{"id":7044,"date":"2013-09-26T07:18:04","date_gmt":"2013-09-26T12:18:04","guid":{"rendered":"http:\/\/leavittbrothers.com\/blog\/?p=7044"},"modified":"2013-09-26T07:18:04","modified_gmt":"2013-09-26T12:18:04","slug":"before-the-open-sep-26-3","status":"publish","type":"post","link":"https:\/\/blog.leavittbrothers.com\/?p=7044","title":{"rendered":"Before the Open (Sep 26)"},"content":{"rendered":"

Good morning. Happy Thursday.<\/span>
\n The Asian\/Pacific markets closed mixed. China dropped almost 2%, Taiwan 1.2%. Japan rallied 1.2%. Europe is currently mixed. Most indexes are close to home; Italy is down more than 1%. 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 up. Gold and silver are up.<\/span>
\n For the first time this year the S&P has fallen 5 straight days. Should we be concerned? Well, you gotta take note, but in the grand scheme of things, the long term trend remains solidly in place, and I’d characterized the selling as being orderly and healthy for a strong market. Things could change, especially as the debt ceiling talks heat up, but for now, overall I still like the upside.<\/span>
\n Having said this, the S&P is still dealing with a negative RSI divergence…<\/span>
\n\"\"
\n And although my downside target has inched up to the high 1670’s, this chart tells me moderate support doesn’t come into play until the 50 and middle Bollinger Band get tested.<\/span>
\n\"\"
\n There’s lots of stuff going on in the near term. Play it safe. <\/span>
\nStock headlines<\/strong> from barchart.com…<\/span>
\n AmBev (ABV -1.13%) was upgraded to “Outperform” from “Neutral” at Credit Suisse.<\/span>
\n AP reports that Nissan (NSANY -0.53%) recalled 908,900 vehicles for defective accelerator sensors that could cause the engine to stall.<\/span>
\n Diamond Foods (DMND -1.08%) was upgraded to “Buy” from “Hold” at BB&T.<\/span>
\n Jefferies kept its “Buy” rating on Facebook (FB +2.08%) and raised its price target on the stock to $60 from $37.<\/span>
\n Grainger (GWW -0.41%) was upgraded to “Neutral” from “Sell” at Citigroup.<\/span>
\n Hertz (HTZ -0.12%) lowered guidance on fiscal 2013 adjusted EPS view to $1.68-$1.78 from $1.78-$1.88, below consensus of $1.89.<\/span>
\n McCormick (MKC -0.76%) reported Q3 EPS of 78 cents, slightly below consensus of 79 cents.<\/span>
\n H.B. Fuller (FUL -0.47%) reported Q3 adjusted EPS of 74 cents, stronger than consensus of 67 cents.<\/span>
\n Bed Bath & Beyond (BBBY -0.79%) rose over 4% in after-hours trading after it reported Q2 EPS of $1.16, better than consensus of $1.15.<\/span>
\n SYNNEX (SNX -0.78%) said it sees Q4 EPS of $1.14-$1.18, below consensus of $1.18.<\/span>
\n Jabil Circuit (JBL +1.22%) slid 5% in after-hours trading after it reported Q4 EPS of 56 cents, better than consensus of 54 cents, but then said it sees Q1 EPS of 50 cents-60 cents, below consensus of 63 cents.<\/span>
\nEarnings and Economic Numbers<\/strong> from seekingalpha.com…<\/span>
\n Today’s economic calendar:
\n 8:30 Initial Jobless Claims
\n 8:30 GDP Q2
\n 8:30 Corporate Profits
\n 9:45 Bloomberg Consumer Comfort Index
\n 10:00 Pending Home Sales
\n 10:30 EIA Natural Gas Inventory
\n 11:00 Kansas City Fed Mfg Survey
\n 1:00 PM Results of $29B, 7-Year Note Auction
\n 4:30 PM Money Supply
\n 4:30 PM Fed Balance Sheet
\n 9:15 PM Fed’s George:U.S. Economy<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>
\n Notable earnings before today’s open: FGP, MKC<\/span>
\n Notable earnings after today’s close: ACN, NKE, THO<\/span>
\nOther<\/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