{"id":5951,"date":"2012-09-07T07:47:46","date_gmt":"2012-09-07T12:47:46","guid":{"rendered":"http:\/\/leavittbrothers.com\/blog\/?p=5951"},"modified":"2012-09-07T07:47:46","modified_gmt":"2012-09-07T12:47:46","slug":"before-the-open-sep-7-3","status":"publish","type":"post","link":"https:\/\/blog.leavittbrothers.com\/?p=5951","title":{"rendered":"Before the Open (Sep 7)"},"content":{"rendered":"

Good morning. Happy Friday. Happy Employment Numbers Day.<\/span>
\nThe Asian\/Pacific markets rallied huge. China and Hong Kong moved up over 3%, India, Japan and South Korea more than 2%, Indonesia and Taiwan more than 1%. Europe is currently up across-the-board. Belgium and Greece are up more than 2%, Austria, France, Germany, Amsterdam, Stockholm and the Czech Republic more than 1%. Futures here in the States point towards a moderate gap up open for the cash market.
\n<\/span>
\nThe dollar is down. Oil and copper are up. Gold and silver are down. <\/span>
\nChina announced the approved construction of 25 subway lines and 13 highway projects – these are being viewed as stimulus.<\/span>
\nHere are the numbers\u2026<\/span>
\nunemployment rate: 8.1% (it was 8.3% last month) – the drop was due to a smaller labor force, not an increase in jobs.
\nnonfarm payrolls: up 96K (125K was expected)
\nprivate payrolls: (I will post these when I get the number)
\naverage workweek: 34.2 hours (a 0.2 drop)
\nhourly earnings: $23.52 (same as last month)<\/span><\/span><\/span><\/span><\/span>
\nOn the news, S&P futures initiallly dropped a couple points but has since recovered. <\/span>
\nHere are the daily charts…they look great. Yesterday, the Dow put in its biggest day since the June bottom and is now back at resistance. The Nas and S&P gapped up and rallied hard and closed at new multi year highs. The Russell, which broke out two days ago, has more work to do to take out its 2012 high, but after that isn’t far from an all-time high. Super bullish, across-the-board action.<\/span>
\n\"\"
\nLULU raised full year guidance…the stock is up 2 bucks before the open.<\/span>
\nApple is launching a streaming radio service like Pandora, which is down 12% in premarket trading.<\/span>
\nGlencore raised its bid for Xstrata from $34B to $37B.<\/span>
\nINTC warned Q3 revenue will come in below previous estimates. The stock is down 2%.<\/span>
\nSWHC is up 21% in premarket trading – they reported strong growth in profit, revenue and margins.<\/span>
\nADNC is down almost 60% – they said Apple is unlikely to use its processor intellectual property in its next generation smartphone.<\/span>
\nBRC is down 13% – earnings related.<\/span>
\nMFRM is down 11% – earnings related.<\/span>
\nThe market feels strong enough to absorb the so-so jobs report, and I believe absent something totally unforeseen, the market’s uptrend will continue. More after the open.<\/span>
\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>
\n