{"id":6767,"date":"2013-06-17T07:36:58","date_gmt":"2013-06-17T12:36:58","guid":{"rendered":"http:\/\/leavittbrothers.com\/blog\/?p=6767"},"modified":"2013-06-17T07:36:58","modified_gmt":"2013-06-17T12:36:58","slug":"before-the-open-jun-17-3","status":"publish","type":"post","link":"https:\/\/blog.leavittbrothers.com\/?p=6767","title":{"rendered":"Before the Open (Jun 17)"},"content":{"rendered":"

Good morning. Happy Monday. Hope you had a nice weekend. <\/span>
\nThe Asian\/Pacific markets closed mostly up. Japan rallied 2.7%, and Hong Kong moved up 1.2%. Europe is currently mostly up. Greece is down 2.4% while Switzterland, Amsterdam, Germany, Spain and France are up more than 1%. Futures here in the States point towards a big gap up for the cash market.
\n<\/span>
\nThe dollar is flat. Oil is up, copper down. Gold and silver are down.<\/span>
\nI don’t have anything to add to the comments I made over the weekend in my weekly report and video<\/a>.<\/span>
\nI’m neutral right now. The overall trend remains up; the short term trend leans down. Lately we’ve gotten many big gap opens, lots of intraday reversals, equal number of up and down moves and a general lack of ability for either the bulls or bears to completely take control. The trend has been down, but it’s perfectly normal for a healthy market to trade against its overall trend while it consolidates. <\/span>
\nHere’s the SPX daily. Two different trendlines plus the 50-day MA all come into play in the low 1600’s, so that’s a key zone. <\/span>
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\nThere’s a big Fed meeting Wednesday. With all the talk about the Fed tapering their bond purchase program, this is one of the most important meetings in a long time. It could be a game changer, but the anticipated tapering is well advertised and is in the process of being factored into the market. <\/span>
\nHere are stock-specific headlines from barchart.com…<\/span>
\nMarvell (MRVL -0.18%) was upgraded at Susquehanna to “Positive” from “Neutral” who also raised their price target on the stock to $14 from $10.<\/span>
\nEdison International (EIX +0.86%) was upgraded to “Outperform” from “Market Perform” at Bernstein.<\/span>
\nRed Hat (RHT -0.09%) was downgraded to “Neutral” from “Positive” at Susquehanna who also lowered its price target on the stock to $50 from $65.<\/span>
\nTime Warner Cable (TWC +8.09%) was downgraded to “Market Perform” from “Outperform” at Raymond James, who also upgraded Comcast (CMCSA -0.03%) to “Strong Buy” from “Outperform.”<\/span>
\nMitsubishi Corporation (MSBHY -4.50%) has contracted with Sikorsky Aircraft, a subsidiary of United Technologies (UTX -0.29%) , to acquire 11 S-76D helicopters for use in Search and Rescue operations by the Japan Coast Guard.<\/span>
\nCIT Group (CIT -1.10%) was upgraded to “Buy” from “Hold” at Drexel Hamilton.<\/span>
\nBoeing (BA -0.32%) and Qatar Airways have announced and agreement worth up to $2.8 billion for nine 777-300ERs.<\/span>
\nThe WSJ reported that Merck (MRK +0.10%) is planning to cut jobs and strip a level of senior management from its R&D unit.<\/span>
\nQLogic (QLGCN) will be deleted from the S&P 400 and added to the S&P 600 as of the Jun 21 close.<\/span>
\nColdwater Creek (CWTRN) will be deleted from the S&P 600 as of the Jun 21 close.<\/span>
\nZoetis (ZTSN) will be added to S&P 500 as of the Jun 21 close.<\/span>
\nFirst Horizon (FHNN) will be deleted from the S&P 500 and added to the S&P 400 as of the Jun 21 close.<\/span>
\nRaytheon (RTNN) has been awarded a $534.8 million firm-fixed-price contract from the U.S. Air Force for AMRAAM Production.<\/span>
\nCintas (CTASN) CEO says the company “will finish FY13 with record revenues.”<\/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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