{"id":6203,"date":"2012-12-04T08:47:13","date_gmt":"2012-12-04T13:47:13","guid":{"rendered":"http:\/\/leavittbrothers.com\/blog\/?p=6203"},"modified":"2012-12-04T08:47:13","modified_gmt":"2012-12-04T13:47:13","slug":"before-the-open-dec-4-2","status":"publish","type":"post","link":"https:\/\/blog.leavittbrothers.com\/?p=6203","title":{"rendered":"Before the Open (Dec 4)"},"content":{"rendered":"

Good morning. Happy Tuesday.<\/span>
\nThe Asian\/Pacific markets closed mixed. China closed up; Australia and Indonesia closed down. Europe is currently mixed. France, Amsterdam and Switzerland are doing well; Norway and Greece are not. Futures here in the States point towards a flat open for the cash market.
\n<\/span>
\nThe dollar is down. Oil is down, copper is up. Gold and silver are getting hit hard.<\/span>
\nHere are the key headlines…<\/span>
\nThe yield on Italian 10-year sovereign bonds hit its lowest level in 2 years.<\/span>
\nThe Reserve Bank of Australia cut its key benchmark interest rate from 3.25% to 3.00%.<\/span>
\nAutozone (AZO) is down 1.5%, Pep Boys (PBY) is down 6.4% – both earnings related.<\/span>
\nToll Brothers (TOL) is up 3.6%…earnings related.<\/span>
\nBaxter (BAX) is buying privately-held Gambro AB (Sweden) for $4 billion.<\/span>
\nVail Resorts (MTN) said its Q1 loss widened and it will be more difficult than anticipated to meet their prior growth goals. The stock is down 7.3%.<\/span>
\nBig Lots (BIG) posted a loss that was less than expected. The stock is up 12%.<\/span>
\nMetroPCS (PCS) is down 5.9%…rumor is Sprint Nextel (S) won’t make a counteroffer.<\/span>
\nPandora (P) is up 5.9%. <\/span>
\nYesterday the market gapped up and then stair-stepped down all day. Thanks to the opening print, losses weren’t great, but the intraday was a little painful for the bulls. Heading into the day and week I was looking for a mini correction or at least some sideways movement to allow the charts to re-set. Here’s the video<\/a> I posted.<\/span>
\nMy opinion of the market hasn’t changed. In the very near term I’m looking for more weakness. In the intermediate term, the market rallied nicely off its lows (the easy move) but still has work to do to prove that the downtrend which began in September is over and a new uptrend underway. I’m cautiously optimistic the market will leg up again, but I’m not going to trade under the assumption it will happen. As I said the market has some proving to do. For now I’m looking for more weakness. 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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