{"id":6010,"date":"2012-09-26T07:38:08","date_gmt":"2012-09-26T12:38:08","guid":{"rendered":"http:\/\/leavittbrothers.com\/blog\/?p=6010"},"modified":"2012-09-26T07:38:08","modified_gmt":"2012-09-26T12:38:08","slug":"before-the-open-sep-26-2","status":"publish","type":"post","link":"https:\/\/blog.leavittbrothers.com\/?p=6010","title":{"rendered":"Before the Open (Sep 26)"},"content":{"rendered":"

Good morning. Happy Wednesday.<\/span>
\nThe Asian\/Pacific markets closed mostly down. Japan dropped 2%; China and Indonesia more than 1%. Europe is currently suffering pretty stiff across the board losses. Austria, France and Norway are down more than 2%. Belgium, Germany, Amsterdam, Stockholm, Switzerland, London and the Czech Republic are down more than 1%. Futures here in the States point toward a down open for the cash market.
\n<\/span>
\nThe dollar is up. Oil and copper are down. Gold and silver are down.<\/span>
\nThe market finally cracked yesterday. It was the first big down day we’ve gotten in over a month. One day certainly does not change the trend, but we still have to manage our positions wisely. I’ve had a defensive posture since last week because we didn’t have many good set ups to play, and I know from experience stocks that breakout at the end of decent run have much lower odds of “working” than stocks that breakout at the beginning of a run. Timing is important. The same pattern at different times will produce different results. <\/span>
\nThe conflict between China and Japan continues. Japan’s market hit a 2-week low; China hit a 3-year low.<\/span>
\nThe protests in Greece and Spain are getting ugly. Yields on 10-year Spanish bonds moved up 24 basis points. And to add insult to injury, the Catalonia region announced elections which could lead to the region breaking away from Spain and forming its own country.<\/span>
\nRadioshack’s (RSH) CEO has stepped down. <\/span>
\nOppenheimer raised its price targets on T and VZ.<\/span>
\nOMN did fairly well with earnings but the stock is down a bunch in premarket trading.<\/span>
\nDollar Thrifty (DTG) could not find a buyer other than Hertz (HTZ), so the acquistion will likley take place because DTG’s board has already unanimously recommended stockholders accept the offer.<\/span>
\nKohl’s (KSS) is opening 12 new stoks this fall. <\/span>
\nPlay good defense. Preserve capital. This is not a time to be a hero.<\/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