{"id":7189,"date":"2013-11-26T08:31:01","date_gmt":"2013-11-26T13:31:01","guid":{"rendered":"http:\/\/leavittbrothers.com\/blog\/?p=7189"},"modified":"2013-11-26T08:31:01","modified_gmt":"2013-11-26T13:31:01","slug":"before-the-open-nov-26-3","status":"publish","type":"post","link":"https:\/\/blog.leavittbrothers.com\/?p=7189","title":{"rendered":"Before the Open (Nov 26)"},"content":{"rendered":"

Good morning. Happy Tuesday.<\/span>
\n The Asian\/Pacific markets closed mixed. Indonesia dropped 2.3%, India 0.9% and Japan 0.7%. Taiwan rallied 0.7%. Europe is currently mostly down. Greece and Czech Republic are down 0.8%, London an Switzerland ~ 0.4%. Futures here in the States point towards a flat-to-up open for the cash market.
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\n The dollar is down. Oil is up, copper down. Gold and silver are down. <\/span>
\n Yesterday was mostly a slow day. Then the floor got pulled out about 90 minutes before the close. No big deal. After 7 consecutive up weeks, a little intraday pullback doesn’t even register on the radar. All the indexes closed close to their unchanged levels anyways.<\/span>
\n One slow day certainly isn’t going to change anything I said over the weekend, so for now the song remains the same. Long term the trend is rock solid. Short term there will always be ups and downs, so how you enter and manage positions will be entirely dependent on your trading style. You may scale out on forceful moves up and then get back in on corrections (although we haven’t been getting much downside movement). Or you can just sit tight in good positions, take profits at targets and rotate money to new and potentially better set ups. Many different styles of trading work. If you stick with one and resist changing and chasing what’s hot, you’ll be fine in the long run.<\/span>
\n The market was slow most of yesterday. We’re likely to get more of the same today and tomorrow ahead of Thanksgiving Thursday. This may not be the time to push things. <\/span>
\nStock headlines<\/strong> from barchart.com…<\/span>
\n Cracker Barrel (CBRL +1.07%) reported Q1 adjusted EPS of $1.22, better than consensus of $1.13.<\/span>
\n Brown Shoe (BWS +1.05%) raised guidance on fiscal 2013 adjusted EPS view to $1.36-$1.40, higher than consensus of $1.36.<\/span>
\n Pall Corp. (PLL -1.27%) reported Q1 EPS of 70 cents, higher than consensus of 68 cents.<\/span>
\n Tiffany (TIF -0.11%) reported Q3 EPS of 73 cents, well above consensus of 58 cents, and then raised guidance on its fuscal 2014 EPS view to to $3.65-$3.75 from $3.50-$3.60, better than consensus of $3.62.<\/span>
\n Hormel Foods (HRL -1.07%) reported Q4 EPS of 58 cents, better than consensus of 54 cents.<\/span>
\n Nuance (NUAN -2.32%) tumbled over 7% in after-hours trading after it lowered guidance on fiscal 2014 EPS to $1.05-$1.15, well below consensus of $1.41.<\/span>
\n J.C. Penney (JCP +3.61%) rose over 2% in after-hours trading after a regulatory filing showed that CEO Myron Ullman bought 112,000 shares of JCP stock on 11\/22\/13.<\/span>
\n Hillenbrand (HI +0.92%) reported Q4 EPS of 50 cents, below consensus of 52 cents, and then lowered guidance on fiscal 2014 EPS to $2.00-$2.10, below consensus of $2.15.<\/span>
\n Dycom (DY -2.27%) reported Q1 EPS of 54 cents, well above consensus of 46 cents.<\/span>
\n Greenlight Capital discloses holding 23.02 million shares of Micron (MU -1.63%) in an amended 13F statement.<\/span>
\n Blue Ridge Capital reported a 6.17% passive stake in Avis Budget (CAR +1.33%) .<\/span>
\nEarnings and Economic Numbers<\/strong> from seekingalpha.com…<\/span>
\n Today’s economic calendar:
\n 7:45 ICSC Retail Store Sales
\n 8:30 Housing Starts-Sep
\n 8:30 Housing Starts-Oct
\n 8:55 Redbook Chain Store Sales
\n 9:00 FHFA House Price Index
\n 9:00 S&P Case-Shiller Home Price Index
\n 10:00 Consumer Confidence
\n 10:00 State Street Investor Confidence Index
\n 10:00 Richmond Fed Mfg.
\n 1:00 PM Results of $35B, 5-Year Note Auction<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>
\n Notable earnings before today’s open: BKS, BWS, CBRL, CHS, DSW, EV, HRL, JASO, LDK, PLL, SIG, TIF<\/span>
\n Notable earnings after today’s close: ADI, ASYS, AVAV, BLOX, GAME, HPQ, TIVO, ZLC<\/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