{"id":10079,"date":"2016-12-05T08:42:08","date_gmt":"2016-12-05T13:42:08","guid":{"rendered":"http:\/\/leavittbrothers.com\/blog\/?p=10079"},"modified":"2016-12-05T08:42:08","modified_gmt":"2016-12-05T13:42:08","slug":"before-the-open-dec-5-5","status":"publish","type":"post","link":"https:\/\/blog.leavittbrothers.com\/?p=10079","title":{"rendered":"Before the Open (Dec 5)"},"content":{"rendered":"

Good morning. Happy Monday. Hope you had a good weekend. <\/span>
\n The Asian\/Pacific<\/strong> markets closed mostly down. China fell more than 1%; Japan, Australia and New Zealand were also weak. Singapore did moderately well. Europe<\/strong> is currently up across-the-board. Germany, Belgium, the Netherlands, Poland, Finland and Russia are up more than 1%; France, Austria, Norway, Sweden, Switzerland and Greece are also doing well. Italy is weak. Futures in the States<\/strong> point towards a moderate gap up 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 As is typically the case on a Monday morning, I don’t have anything to add to the comments made in LB Weekly<\/strong><\/a>, published Sunday morning. In it I stated I like the market overall and expected to see new highs after the current dip concluded, but in the near term I was much less confident because there are several warnings. <\/span>
\n The AD line and AD volume line couldn’t climb very high. <\/span>
\n The bullish percent charts have formed divergences. <\/span>
\n The percentage of stocks above their 200- and 50-day MAs haven’t come close to matching their previous highs – another sign the rally didn’t have broad-based participation. <\/span>
\n A further rest is needed to shake out the weak longs and let shorts re-establish positions. <\/span>
\n But with news out of Italy (the Prime Minister is stepping down), stocks are getting a premature boost. We’ll see if it lasts. I’m still of the opinion a little more weakness is needed. More after the open. <\/span>
\nStock headlines<\/strong> from barchart.com…<\/span>
\n Air Products & Chemicals (APD +0.33%) was upgraded to ‘Buy’ from ‘Neutral’ at Citigroup.<\/span>
\n Citrix (CTXS +0.18%) was upgraded to ‘Buy’ from ‘Neutral’ at Mizuho Securities USA with a price target of $100.<\/span>
\n Marvell Technology Group Ltd (MRVL +0.29%) was downgraded to ‘Sell’ from ‘Neutral’ at Goldman Sachs.<\/span>
\n Hilton (HLT +0.20%) was upgraded to ‘Buy’ from ‘Sell’ at MKM Partners with a 12-month target price of $28.<\/span>
\n McDonald’s (MCD -0.19%) was upgraded to ‘Buy’ from ‘Neutral’ at Nomura with a12-month target price of $139.<\/span>
\n Nike (NKE -0.38%) was upgraded to ‘Buy’ from ‘Hold’ at HSBC with a price target of $60.<\/span>
\n Quantenna Communications (QTNA -1.06%) was upgraded to ‘Strong Buy’ from ‘Buy’ at Needham & Co with a 12-month target price of $25.<\/span>
\n Globus Medical (GMED +0.55%) rose nearly 3% in after-hours trading after it was named to replace Talen Energy in the S&P MidCap 400 effective after the close of trading Tuesday, December 6.<\/span>
\n HomeStreet (HMST -0.68%) climbed over 3% in after-hours trading after it was named to replace UMB Financial in the S&P SmallCap 400 effective after the close of trading Tuesday, December 6.<\/span>
\n B&G Foods (BGS +0.47%) gained over 1% in after-hours trading after it acquired Victoria Fine Foods for $70 million in cash.<\/span>
\n Zendesk (ZEN +1.63%) slid over 5% in after-hours trading after the company said two of its SVPs were leaving the company, Marcus Bragg effective December 7, and Amanda Kleha effective December 30.<\/span>
\n Today’s Economic Calendar<\/strong>
\n 8:30 Gallup US Consumer Spending Measure
\n 8:30 Fed’s Dudley: Macroeconomic Outlook
\n 9:11 Fed’s Evans speech
\n 9:45 PMI Services Index
\n 10:00 Labor market condition index
\n 10:00 ISM Non-Manufacturing Index
\n 12:30 PM TD Ameritrade IMX
\n 2:05 PM Fed’s Bullard: U.S. Monetary and Economic Policy<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>
\nToday’s Earnings here<\/a><\/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 mostly down. China fell more than 1%; Japan, Australia and New Zealand were also weak. Singapore did moderately well. Europe is currently up across-the-board. Germany, Belgium, the Netherlands, Poland, Finland and Russia are up more than 1%; France, Austria, Norway, Sweden, […]<\/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\/10079"}],"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=10079"}],"version-history":[{"count":0,"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=\/wp\/v2\/posts\/10079\/revisions"}],"wp:attachment":[{"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=10079"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=10079"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=10079"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}