{"id":7211,"date":"2013-12-04T08:25:02","date_gmt":"2013-12-04T13:25:02","guid":{"rendered":"http:\/\/leavittbrothers.com\/blog\/?p=7211"},"modified":"2013-12-04T08:25:02","modified_gmt":"2013-12-04T13:25:02","slug":"before-the-open-dec-4-3","status":"publish","type":"post","link":"https:\/\/blog.leavittbrothers.com\/?p=7211","title":{"rendered":"Before the Open (Dec 4)"},"content":{"rendered":"

Cyber Week Special<\/strong>….click here<\/a>.<\/span>
\nGood morning. Happy Wednesday.<\/span>
\nThe Asian\/Pacific markets closed mostly down. Japan dropped more than 2%; Indonesia, New Zealand and South Korea dropped more than 1%. China rallied 1.3%. Europe is currently down across-the-board. Austria, Belgium, Czech Republic are down more than 1%; France and Switzerland are also down noticeably. Futures here in the States point towards a down open for the cash market.
\n<\/span>
\nThe dollar is flat. Oil and up, copper down. Gold is down, silver up. <\/span>
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\nFor only the second time in 10 weeks the market has fallen three straight days. Other than short term trades or traders who didn’t listen to the warnings from the market the last couple days, this isn’t a big deal. The trend remains rock solid, so it’ll take much more than a couple down days for the market to change its stripes. All intermediate and long term signs point to a continuation of the trend. You as a trader just need to manage things when these inevitable pullbacks play out. <\/span>
\nThe 10-day MA of the NYSE AD line is one example of one of the warnings flashed this past weekend. The market was at a new high while the AD line wasn’t very far above 0. The absolute level was obvious, so was the divergence. The indicator has now moved below 0, so beneath the surface, there’s been a lack of confirmation. Over the weekend I said I could argue a bullish and bearish case but concluded the numbers don’t lie. The upside was limited. <\/span>
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\nDon’t mentally fight lower prices. <\/span>
\nStock headlines<\/strong> from barchart.com…<\/span>
\nExpress (EXPR +0.94%) reported Q3 EPS of 23 cents, below consensus of 25 cents.<\/span>
\nRoss Stores (ROST -1.93%) was downgraded to ‘Neutral’ from ‘Outperform’ at Credit Suisse.<\/span>
\nAT&T (T -0.17%) was downgraded to ‘Neutral’ from ‘Overweight’ at JPMorgan.<\/span>
\neBay (EBAY +1.13%) was downgraded to ‘Equal Weight’ from ‘Overweight’ at Evercore.<\/span>
\nU.S. Bancorp (USB -1.76%) was upgraded to ‘Conviction Buy’ from ‘Neutral’ at Goldman.<\/span>
\nCitigroup (C -0.93%) was downgraded to ‘Neutral’ from ‘Conviction Buy’ at Goldman.<\/span>
\nComScore reported holiday season U.S. retail e-commerce spending from Thanksgiving through Cyber Monday, online buying from desktop computers totaled $5.3 billion, up 22% versus last year.<\/span>
\nESL Partners lowered its stake in Sears Holdings (SHLD -7.72%) to 48.4% from 55.4%.<\/span>
\nJ.C. Penney (JCP +1.00%) rose over 5% in after-hours trading after it reported November same-store-sales rose 10.1% y\/y.<\/span>
\nUnited Natural Foods (UNFI -0.23%) reported Q1 EPS of 56 cents, better than consensus of 54 cents.<\/span>
\nEarnings and Economic Numbers<\/strong> from seekingalpha.com…<\/span>
\nToday’s economic calendar:
\n7:00 MBA Mortgage Applications
\n8:15 ADP Jobs Report
\n8:30 International Trade
\n10:00 New Home Sales-Sep
\n10:00 New Home Sales-Oct
\n10:00 ISM Non-Manufacturing Index
\n10:30 EIA Petroleum Inventories
\n2:00 PM Fed’s Beige Book<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>
\nNotable earnings before today’s open: BF.B, EXPR<\/span>
\nNotable earnings after today’s close: ARO, AVGO, GES, MFRM, SNPS, VRNT, WTSL<\/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