{"id":7148,"date":"2013-11-11T08:27:58","date_gmt":"2013-11-11T13:27:58","guid":{"rendered":"http:\/\/leavittbrothers.com\/blog\/?p=7148"},"modified":"2013-11-11T08:27:58","modified_gmt":"2013-11-11T13:27:58","slug":"before-the-open-nov-11-4","status":"publish","type":"post","link":"https:\/\/blog.leavittbrothers.com\/?p=7148","title":{"rendered":"Before the Open (Nov 11)"},"content":{"rendered":"

Good morning. Happy Monday. Hope you had a nice weekend. <\/span>
\n The Asian\/Pacific markets closed mixed. Hong Kong and Japan did well; India, Indonesia, New Zealand and Taiwan lagged. Europe is currently mostly up. Belgium is down 1.2%; France, Amsterdam, Norway, Switzerland, Greece, Italy and Spain are doing well. Futures here in the States point towards an up open for the cash market.
\n<\/span>
\n The dollar is down. Oil and copper are down. Gold and silver are down. <\/span>
\n As is typically the case, I don’t have much to say beyond what I wrote in the weekly report posted over the weekend. <\/span>
\n The divergence between the large caps and the Nas and small caps is a little concerning.<\/span>
\n And if the breadth indicators were in charge, we’d get some weakness right now, not strength.<\/span>
\n But, the S&P is just a few points below its all-time high and nicely poised to bust out and rally. If the machines are in control, that’s what’s likely happen. Ignore the technicals, ignore the internals…just have a mind of its own and rally. <\/span>
\n Here’s the S&P daily. After several months of “5 steps forward, 4 steps back,” the index has settled into a consolidation range. We got one big down day last week and a quick recovery. The breadth indicators may suggest some internal deterioration, but there is nothing wrong with this chart. The market is in good shape (this has always been the case, I never doubted the big picture). You knos the Wall St. adage…don’t fight the trend. <\/span>
\n\"\"
\nStock headlines<\/strong> from barchart.com…<\/span>
\n AP reports that Target (TGT +0.45%) is planning to open at 8 p.m. on Thanksgiving Day, an hour earlier than last year, with stores remaining open until 11 p.m. on Black Friday, and that Best Buy (BBY +3.72%) plans to open at 6:00pm nationwide on Thanksgiving Day instead of midnight to commence this year’s Black Friday shopping.<\/span>
\n Applied Materials (AMAT +2.25%) Q3 earnings results likely to beat expectations, says RBC Capital.<\/span>
\n Tata Motors (TTM +3.71%) was downgraded to ‘Neutral’ from ‘Buy’ at Nomura.<\/span>
\n Best Buy (BBY +3.72%) was upgraded to ‘Buy’ from ‘Neutral’ at UBS who raised their price target on the stock to $49 from $35.<\/span>
\n TD Ameritrade (AMTD +3.43%) was upgraded to ‘Outperform’ from ‘Market Perform’ at Raymond James.<\/span>
\n DigiTimes reports that in the period between June and October, Samsung (SSNLF -10.34%) has placed 40% fewer notebook component orders than forecast and Apple (AAPL +1.57%) placed 50% less than last year.<\/span>
\n Eli Lilly (LLY +1.24%) was downgraded to ‘Sell’ from ‘Neutral’ at Goldman.<\/span>
\n American Tower (AMT -1.24%) was upgraded to ‘Buy’ from ‘Neutral’ at Citigroup.<\/span>
\n Michael Kors (KORS +1.91%) will replace NYSE Euronext (NYX +1.54%) in S&P 500 as of the 11\/12 close.<\/span>
\n Moody’s Investors Service has raised its outlook on the Ba3 government bond rating of Portugal to stable from negative.<\/span>
\n Southeastern Asset reported a 13.1% passive stake in Empire State Realty (ESRT -1.60%).<\/span>
\nEarnings and Economic Numbers<\/strong> from seekingalpha.com…<\/span>
\n Today’s economic calendar:
\n No events scheduled.<\/span><\/span>
\n Notable earnings before today’s open: ABFS, CRNT, GOGO, PGNX, SLW<\/span>
\n Notable earnings after today’s close: AGO, ALIM, BID, CRAY, FTEK, HOLX, IOC, RAX, SHO, SLTM, SPRD, VSAT<\/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