{"id":6126,"date":"2012-11-08T08:44:24","date_gmt":"2012-11-08T13:44:24","guid":{"rendered":"http:\/\/leavittbrothers.com\/blog\/?p=6126"},"modified":"2012-11-08T08:44:24","modified_gmt":"2012-11-08T13:44:24","slug":"before-the-open-nov-8-3","status":"publish","type":"post","link":"https:\/\/blog.leavittbrothers.com\/?p=6126","title":{"rendered":"Before the Open (Nov 8)"},"content":{"rendered":"

Good morning. Happy Thursday.<\/span>
\nThe Asian\/Pacific markets closed down across the board. Hong Kong dropped 2.4%, Japan, Singapore and South Korea more than 1%. Europe is currently mixed. Greece is down 3.7%, and Austria and the Czech Republic are down about 0.8%. France and Switzerland are up about 0.7%. Futures here in the States point towards a moderate gap up open for the cash market.
\n<\/span>
\nThe dollar is up slightly. Oil and copper are up. Gold and silver are up.<\/span>
\nThe Bank of England and the ECB held rates unchanged.<\/span>
\nChina’s once-a-decade leadership transition has begun.<\/span>
\nGreece narrowly passed a multibillion euro austerity package.<\/span>
\nSamsung’s Galaxy S3 became the world’s best selling smartphone last quarter, pushing aside Apple’s iPhone.<\/span>
\nEarnings season is winding down. Here are some headlines. <\/span>
\nDean Foods (DF) raised its full-year guidance…stock is up almost 6%.<\/span>
\nMcDonald’s (MCD) same store sales dropped 1.8%.<\/span>
\nKohl’s (KSS) is out with earnings…stock is down 1.5%.<\/span>
\nMonster Worldwide (MWW) reported a loss and said they’ll be restructuring the business…stock is up 2.5%.<\/span>
\nWendy’s (WEN) posted a Q3 loss, but they doubled their dividend.<\/span>
\nLincoln National (LNC) doubled its dividend to 12 cents.<\/span>
\nScotts (SMG) posted a narrowed loss relative to the same quarter last year.<\/span>
\nBoston Scientific (BSX) is acquiring privately held Vessix Vascular for $425M.<\/span>
\nDuke’s (DUK) profit jumped because of the acquisition of Progress.<\/span>
\nCarlyle Group (CG) reported a Q3 profit.<\/span>
\nThe market topped back in September and has been trending down since. My bias has been to the downside the last couple weeks. Yesterday the indexes sliced through support levels and closed at their lowest levels in a couple months. In my opinion, we have not seen a bottom. We need more selling, preferably intense selling. We need the indicators to move to extreme levels, and it looks like this will take more time. I have no interest going long until it happens. <\/span>
\nIf you prefer sticking to the long side, be on the sidelines. There’s nothing wrong with hanging out there until we get a tradable bottom. If you’re comfortable going short, there are some good charts to play. 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