{"id":6854,"date":"2013-07-26T07:42:25","date_gmt":"2013-07-26T12:42:25","guid":{"rendered":"http:\/\/leavittbrothers.com\/blog\/?p=6854"},"modified":"2013-07-26T07:42:25","modified_gmt":"2013-07-26T12:42:25","slug":"before-the-open-jul-26-4","status":"publish","type":"post","link":"https:\/\/blog.leavittbrothers.com\/?p=6854","title":{"rendered":"Before the Open (Jul 26)"},"content":{"rendered":"

Good morning. Happy Friday.<\/span>
\n The Asian\/Pacific markets closed mixed, and other than Japan (down 3%), none of the indexes moved much. Europe is currently mixed. Spain and Greece are leading to the upside; Switzerland is lagging the most. Futures here in the States point towards a moderate gap down open for the cash market.
\n<\/span>
\n The dollar is down. Oil and copper are down. Gold and silver are down. <\/span>
\n So far it’s been a quiet week. The Nas is up 0.5%; the Dow, Russell and Mid are up very small amounts; the S&P is down a small amount. The ranges are small, and volume has been on the lighter side. We’ve gotten a moderate gap every day this week. Up Monday, Tuesday and Wednesday, down yesterday and today. Lots of spit swapping, lots of sudden reversals, very few slow, steady moves. <\/span>
\n I’m starting to see more cracks out there…some negative divergences…some key stocks are lagging…it’s nothing major, nothing that suggests the market is going to take a big hit…but certainly things in the very near term are less clear. <\/span>
\n Here’s an example…a divergence between the 10-day NYSE AD line and the S&P. <\/span>
\n\"\"
\n Don’t over-analyze. Don’t think too much. The longer term trend is still solidly up, but in the near term I think we have to be a little more careful. <\/span>
\n I don’t have anything else to say right now…kind of drawing a blank. <\/span>
\n Stock headlines from barchart.com…<\/span>
\n Starbucks (SBUX +2.34%) rallied 7% in after-hours trading yesterday after beating earnings (55 cents vs 53 cent consensus) and raising its outlook.<\/span>
\n Zynga (ZNGA +6.71%) fell 14% in after-hours trading yesterday after its earnings outlook disappointed.<\/span>
\n Amazon.com (AMZN +1.49%) reported Q2 EPS of -2 cents, which was weaker than market expectations for a profit of 5 cents.<\/span>
\n Earnings reports after yesterday’s close were mostly favorable with positive results including: Principal Financial Group (PFG +0.92%) (0.91 vs consensus 0.82), Chubb (CB +0.26%) (1.77 vs 1.38), VeriSign (VRSN +1.30%) (0.58 vs 0.55), McKesson (MCK +0.10%) (2.07 vs 1.71), Cliffs Natural Resources (CLF +0.44%) (1.07 vs 0.59). Negative late-afternoon results included Republic Services (RSG +0.09%) (0.43 vs 0.50), Expedia (EXPE +1.91%) (0.64 vs 0.81).<\/span>
\n Earnings results this morning have been mixed. Positive results include Stanley Black & Decker (SWK unch) (1.21 vs 1.19), Tyco (TYC +0.60%) (0.49 vs 0.48), Helmerich & Payne (HP +0.94%) (1.44 vs 1.34), Newell Rubbermaid (NWL unch) (0.50 vs 0.49), and Aon (AON +1.00%) (1.11 vs 1.10). Negative results include Newmont Mining (NEM +1.08%) (-0.10 vs 0.42), Weyerhaeuser (WY +0.97%) (0.26 vs 0.30), DTE Energy (DTE +0.53%) (0.62 vs 0.77), and Ventas (VTR +0.28%) (1.01 vs 1.02).<\/span>
\nthis week’s Earnings<\/a><\/span>
\nthis week’s Economic Numbers<\/a><\/span>
\ntoday’s upgrades\/downgrades<\/a><\/span>
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