{"id":6050,"date":"2012-10-11T07:34:33","date_gmt":"2012-10-11T12:34:33","guid":{"rendered":"http:\/\/leavittbrothers.com\/blog\/?p=6050"},"modified":"2012-10-11T07:34:33","modified_gmt":"2012-10-11T12:34:33","slug":"before-the-open-oct-11-3","status":"publish","type":"post","link":"https:\/\/blog.leavittbrothers.com\/?p=6050","title":{"rendered":"Before the Open (Oct 11)"},"content":{"rendered":"

Good morning. Happy Thursday.<\/span>
\nThe Asian\/Pacific markets closed mixed and with a bearish bias. Taiwan dropped 1.9%; India rallied 0.9%. Europe is currently mostly up. Greece is down 0.9%; Austria and Germany are up 0.7%. Futures here in the States point towards a gap up open for the cash market.
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\nThe dollar is down. Oil and copper are up. Gold and silver are up.<\/span>
\nS&P cut Spain’s credit rating to one notch above junk status. The euro did not react negatively. The thinking is this will force Spain to request a bailout.<\/span>
\nThere will be four IPOs today. Realogy Holdings (RLGY), Shutterstock (SSTK), Intercept Pharmaceuticals (ICPT), Kythera Biopharmaceuticals<\/span>
\nFAST is out with earnings…their profit rose 13% but their margins fell. The stock hasn’t moved much before the open.<\/span>
\nWGO is out with earnings…stock is down almost 3%.<\/span>
\nRuby Tuesday (RT) missed expectations…stock is down about 4.5%.<\/span>
\nSprint Nextel, (S) is up 18% on news the stock may be acquired.<\/span>
\nZep (ZEP) report Q4 earnings rose 79%…I don’t see the stock trading in premarket yet.<\/span>
\nInitial Jobess Claims will be released today. The number is less important than the 4-week moving average, which is closely correlated to the S&P 500’s movement.<\/span>
\nYesterday new highs at the NYSE dropped to their lowest level since the summer. If daily prints remains subdued, the best case for the market going forward is a range. I will only believe the market can leg up again if new highs bounce back up to 300ish.<\/span>
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\nThe intermediate term trend is up. When the trend is up, I’m either long or on the sidelines (never short), and it’s all based on the opportunities the market is offering and how easy trading is. Right now I’m mostly on the sidelines. I see no reason to be aggressive here. There are too many headwinds and the charts aren’t acting technically well anyways. 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>
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