{"id":11843,"date":"2018-05-29T07:47:43","date_gmt":"2018-05-29T12:47:43","guid":{"rendered":"http:\/\/leavittbrothers.com\/blog\/?p=11843"},"modified":"2018-05-29T07:47:43","modified_gmt":"2018-05-29T12:47:43","slug":"before-the-open-may-29-5","status":"publish","type":"post","link":"https:\/\/blog.leavittbrothers.com\/?p=11843","title":{"rendered":"Before the Open (May 29)"},"content":{"rendered":"

Good morning. Happy Tuesday. Hope you had a good weekend. <\/span>
\n The Asian\/Pacific<\/strong> markets closed mostly down. Indonesia did well, but Japan, China, India, the Philippines, Hong Kong, South Korea and Malaysia were weak. Europe, Africa and the Middle East<\/strong> are currently suffering big losses. Turkey, Greece, Hungary, Spain, Italy, and Austria are down more than 2%; the UK, Poland, France, Germany, Denmark, South Africa, Switzerland, Belgium, Portugal and the Czech Republic are down more than 1%. Futures in the States<\/strong> point towards a big gap down for the cash market. <\/span>
\n—————
\n Podcast: <\/strong>with Chat With Traders<\/a>
\n—————<\/span>
\n The dollar is up. Oil is down; copper is up. Gold and silver are down. Bonds are up. <\/span>
\nThings neutralized last week. Most of the indicators stayed in their ranges, and many of the indicators cycled down instead of maintaining their levels. Per the report posted over the weekend (even before the news in Europe broke) there is no momentum in either direction. Remember, one of the scenarios for the next couple months is for the range to continue. Five months into the year – the S&P has been range bound. It could continue for many more months. The market doesn’t have to do anything. Here’s the SPX vs. the 10-day MA of the NYSe AD line, as an example of an indicator which doesn’t suggest upside pressure is brewing.<\/span>
\n\"\"
\n Overnight Stock Movers<\/strong> from barchart.com…<\/span>
\n Scana (SCG +0.96%) was downgraded to ‘Sell’ from ‘Hold’ at Williams Capital with a price target of $30.<\/span>
\n Genesco (GCO +0.99%) was downgraded to ‘Neutral’ from ‘Buy’ at CL King & Associates.<\/span>
\n Infinera (INFN +1.00%) was downgraded to ‘Underperform’ from ‘Hold’ at Jeffries.<\/span>
\n Phillips 66 (PSX -2.71%) was upgraded to ‘Outperform’ from ‘Market Perform’ with a price target of $134.<\/span>
\n Ford Motor (F -0.95%) was upgraded to ‘Buy’ from ‘Hold’ at Jeffries with a price target of $14.<\/span>
\n ION Geophysical (IO -3.93%) was rated a new ‘Buy’ at Janney Montgomery Scott LLC with a price target of $35.<\/span>
\n Abiomed (ABMB) may open higher this morning when it was announced after the close of trading Friday that it will replace Wyndham Worldwide in the S&P 500 Index prior to the open of trading Thursday, May 31.<\/span>
\n Farmer Brothers (FARM +0.71%) may move higher this morning after holder Leven Capital Strategies boosted its stake in the company to 8.4% from 1.17% in March.<\/span>
\n Sparton Corp (SPA +2.28%) may move higher this morning after Gamco reported a 7% stake in the company.<\/span>
\n Inovio Pharmaceuticals (INO +1.24%) dropped 11% in after-hours trading after it entered into agreement with Stifel through which it may sell up $100 million of its common stock.<\/span>
\n Today’s Economic Calendar<\/strong>
\n 00:40 Fed’s Bullard: U.S. Monetary and Economic Policy
\n 9:00 S&P Corelogic Case-Shiller Home Price Index
\n 10:00 Consumer Confidence
\n 10:00 State Street Investor Confidence Index
\n 10:30 Dallas Fed Manufacturing Survey<\/span><\/span><\/span><\/span><\/span><\/span>
\nOther<\/strong>…<\/span>
\ntoday’s upgrades\/downgrades<\/a> from briefing.com<\/span>
\nthis week’s Earnings<\/a><\/span> from Morningstar
\nthis week’s Economic Numbers\/Reports<\/a><\/span> powered by ECONODAY<\/p>\n","protected":false},"excerpt":{"rendered":"

Good morning. Happy Tuesday. Hope you had a good weekend. The Asian\/Pacific markets closed mostly down. Indonesia did well, but Japan, China, India, the Philippines, Hong Kong, South Korea and Malaysia were weak. Europe, Africa and the Middle East are currently suffering big losses. Turkey, Greece, Hungary, Spain, Italy, and Austria are down more than […]<\/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\/11843"}],"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=11843"}],"version-history":[{"count":0,"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=\/wp\/v2\/posts\/11843\/revisions"}],"wp:attachment":[{"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=11843"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=11843"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=11843"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}