{"id":7386,"date":"2014-02-14T08:32:44","date_gmt":"2014-02-14T13:32:44","guid":{"rendered":"http:\/\/leavittbrothers.com\/blog\/?p=7386"},"modified":"2014-02-14T08:32:44","modified_gmt":"2014-02-14T13:32:44","slug":"before-the-open-feb-14-4","status":"publish","type":"post","link":"https:\/\/blog.leavittbrothers.com\/?p=7386","title":{"rendered":"Before the Open (Feb 14)"},"content":{"rendered":"

Good morning. Happy Friday. <\/span>
\n The Asian\/Pacific markets closed mostly up. Japan dropped 1.5%; China, Australia, India and South Korea did well. Europe is mostly up. Italy, Germany, Russia, Belgium and the Czech Republic are leading. Futures here in the States point towards a flat open for the cash market.
\n<\/span>
\n The dollar is down. Oil is down, copper up. Gold and silver are up. <\/span>
\n There are two big stories right now. 1) The market keeps going and going and going. I’m not surprised. Way back on Feb 4, the day after the market suffered one of its worst down days of the last year, I stated rallies often last long and go further than anyone expects…it happens because so few people think it’s possible. Here we are a week later, and sure enough the rally has gone much further than what would be considered a normal bounce within a downtrend. But now that the market has rallied so much, the trend is no longer down. Here’s the weekly S&P. The index is following last week’s big reversal candle with a solid gain so far this week. Hopefully you weren’t trapped short. I stated early last week the path of least resistance in the near term was up. <\/span>
\n\"\"
\n The other big story is gold and silver. I started posting gold set ups on the Long List two weeks ago, and this continued this past weekend. Gold and silver are on fire right now. They are the market’s strongest groups. Here’s GDX. <\/span>
\n\"\"
\n After completely ignoring gold and silver for a couple years, they’ve provided some really nice trading opps the last two weeks. <\/span>
\n 3-day weekend coming up…the market is closed Monday for Washington’s birthday. <\/span>
\nStock headlines<\/strong> from barchart.com…<\/span>
\n Campbell Soup (CPB +0.27%) reported Q2 EPS of 76 cents, higher than consensus of 73 cents.<\/span>
\n Scripps Networks Interactive (SNI -0.50%) reported Q4 EPS of 90 cents, below consensus of 97 cents.<\/span>
\n Mattel (MAT +0.73%) was downgraded to ‘Hold’ from ‘Buy’ at Argus.<\/span>
\n JM Smucker (SJM +1.53%) reported Q3 EPS of $1.66, below consensus of $1.68.<\/span>
\n Bloomberg reported that a Tesla Model S (TSLA +2.21%) caught fire while sitting in a Toronto garage earlier this month that was about four months old and not plugged in to an electric socket.<\/span>
\n Cliffs Natural (CLF -0.41%) reported Q4 adjusted EPS of $1.22, well ahead of consensus of 79 cents.<\/span>
\n SunPower (SPWR +4.97%) announced a three-year agreement to offer high efficiency SunPower solar power systems at Meritage Homes communities nationwide.<\/span>
\n GNC Holdings (GNC +0.42%) slid 14% in after-hours trading after it reported Q4 adjusted EPS of 63 cents, below consensus of 64 cents.<\/span>
\n Cray (CRAY -0.07%) reported Q4 EPS of $1.48, better than consensus of $1.36.<\/span>
\n United Stationers (USTR +1.55%) reported Q4 adjusted EPS of 86 cents, higher than consensus of 81 cents.<\/span>
\n Agilent (A +0.32%) reported Q1 EPS of 67 cents, better than consensus of 66 cents.<\/span>
\n Brocade (BRCD +1.40%) reported Q1 EPS of 24 cents, stronger than consensus of 20 cents.<\/span>
\n Regal Entertainment (RGC -0.10%) reported Q4 adjusted EPS of 17 cents, below consensus of 25 cents.<\/span>
\n AIG (AIG +1.12%) gained 3% in after-hours trading after it reported Q4 EPS of $1.15, well above consensus of 96 cents.<\/span>
\nEarnings and Economic Numbers<\/strong> from seekingalpha.com…<\/span>
\n Today’s economic calendar:
\n 8:30 Import\/Export Prices
\n 9:15 Industrial Production
\n 9:55 Reuters\/UofM Consumer Sentiment<\/span><\/span><\/span><\/span>
\n Notable earnings before today’s open: ALE, BAM, COTY, CPB, DTE, ENB, H, IPG, IPGP, ITT, LECO, LPNT, POR, RRGB, SJM, SNI, TRW, VFC, VTR<\/span>
\n Notable earnings after today’s close: none<\/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