Before the Open (Jun 7)

Good morning. Happy Tuesday.
The Asian/Pacific markets up across-the-board. Hong Kong, South Korea and Taiwan rallied more than 1%; Japan, Singapore, India, Indonesia and Malaysia also did well. Europe is currently posting across-the-board gains. Germany, France, Austria, the Netherlands, Norway, Russia, Greece, Poland, Italy, Belgium, Portugal and Sweden are up more than 1%. Futures here in the States point towards a positive open for the cash market.
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List of Indexes and ETFs – here
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The dollar is up a small amount. Oil is up; copper is down. Gold and silver are down. Bonds are up.
Yesterday the S&P closed at its highest level since November and within about 25 points of its all-time high. But of course the index is already at an all-time high if you include dividends.
If the chart below was that of an individual stock, you’d be bullish and looking to buy dips within the pattern and a breakout. And you’d have a 300-point price target.

But it’s not a stock; it’s the S&P 500, and because of all the negative news, you don’t think it’s possible…you don’t think it makes sense…there’s a laundry list of reasons the market should go down, not up. And that’s exactly why it’s very possible.
In the near term – and the near term in this case is upwards of a year – anything goes. Think about how long the dot com bubble lasted beyond what made sense.
The odds the market legs up is high enough for you to have a plan in place to profit from it. More after the open.
Stock headlines from barchart.com…
Norwegian Cruise Line Holdings Ld. (NCLH -0.72%) was rated a new ‘Buy’ at Sterne Agee CRT with a price target of $80.
Jabil Circuit (JBL +0.93%) was downgraded to ‘Sell’ from ‘Neutral’ at Goldman Sachs with a price target of $17.
Marathon Oil (MRO +4.80%) was rated a new ‘Buy’ at KLR Group with a target price of $21.
Layne Christensen (LAYN -1.01%) reported a Q1 loss continuing operations of -45 cents a share, a wider loss than consensus of -32 cents.
Discovery Communications (DISCA +1.73%) was downgraded to ‘Underperform’ from ‘Market Perform’ at Bernstein.
Catalent (CTLT -0.49%) announced a secondary public offering of 10 million shares of common stock.
United Natural Foods (UNFI +0.57%) jumped over 10% in after-hours trading after it reported Q3 EPS of 76 cents, higher than consensus of 65 cents, and then raised guidance on full-year adjusted EPS to $2.47-$2.53 from a March 7 estimate of $2.34-$2.44.
Casey’s General Stores (CASY -0.98%) reported Q4 EPS of $1.19, below consensus of $1.22, although Q4 revenue of $1.58 billion was above consensus of $1.57 billion.
Thor Industries (THO +0.54%) gained over 1% in after-hours trading after it reported Q3 adjusted EPS from continuing operations of $1.51, better than consensus of $1.43.
Xactly (XTLY +1.25%) rose 4% in after-hours trading after it reported a Q1 adjusted EPS loss of -9 cents, narrower than consensus of -15 cents, and then raised guidance on full-year revenue to $95.5 million-$97.0 million from a March 3 estimate of $94 million-$95.5 million.
Sigma Designs (SIGM +2.62%) reported a Q1 adjusted EPS loss of -12 cents, wider than consensus of -5 cents.
WWD reported that Ralph Lauren (RL +0.54%) plans close some stores and cut up to 10% of its workforce.
DryShips (DRYS +10.80%) tumbled 12% in after-hours trading after three lenders said DryShips had elected to suspend principal repayments and interest payments and was in breach of certain covenants in loan agreements.
Today’s Economic Calendar
8:30 Productivity and Costs
8:30 Gallup US ECI
8:55 Redbook Chain Store Sales
1:00 PM Results of $24B, 3-Year Note Auction
3:00 PM Consumer Credit
Today’s Earnings here
Other…
today’s upgrades/downgrades from briefing.com
this week’s Earnings
this week’s Economic Numbers