{"id":7203,"date":"2013-12-02T08:26:17","date_gmt":"2013-12-02T13:26:17","guid":{"rendered":"http:\/\/leavittbrothers.com\/blog\/?p=7203"},"modified":"2013-12-02T08:26:17","modified_gmt":"2013-12-02T13:26:17","slug":"before-the-open-dec-2-4","status":"publish","type":"post","link":"https:\/\/blog.leavittbrothers.com\/?p=7203","title":{"rendered":"Before the Open (Dec 2)"},"content":{"rendered":"

Good morning. Happy Monday. Hope you had a nice weekend. <\/span>
\n The Asia\/Pacific markets closed mixed. Australia, China and South Korea dropped while Hong Kong, India and Indonesia did well. Europe currently leans to the down side. Greece is up almost 2%; Belgium, London, Czech Republic and Italy are down the most. Futures here in the States point towards a flat-to-down open for the cash market.
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\n The dollar is up. Oil is flat, copper down. Gold is down, silver up. <\/span>
\n The S&P has now rallied 8 straight weeks, and now the monthlies look like they’re in the beginning stages of going parabolic. But this doesn’t mean I’m calling a top like so many bearish idiots are doing. If the market goes parabolic, the move can last several months and tack on another 10-20% before topping. Here are the charts. <\/span>
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\n Over the weekend, Amazon announced plans to deliver packages via drone in under 30 minutes. Goldman upgraded the stock and raised its price target from 400 to 450. I’ll talk about this after today’s close. <\/span>
\n Long term the uptrend looks solid. <\/span>
\n Short term there are reasons to believe a little give back is in the works. A few indicators are lagging, and three times last week the market sold off hard late in the day. Here’s the 5-min SPX chart.<\/span>
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\n That’s it for now. I like this market…we just need to get through a potential soft patch in the near term. <\/span>
\nStock headlines<\/strong> from barchart.com…<\/span>
\n Travelers (TRV -0.27%) was downgraded to ‘Neutral’ from ‘Buy’ at Goldman due to relative valuation.<\/span>
\n Marathon Petroleum (MPC -1.90%) was upgraded to ‘Buy’ from ‘Hold’ at Deutsche Bank.<\/span>
\n Genesco (GCO +0.70%) was downgraded to ‘Neutral’ from ‘Overweight’ at Piper Jaffray<\/span>
\n American Eagle (AEO +1.06%) was upgraded to ‘Buy’ from ‘Neutral’ at Janney Capital.<\/span>
\n Sprint (S +0.36%) was downgraded to ‘Neutral’ from ‘Outperform’ at Macquarie.<\/span>
\n Petrobras (PBR +1.01%) was downgraded to ‘Underperform’ from ‘Outperform’ at Credit Suisse.<\/span>
\n Goldman Sachs reiterated its ‘Buy’ rating on Amazon.com (AMZN +1.79%) and raised its price target on the stock to $450 from $400.<\/span>
\n Monster Beverage (MNST -1.12%) rose 2.4% in pre-market trading after it was upgraded to ‘Overweight’ from ‘Neutral’ at JPMorgan.<\/span>
\n EBay (EBAY +2.47%) was upgraded to ‘Buy’ from ‘Neutral’ at SunTrust.<\/span>
\n Ebay (EBAY +2.47%) rose 2.2% and Amazon.com (AMZN +1.79%) climbed 1.0% in pre-market trading after data from Comscore showed online spending on Black Friday rose +15% to a record $1.2 billion.<\/span>
\n Allegion (ALLE) will replace J.C. Penney (JCP +1.09%) in S&P 500 as of last Friday’s close.<\/span>
\nEarnings and Economic Numbers<\/strong> from seekingalpha.com…<\/span>
\n Today’s economic calendar:
\n 9:00 PMI Manufacturing Index
\n 10:00 ISM Manufacturing Index
\n 10:00 Construction Spending-Sep
\n 10:00 Construction Spending-Oct<\/span><\/span><\/span><\/span><\/span>
\n Notable earnings before today’s open: none<\/span>
\n Notable earnings after today’s close: ASNA, KKD, 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>
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