{"id":6282,"date":"2013-01-03T08:40:43","date_gmt":"2013-01-03T13:40:43","guid":{"rendered":"http:\/\/leavittbrothers.com\/blog\/?p=6282"},"modified":"2013-01-03T08:40:43","modified_gmt":"2013-01-03T13:40:43","slug":"before-the-open-jan-3-3","status":"publish","type":"post","link":"https:\/\/blog.leavittbrothers.com\/?p=6282","title":{"rendered":"Before the Open (Jan 3)"},"content":{"rendered":"

Good morning. Happy Thursday.<\/span>
\nThe Asian\/Pacific markets closed mostly up. China, South Korea and Indonesia rallied more than 1%; Australia, Japan, Singapore and Taiwan moved up more than 0.7%. Europe currently leans to the downside. Switzerland is up big; France and the Czech Republic are down. Futures here in the States point towards a flat open for the cash market.
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\nThe dollar is up. Oil and copper are down. Gold and silver are down.<\/span>
\nThe last two days have combined to be the biggest 2-day gain in a very long time. The S&P is up an amazing 60 points, so the Santa Claus indicator is in very good shape right now. Here are the weekly charts…very bullish candles, and that’s an all-time high for the Russell small caps.<\/span>
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\nBut as talked about yesterday in the daily report, the market is not without warnings. The AD line isn’t in horrible shape, but it is lagging. New highs spiked – exactly what happened at the September high. And the ATR is moving up – higher volatility hints at limited upside.<\/span>
\nThere isn’t must company-specific news out.<\/span>
\nGap (GPS) same-store sales were up 5%…they’re repurchasing $1B in stock…they’re buying Intermix for $130M.<\/span>
\nHormel (HRL) is buying Skippy Peanut Butter from Unilever (UL).<\/span>
\nMacy’s (M) same-store sales rose 4.1%.<\/span>
\nTarget (TGT) same-store sales were flat.<\/span>
\nFamily Dollar (FD) is down 8% premarket…missed profit view.<\/span>
\nLimited (LTD) same-store sales up 3%.<\/span>
\nInitial jobless claims moved up 10K…it’s the 4-week moving average, which is more important, was basically flat.<\/span>
\nThat’s it for now. Stay on your toes. The price action looks good, but there are a few warnings beneath the surface. We still don’t know the move of the last two days was just a knee-jerk reaction to the fiscal cliff deal that will be faded or the start of a new bull run. 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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