Then on Friday morning, when the market was closed for the day, the Labor Dept released the latest employment figures, which were very weak. The number of new jobs in March was the lowest in four years, and the previous two months were revised down. S&P futures dropped 20 points. They moved up a little Sunday night but are still down 15 heading into today’s open.
The Fed is still front and center on everyone’s radar. Will they raise…when…how much…how often – all questions Wall St. is grappling with right now. It’s a catch-22. If the economy does well, the Fed will raise sooner rather than later. If the economy weakens, the Fed will hold off. What’s better for stocks? Strong economy and higher rates or weakish economy and lower rates? If history is any guide, Wall St. likes low rates, but history doesn’t have to repeat.
This is an important week. Most of the indexes are closer to the bottom of their recent ranges than the tops, so the bulls will need to step up soon and defend their turf. Also, several indicators are doing well but not great. They could break down too. Key time. The bulls need to step up, or a 50-75-point SPX drop could happen quickly. Be on your toes. More after the open.
Stock headlines from barchart.com…
Barrick Gold’s chairman (ABX -1.08%) said the company is open to sell-offs and joint ventures, according to the Financial Times.
UnitedHealth (UNH -0.08%) shares are expensive at current levels and are ripe for profit taking, according to a weekend Barron’s article.
Monsanto (MON -0.56%) deserves a second look, according to a weekend Barron’s article.
Gabelli reported a 21.51% stake in Myers Industries (MYE +0.62%).
Cadian Capital reported a 9.1% passive stake in Workiva (WK +0.92%).
Blue Holdings I reported a 14.3% stake in J.M. Smucker (SJM +0.46%).
Earnings and Economic Numbers from seekingalpha.com…
Monday’s economic calendar:
8:30 Gallup US Consumer Spending Measure
9:45 PMI Services Index
10:00 Labor market condition index
10:00 ISM Non-Manufacturing Index
12:30 PM TD Ameritrade IMX
Notable earnings before today’s open: none
Notable earnings after Monday’s close: SHLM
Other…
today’s upgrades/downgrades from briefing.com
this week’s Earnings
this week’s Economic Numbers