{"id":10051,"date":"2016-11-21T08:51:00","date_gmt":"2016-11-21T13:51:00","guid":{"rendered":"http:\/\/leavittbrothers.com\/blog\/?p=10051"},"modified":"2016-11-21T08:51:00","modified_gmt":"2016-11-21T13:51:00","slug":"before-the-open-nov-21-5","status":"publish","type":"post","link":"https:\/\/blog.leavittbrothers.com\/?p=10051","title":{"rendered":"Before the Open (Nov 21)"},"content":{"rendered":"

Good morning. Happy Monday. Hope you had a good weekend. <\/span>
\n The Asian\/Pacific<\/strong> markets closed with a lean to the downside. India dropped more than 1%; Singapore, Indonesia and South Korea were also weak. Japan and China did well. Europe<\/strong> is currently mostly up. France, the UK, the Netherlands, Norway, Russia, Greece and Poland are doing well; Switzerland is weak. Futures in the States<\/strong> point towards a positive open for the cash market. <\/span>
\n—————
\nLB Weekly<\/a> – the indexes, the breadth indicators, a look at the big picture
\n—————<\/strong><\/span>
\n The dollar is down. Oil and copper are up. Gold and silver are up. Bonds are up. <\/span>
\n As is typically the case on a Monday morning, I don’t have anything to add to the weekly report<\/a> published over the weekend. <\/span>
\n In it I concluded the market is in good shape and odds favor a continuation of the uptrend…but I wanted one more leg up to confirm what has taken place since the election. The first move off a depressed level is the easy move, especially in the situation that just took place. Lots of money had moved to the sidelines to avoid risk heading into the election. <\/span>
\n The first move is just short covering and sideline money being put to work. To prove the rally is sustainable, a leg up is needed at a later date – a date that is far enough away from the bottom to suggest it wasn’t just emotional buying taking place, but instead real buying from institutions. <\/span>
\n This is what I’m looking for now. A second leg up. Unfortunately we’re likely to have a quiet, shortened week ahead of us. The market is closed Thursday, and Friday is a half day. Wednesday will be dead. <\/span>
\n Ideally the market would do nothing this week and then bust out next week. I’d rather not get a low-volume continuation this week. We’ll see. More after the open.<\/span>
\nStock headlines<\/strong> from barchart.com…<\/span>
\n Chesapeake Energy (CHK +0.85%) and Murphy Oil (MUR +1.42%) are both up over 4% in pre-market trading as crude oil prices jumped to a 2-1\/2 week high in overnight trade.<\/span>
\n Time Warner (TWX +0.73%) was upgraded to ‘Outperform’ from ‘Market Perform’ at FBR Capital Markets with a price target of $104.<\/span>
\n U.S. Steel (X -2.06%) was downgraded to ‘Neutral’ from ‘Buy’ at Rosenblatt with a price target of $29.<\/span>
\n Air Products (APD -0.03%) was upgraded to ‘Buy’ from ‘Hold’ at Argus Research with a price target of $159.<\/span>
\n First Interstate BancSystem (FIBK -6.12%) was upgraded to ‘Buy’ from ‘Hold’ at Sandler O’Neill with a 12-month price target of $41.<\/span>
\n Fossil (FOSL -1.49%) was upgraded to ‘Neutral’ from ‘Underweight’ at Piper Jaffray with a 12-month price target of $32.<\/span>
\n 3M (MMM +0.11%) was downgraded to ‘Sell’ from ‘Neutral’ at Goldman Sachs with a target price of $159.<\/span>
\n Foot Locker (FL +0.60%) was downgraded to ‘Neutral’ from ‘Overweight’ at Piper Jaffray with a 12-month target price of $72.<\/span>
\n Rockwell Automation (ROK -0.57%) was upgraded to ‘Buy’ from ‘Hold’ at Vertical.<\/span>
\n Facebook (FB -0.65%) gained 1% in after-hours trading after it said it will buy back up to $6 billion of Class A shares.<\/span>
\n CONSOL Energy (CNX +1.93%) rose 1%% in after-hours trading after it was upgraded to ‘Overweight’ from ‘Equal-Weight’ at Morgan Stanley with a price target of $30.<\/span>
\n Poinststate Capital reported a 9.99% passive stake in Comstock Resources (CRK +4.90%) , making it the second-largest holder.<\/span>
\n Announcements and such here<\/a><\/span>
\nToday’s Earnings here<\/a><\/span>
\nToday’s Economic Calendar<\/strong>
\n 8:00 Stanley Fischer<\/span>
\nOther<\/strong>…<\/span>
\ntoday’s upgrades\/downgrades<\/a> from briefing.com<\/span>
\nthis week’s Earnings<\/a><\/span>
\nthis week’s Economic Numbers<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Good morning. Happy Monday. Hope you had a good weekend. The Asian\/Pacific markets closed with a lean to the downside. India dropped more than 1%; Singapore, Indonesia and South Korea were also weak. Japan and China did well. Europe is currently mostly up. France, the UK, the Netherlands, Norway, Russia, Greece and Poland are doing […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[2],"tags":[],"_links":{"self":[{"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=\/wp\/v2\/posts\/10051"}],"collection":[{"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=10051"}],"version-history":[{"count":0,"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=\/wp\/v2\/posts\/10051\/revisions"}],"wp:attachment":[{"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=10051"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=10051"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=10051"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}