{"id":5710,"date":"2012-06-13T07:43:33","date_gmt":"2012-06-13T12:43:33","guid":{"rendered":"http:\/\/leavittbrothers.com\/blog\/?p=5710"},"modified":"2012-06-13T07:43:33","modified_gmt":"2012-06-13T12:43:33","slug":"before-the-open-jun-13-2","status":"publish","type":"post","link":"https:\/\/blog.leavittbrothers.com\/?p=5710","title":{"rendered":"Before the Open (Jun 13)"},"content":{"rendered":"

Good morning. Happy Wednesday.<\/span>
\nOur 1-time, Groupon-like special offer is here<\/a>. <\/span>
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\nThe Asian\/Pacific markets closed with an up bias. New Zealand dropped 1.3%; China rallied 1.3%. Europe is currently mixed. Greece is up 1.4%, Norway and Stockholm are down more than 1%. Futures here in the States point towards a down open for the cash market. This could change when PPI data and retail numbers are released at 8:30 est.
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\nThe dollar is down slightly. Oil is down, copper up. Gold is flat, silver down.<\/span>
\nJamie Dimon will be on Capital Hill speaing with the Senate Banking Committee about JPM’s multi-billion dollar loss. He’ll no doubt try to convince the committee banks can be trusted, that they don’t need any oversight or regulation.<\/span>
\nDELL is paying a dividend for the first time in company history.<\/span>
\nMO announced an $18 billion stock buy back that will take place over 3 years. <\/span>
\nCELG is buying back $2.5 billion in stock.<\/span>
\nBorrowing costs in Italy (bond yields) have reached a 6-month high.<\/span>
\nGerman yields are low overall but have surged the last two days.<\/span>
\nGreeks go to the polls on Sunday which could set in motion Greece’s exit from the euro zone. I mention this mostly so you can gauge the odds the market makes a forceful one-way move into the weekend. Unless there’s reliable survey data, the market is more likely to be choppy than trendy.<\/span>
\nSolar stocks were up big yesterday. Today there’s a report solar installations in Q1 jumped 85% relative to Q1 of 2011. But most of the growth came from projects that began prior to Dec 31, 2011 when federal tax credit program expired.<\/span>
\nHere’s an update of the 30-min S&P chart. The indexes barely made a lower low yesterday and then rallied. The basing pattern remains in tact; price is unchanged in almost 4 weeks. Dips get bought, rallies sold. Whenever the market is range bound, it’s wise to take partial profits on inital moves because sometimes those moves are the only ones we get. More after the open.<\/span>
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\nheadlines at Yahoo Finance<\/a><\/span>
\nheadlines at MarketWatch<\/a><\/span>
\ntoday’s upgrades\/downgrades<\/a><\/span>
\nthis week’s Earnings<\/a><\/span>
\nthis week’s Economic Numbers<\/a><\/span>
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