Before the Open (Oct 11)

Good morning. Happy Tuesday.
The Asian/Pacific markets leaned to the downside. Hong Kong, South Korea and Thailand fell more than 1%; Japan and China did well. Europe leans to the upside and is mostly quiet. Greece is up more than 1%; Spain and Portugal are also doing well. Futures in the States point towards a down open for the cash market.
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The dollar is down. Oil and copper are down. Gold and silver are down. Bonds are down.
Yesterday the market gapped up and then slowly drifted over and down on light volume. Today it will start the day in negative territory. The range continues. Here’s the 60-min chart. For about three months the index has traded in a 70-point range. No directional move has lasted very long.

Oil is back at its high. There have been some solid plays lately. The Permian Basin stocks, in particular, have done well.

Meanwhile gold is heading south and is now at a key level – the 90-week moving average.

Earnings season is getting started. Hopefully the market can get kickstarted. More after the open.
Stock headlines from barchart.com…
Illumina (ILMN +0.20%) plunged over 25% in pre-market trading after it lowered guidance on Q3 revenue to $607 million, below a July 27 view of $625 million-$630 million.
CBOE Holdings (CBOE -1.41%) was upgraded to ‘Buy’ form ‘Hold’ at Evercore ISI with a 12-month target price of $74.
Nike (NKE unch) was rated new ‘Positive’ at Susquehanna with a 12-month target price of $63.
Finisar (FNSR -0.07%) was upgraded to ‘Buy’ from ‘Neutral’ at Goldman Sachs.
Norfolk Southern (NSC -0.98%) was upgraded to ‘Buy’ from ‘Neutral’ at Bank of America/Merrill Lynch with a price target of $110.
FirstCash (FCFS +2.11%) was rated new ‘Outperform’ at Wedbush with a 12-month target price of $58.
Yahoo! (YHOO +1.62%) rose 1% in after-hours trading after Verizon CEO he still sees real value in Yahoo.
Southwest Airlines (LUV +3.38%) gained almost 1% in after-hours trading after it was rated a new ‘Outperform’ at Bernstein.
Lending Club (LC +1.51%) lost over 2% in after-hours trading after it was rated a new ‘Underperform’ at Wedbush.
Heritage Insurance (HRTG -3.56%) fell 2% in after-hours trading after it said it sees losses from Hurricane Matthew at under $100 million, more than earlier estimates of 21$ million in losses.
American Superconductor (AMSC +5.75%) was rated a new ‘Buy’ at Roth Capital with a price target of $10.
Chatham Lodging Trust (CLDT +1.02%) dropped over 4% in after-hours trading after it lowered guidance on Q3 adjusted FFO to 70 cents-71 cents from a prior view of 72 cents-75 cents.
Today’s Economic Calendar
6:00 NFIB Small Business Optimism Index
8:55 Redbook Chain Store Sales
10:00 Labor market condition index
Today’s Earnings here
Other…
today’s upgrades/downgrades from briefing.com
this week’s Earnings
this week’s Economic Numbers