{"id":6159,"date":"2012-11-21T08:43:25","date_gmt":"2012-11-21T13:43:25","guid":{"rendered":"http:\/\/leavittbrothers.com\/blog\/?p=6159"},"modified":"2012-11-21T08:43:25","modified_gmt":"2012-11-21T13:43:25","slug":"before-the-open-nov-21-2","status":"publish","type":"post","link":"https:\/\/blog.leavittbrothers.com\/?p=6159","title":{"rendered":"Before the Open (Nov 21)"},"content":{"rendered":"

Good morning. Happy Wednesday.<\/span>
\nThe Asian\/Pacific markets closed mixed and with an upward bias. China, Hong Kong, India and Japan did well; Taiwan did not. Europe is currently mixed. None of the market have moved much from their unchanged levels. Futures here in the States point towards a flat open for the cash market.
\n<\/span>
\nThe dollar is up slightly. Oil is up, copper down. Gold is flat, silver down.<\/span>
\nThe market posted a huge gain on Monday and then yesterday held the gains very well. Now we have the day before a holiday, so the action is likely to be slow and come without much excitement. Wall St. is a big voting booth. The higher the volume, the more traders are voting in favor of a move. Without volume, we have to question if the movement is the consensus of many of the will of a minority. So whatever happens today cannot be trusted. We’ll have to wait for volume to pick up to confirm whatever price action takes place.<\/span>
\nSpeculation in China the reserve-ratio requirement will be lowered helped boost Chinese stocks today.<\/span>
\nDeere (DE) is out with earnings…the stock is down 3.3%.<\/span>
\nScholastic (SCHL) updated it profit forecast for the year. The stock is down 24%.<\/span>
\nIron Mountain (IRM) is issuing 17 million shares of common stock.<\/span>
\nChipotle Mexican Grill (CMG) is buying back $100M in stock on top of the $100M it already announced.<\/span>
\nCirrus Logic (CRUS) is buying back $200M in stock.<\/span>
\nMy bias in the near term remains up. We got a mini washout last week when a few breadth indicators spiked to extreme levels. With pent up buying interest and shorts sitting on profits, the first move off a low level is the easy move. Then real buying, buying from big players, needs to take place to maintain the move. That’s what I’d start looking for right now, but with the holiday, everything gets put on hold until next week. <\/span>
\nHappy Thanksgiving. <\/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