{"id":6846,"date":"2013-07-23T07:36:15","date_gmt":"2013-07-23T12:36:15","guid":{"rendered":"http:\/\/leavittbrothers.com\/blog\/?p=6846"},"modified":"2013-07-23T07:36:15","modified_gmt":"2013-07-23T12:36:15","slug":"before-the-open-jul-23-3","status":"publish","type":"post","link":"https:\/\/blog.leavittbrothers.com\/?p=6846","title":{"rendered":"Before the Open (Jul 23)"},"content":{"rendered":"

Good morning. Happy Tuesday.<\/span>
\nThe Asian\/Pacific markets closed up across the board. Hong Kong rallied 2.3%, China 2% and Indonesia, South Korea and Taiwan better than 1%. Europe is currently mostly up. Spain, Italy and the Czech Republic are leading the way. Futures here in the States point towards a positive open for the cash market.
\n<\/span>
\nThe dollar is up. Oil and copper are down. Gold and silver are down. <\/span>
\nThe market keeps chugging along. After rallying 8 straight days, it dropped and has now closed up another 4 straight days. That’s 12 out of 13 up days, and 16 of 19. Heck of a run. It’s at times like these you can throw TA out the window. Trendlines aren’t very predictive, and overbought can stay overbought for a long time. <\/span>
\nDon’t over-analyze. Most of the time simple breadth indicators are pretty good at picking off tops and bottoms and generally telling us what to expect and whether we should be aggressive or passive. But from time to time the market gets in a mode where it wants to do something, and it’s best not to stand in its way. Let the talking heads talk and debate and pound their chests when one of their predictions comes true. We should keep playing set ups and know the party won’t continue forever. <\/span>
\nHere are stock-specific headline stories from barchart.com…<\/span>
\nThere are 11 of the S&P 500 companies that have reported earnings this morning. Above-consensus reports include Air Products (APD +0.92%) ($1.36 vs $1.385), Du Pont (DD +0.05%) (1.28 vs 1.27), Travelers (TRV +0.91%) (2.13 vs 1.59), United Technologies (UTX -0.36%) (1.70 vs 1.58), Sigma-Aldrich (SIAL -0.57%) (1.05 vs 1.035), Forest Labs (FRX -0.02%) (0.28 vs 0.08), and Lockheed Martin (LMT +0.09%) (2.64 vs 2.20). Below-consensus reports include Altria (MO -0.73%) (0.62 vs 0.629), Regions Financial (RF +1.86%) (0.20 vs 0.21), Waters Corp (WAT +0.64%) (1.08 vs 1.21), and Pentair (PNR -0.51%) (0.85 vs 0.90).<\/span>
\nTexas Instruments (TXN +0.43%) rallied 2.6% in after-hours trading after reporting Q2 EPS with items of 58 cents, well above the consensus of 41 cents.<\/span>
\nCapitalSource (CSE +1.44%) rallied 12% in after-hours trading after the announcement that PacWest (PACW +0.50%) will buy the company for $2.3 billion. PacWest shares rallied slightly by 0.3% following the announcement.<\/span>
\nNetflix (NFLX -0.99%) fell 4% in after-hours trading on disappointing earnings news.<\/span>
\nthis week’s Earnings<\/a><\/span>
\nthis week’s Economic Numbers<\/a><\/span>
\ntoday’s upgrades\/downgrades<\/a><\/span>
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