{"id":6952,"date":"2013-08-28T07:28:41","date_gmt":"2013-08-28T12:28:41","guid":{"rendered":"http:\/\/leavittbrothers.com\/blog\/?p=6952"},"modified":"2013-08-28T07:28:41","modified_gmt":"2013-08-28T12:28:41","slug":"before-the-open-aug-28-3","status":"publish","type":"post","link":"https:\/\/blog.leavittbrothers.com\/?p=6952","title":{"rendered":"Before the Open (Aug 28)"},"content":{"rendered":"

Good morning. Happy Wednesday.<\/span>
\n The Asian\/Pacific markets closed mostly down. Australia, Hong Kong, Japan and Singapore dropped more than 1%; Indonesia rallied 1.5%. Europe is currently mostly down. Germany, Switzerland and Italy are down more than 1%; Austria, Belgium, Stockholm, London and the Czech Republic are also down noticeably. Futures here in the States point towards a flat open for the cash market.
\n<\/span>
\n The dollar is up. Oil is up, copper down. Gold and silver are up. <\/span>
\n The market took a beating yesterday. It gapped down and steadily sold off all day and barely managed an intraday bounce attempt. It was the market’s biggest down day since just before the June low. <\/span>
\n Not only did the indexes suffer big losses and take out their previous lows, several key groups did too. Here’s $BKX. <\/span>
\n\"\"
\n Don’t be a hero out there. I’ve been in a conservative mode for a couple weeks because the near term has been unclear and research has not revealed many good set ups. Now we have the potential for US military strikes against Syria, so the potential for market-moving news suddenly crossing the wires is much higher than normal. Again, don’t be a hero. There’s nothing wrong with laying low and waiting for the charts to set up and for anxiety levels to drop. <\/span>
\n Stock headlines<\/strong> from barchart.com…<\/span>
\n Chico’s FAS (CHS -1.60%) reported Q2 EPS of 27 cents, weaker than consensus of 32 cents.<\/span>
\n DSW (DSW +7.91%) was downgraded to “Sell” from “Hold” at Brean Capital, citing rich valuation.<\/span>
\n Joy Global (JOY -2.95%) reported Q3 EPS of $1.70, well ahead of consensus of $1.36.<\/span>
\n Dow Jones reported that Las Vegas Sands (LVS -3.18%) will pay $47 million to settle Department of Justice money-laundering probe.<\/span>
\n CNBC reported that the website of the New York Times (NYT -2.93%) has been shut down because of hackers.<\/span>
\n Dycom (DY -1.94%) reported Q4 EPS of 44 cents, weaker than consensus of 45 cents.<\/span>
\n Tiffany (TIF -1.04%) was downgraded to “Neutral” from “Buy” at Citigroup based on valuation.<\/span>
\n Earnings and Economic Numbers<\/strong> from seekingalpha.com…<\/span>
\n Today’s economic calendar:<\/span>
\n 7:00 MBA Mortgage Applications
\n 10:00 Pending Home Sales
\n 10:30 EIA Petroleum Inventories
\n 1:00 PM Results of $35B, 5-Year Note Auction<\/span><\/span><\/span><\/span>
\n Notable earnings before today’s open: AMAP, BF.B, CHS, EXPR, FRO, JOY, ZLC<\/span>
\n Notable earnings after today’s close: GAME, GES, TFM, WSM<\/span>
\n Other<\/strong>…<\/span>
\ntoday’s upgrades\/downgrades<\/a> from briefing.com<\/span>
\nthis week’s Earnings<\/a><\/span>
\nthis week’s Economic Numbers<\/a><\/span>
\n