{"id":6149,"date":"2012-11-16T08:51:44","date_gmt":"2012-11-16T13:51:44","guid":{"rendered":"http:\/\/leavittbrothers.com\/blog\/?p=6149"},"modified":"2012-11-16T08:51:44","modified_gmt":"2012-11-16T13:51:44","slug":"before-the-open-nov-16-4","status":"publish","type":"post","link":"https:\/\/blog.leavittbrothers.com\/?p=6149","title":{"rendered":"Before the Open (Nov 16)"},"content":{"rendered":"

Good morning. Happy Friday. Happy Options Expiration Day.<\/span>
\nThe Asian\/Pacific markets closed mostly down. China and India dropped more than 0.8%; Japan rallied 2.2%. Europe is currently mostly down. Belgium, Amsterdam and London are down 0.5% or more; Greece is up 0.9%. Futures here in the States suggest a positive open for the cash market.
\n<\/span>
\nThe dollar is up. Oil is up, copper down. Gold and silver are down.<\/span>
\nOptions expire today. There was a time when this would cause the market to be more volatile than usual, but those days are long gone. Recent (last couple years) it’s been mostly a meaningless day because traders don’t wait for the last day to square off positions.<\/span>
\nDELL (DELL) reported disappointing earnings and then announced they’re acquiring privately held Gale Technologies. The stock is down 2.4% before the open.<\/span>
\nThe Gap (GPS) did well with earnings but then lowered Q4 guidance. It’s up 4%.<\/span>
\nHostess, maker of Twinkies and Wonder Bread, is filing for bankruptcy and firing 18,500 workers because management couldn’t come to an agreement with striking workers.<\/span>
\nPenn National Gaming (PENN) is up 40%. They’re splitting their gaming and retail operations into two different companies.<\/span>
\nFoot Locker (FL) is up 5%…earnings related.<\/span>
\nNike (NKE) is doing at 2-for-1 stock split, and they raised their dividend.<\/span>
\nSmucker (SJM) posted a profit rise and raised its full-year guidance.<\/span>
\nStarbucks (SBUX) is buying back an additional 25M shares.<\/span>
\nQuest Diagnostics (DGX) is hiking their dividend 76%.<\/span>
\nYesterday we got a sharp plunge from the AD line.<\/span>
\n\"\"
\nWe also got a spike from the new lows.<\/span>
\n\"\"
\nThe trend is down, but we’re getting close enough to a tradable bottom to be a little more careful on the shorts side. The easy money has been made, so don’t get carried away here. The biggest rallies come within downtrends. 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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