{"id":6825,"date":"2013-07-15T07:31:07","date_gmt":"2013-07-15T12:31:07","guid":{"rendered":"http:\/\/leavittbrothers.com\/blog\/?p=6825"},"modified":"2013-07-15T07:31:07","modified_gmt":"2013-07-15T12:31:07","slug":"before-the-open-jul-15-3","status":"publish","type":"post","link":"https:\/\/blog.leavittbrothers.com\/?p=6825","title":{"rendered":"Before the Open (Jul 15)"},"content":{"rendered":"

Good morning. Happy Monday. Hope you had a good weekend.<\/span>
\n The Asian\/Pacific markets closed up across-the-board. China and New Zealand led the way. Europe is currently mostly up. Only Belgium (up 0.9%) has moved more than 0.5%. Futures here in the States point towards a positive open for the cash market.
\n<\/span>
\n The dollar is up. Oil and copper are down. Gold and silver are down. <\/span>
\n Last week was the biggest up week of the year. The Russell and Nas finished at new highs. The S&P mid caps are not far behind, and the S&P 500 and Dow are pulling up the rear the still in great shape. This is exactly what we want to see. Money is flowing into speculative issues to a greater degree than blue chips. Most indicators are heading in the right direction, so it appears the market is chugging along without many major warnings. <\/span>
\n Earnings season is front and center, so a miss by a major company could provide a short term hiccup to the action, but unless we get across-the-board misses, I don’t think earnings have the ability to derail the trend. <\/span>
\n The S&P has moved up 7 consecutive days and 11 of the last 13. This type of run is not unprecedented – in fact one just took place at the end of April and beginning of May – but we still need to realize it’s not going to last forever. If you’re a trader, stay true to yourself and continue to trade. Rotate money from one good trade to the next and don’t worry about leaving a few bucks on the table. <\/span>
\n Here are stock-specific stories from barcharts.com…<\/span>
\n According to the Korea Economic Daily, Samsung (SSNLF +0.88%) , which previously supplied the mobile application processors for Apple’s (AAPL -0.18%) iPhones but lost the business to TSMC (TSM -0.54%) , will again be Apple’s supplier for the chips from 2015.<\/span>
\n Qualcomm (QCOM +1.17%) was downgraded to “Neutral” from “Buy” at Lazard Capital.<\/span>
\n Harley-Davidson (HOG +1.56%) was downgraded to “Neutral” from “Outperform” at Wedbush.<\/span>
\n Tiffany (TIF -0.09%) was upgraded to “Buy” from “Hold” at Stifel.<\/span>
\n Gap (GPS +0.76%) was downgraded to “Neutral” from “Overweight” at Piper Jaffray.<\/span>
\n Teekay Tankers (TNK +0.68%) was downgraded to “Underweight” from “Neutral” at JPMorgan.<\/span>
\n Newmont Mining (NEM -2.45%) was downgraded to “Market Perform” from “Outperform” at BMO Capital.<\/span>
\n CIBC downgraded Mosaic (MOS -1.32%) to “Sector Performer” from “Sector Outperformer” based on a reduction in its long-term potash price target to $400 a tonne from $450 a tonne.<\/span>
\n Genesco (GCO -1.68%) was downgraded to “Neutral” from “Buy” at Sterne Agee.<\/span>
\n UPS (UPS -5.83%) downgraded to “Outperform” from “Strong Buy” at Raymond James and was also downgraded to “Hold” from “Buy” at BB&T.<\/span>
\n BNY Mellon (BK +0.97%) was upgraded to “Buy” from “Neutral” at Citigroup who also raised their price target on the stock to $34 from $28.<\/span>
\n Leap Wireless (LEAP +2.57%) surged over 80% in after-hours trading after AT&T (T -0.17%) said it would purchase the company for $15 per share.<\/span>
\nthis week’s Earnings<\/a><\/span>
\nthis week’s Economic Numbers<\/a><\/span>
\ntoday’s upgrades\/downgrades<\/a><\/span>
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