Before the Open (Mar 28)

Good morning. Happy Monday. Hope you had a great weekend.
The Asian/Pacific markets closed mostly down (although a few markets were closed). India and Indonesia dropped more than 1%; China and Singapore were also weak. European markets are closed. Futures here in the States point towards an up open for the cash market.
The dollar is down a small amount. Oil and copper are up. Gold is down, silver is up. Bonds are down.
I don’t have anything to add to my Weekly Report – especially considering part of Asian and all of Europe are closed today. There has been no significant news that has changed anything.
My conclusion from the report was that the bulls deserve the benefit of the doubt overall, but with the small caps starting to lag again and several breadth indicators pulling back, I’m being very defensive in the near term. Maybe the market can push a little higher, but unless the internals improve, I don’t think the push will go far or last long. We’re in the latter stages of a move, and time is need for the market to rest and the charts to re-set.
Stock headlines from barchart.com…
Finish Line (FINL +0.69%) was upgraded to ‘Buy’ form ‘Hold’ at BB&T Capital Markets with a 12-month price target of $24.
Phillips 66 (PSX -0.07%) was rated a new ‘Market Perform’ at Cowen with a 12-month price target of $92.
Ingersoll-Rand (IR -0.21%) was downgraded to ‘Neutral’ from ‘Buy’ at Goldman Sachs.
Eagle Materials (EXP -0.45%) was upgraded to ‘Buy’ form ‘Hold’ at BB&T Capital Markets with a 12-month price target of $80.
Qualcomm (QCOM -0.25%) was downgraded to ‘Equalweight’ from ‘Overweight’ at Barclays.
Carmax (KMX +0.81%) was downgraded to ‘Neutral’ from ‘Buy’ at Sterne Agee CRT.
Parker-Hannifin (PH +0.30%) was downgraded to ‘Sell’ from ‘Neutral’ at Goldman Sachs with a price target of $92.
Ensco PLC (ESV +1.15%) was downgraded to ‘Negative’ from ‘Neutral’ at Susquehanna.
Hologic (HOLX +1.03%) will replace Pepco Holdings (POM unch) in the S&P 500 after the close of trading Tuesday, March 29.
Centene (CNC +1.69%) will replace Ensco PLC (ESV +1.15%) in the S&P 500 after the close of trading on Tuesday, March 29.
GameStop (GME -0.33%) slid 5% in after-hours trading after it said it sees Q1 revenue down -4% to -7%, weaker than estimates up 2%.
General Dynamics (GD -3.90%) was awarded a $549 million cost-plus-incentive-fee contract by the U.S. Defense Department for Stryker program supply.
The Wall Street Journal reported that Exxon-Mobile (XOM +0.27%) is in talks to buy a stake in the Mozambique natural gas project from Eni.
Turtle Beach (HEAR +7.34%) climbed nearly 2% in after-hours trading after it reported Q4 adjusted EPS of 8 cents, right on consensus, but reported Q4 revenue of $84.6 million, higher than consensus of $83.0 million.
Earnings and Economic Numbers from seekingalpha.com…
Today’s Economic Calendar
8:30 International trade in goods
8:30 Personal Income and Outlays
10:00 Pending Home Sales
10:30 Dallas Fed Manufacturing Survey
1:00 PM Results of $26B, 2-Year Note Auction
Today’s Earnings here
Other…
today’s upgrades/downgrades from briefing.com
this week’s Earnings
this week’s Economic Numbers