{"id":6843,"date":"2013-07-22T07:44:17","date_gmt":"2013-07-22T12:44:17","guid":{"rendered":"http:\/\/leavittbrothers.com\/blog\/?p=6843"},"modified":"2013-07-22T07:44:17","modified_gmt":"2013-07-22T12:44:17","slug":"before-the-open-jul-22-3","status":"publish","type":"post","link":"https:\/\/blog.leavittbrothers.com\/?p=6843","title":{"rendered":"Before the Open (Jul 22)"},"content":{"rendered":"

Good morning. Happy Monday. Hope you had a good weekend.<\/span>
\nThe Asian\/Pacific markets closed mostly up. Australia, China, Singapore, South Korea and Taiwan led the way; Indonesia dropped 1%. Europe is currently mixed. Only Stockholm (down 0.7%) and Greece (up 0.6%) have moved much. Futures here in the States point toward a slight up open for the cash market.
\n<\/span>
\nThe dollar is down. Oil and copper are up. Gold and silver are up. <\/span>
\nThe market just concluded its fourth straight up week. The indexes are at or very near either all-time highs or multi-year highs. It’s hard to argue with the overall movement, but the market has often reversed within a couple days of options expiration. Let’s be on the look out for such a development the next couple days. <\/span>
\nNothing major came out of the 2-day G-20 meeting of finance ministers and central bank chiefs that concluded Saturday.<\/span>
\nHere are the daily charts. Ridiculous. Throw TA out the window. The market is on crack right now. There are no trendlines that can describe the movement, and for the time being, indicators are useless. Overbought can stay overbought for a long enough time to frustrate anyone trying to pick a top.<\/span>
\n\"\"
\nDon’t over-analyze. The market is doing its own thing right now.<\/span>
\nHere are stock-specific headlines from barchart.com…<\/span>
\nKimberly Clark (KMB +0.59%) reported Q2 adjusted EPS this morning of $1.41, slightly above the consensus of $1.39. The company also said it will realign cost structure and streamline European manufacturing.<\/span>
\nHalliburton (HAL +2.44%) reported Q2 EPS of 73 cents, 1 cent above the consensus of 72 cents.<\/span>
\nFacebook (FB -1.15%) will create a streamlined social network for simple phones, according to the NY Times.<\/span>
\nApple (AAPL -1.58%) said its developers website was taken down because of a hacking attack.<\/span>
\nHasbro (HAS -2.37%) reported Q2 adjusted EPS of 29 cents, below the consensus of 34 cents.<\/span>
\nDick’s Sporting (DKS -0.55%) was upgraded to Overweight from Equal Weight at Morgan Stanley.<\/span>
\nthis week’s Earnings<\/a><\/span>
\nthis week’s Economic Numbers<\/a><\/span>
\ntoday’s upgrades\/downgrades<\/a><\/span>
\n