{"id":7788,"date":"2014-06-30T07:32:07","date_gmt":"2014-06-30T12:32:07","guid":{"rendered":"http:\/\/leavittbrothers.com\/blog\/?p=7788"},"modified":"2014-06-30T07:32:07","modified_gmt":"2014-06-30T12:32:07","slug":"before-the-open-jun-30-3","status":"publish","type":"post","link":"https:\/\/blog.leavittbrothers.com\/?p=7788","title":{"rendered":"Before the Open (Jun 30)"},"content":{"rendered":"

Good morning. Happy Monday. Hope you had a great weekend.<\/span>
\n The Asian\/Pacific markets closed mixed. India rallied 1.3% followed by Taiwan (up 0.9%), Indonesia and Korea (up 0.7%) and China (up 0.6%). Australia dropped 0.9%. Europe is currently mixed. Russian, Italy and Spain are down the most; there are no big up markets. Futures here in the States point towards a flat-do-down open for the cash market.
\n<\/span>
\n The dollar is flat. Oil is down, copper up. Gold and silver are down. <\/span>
\n As is typically the case on a Monday morning, I don’t have anything to add to the comments made over the weekend in the weekly Index Report. <\/span>
\n The SPX is in good shape, and the indicators are positioned to move up and support a rally should the market want to bust out and run.<\/span>
\n But support for a Nasdaq rally isn’t here. New highs are declining at a time when the Nas is sitting at its highest level since 2000. New highs-new lows has put in a lower high while the underlying pushes to new highs. And the bullish percent is nowhere near where it was the last time the Nas was at this level. I’m a little concerned with the weak Nasdaq breadth, so my stance remains the same. Long term I like the market; short term we need to be cautious.<\/span>
\n Here are the charts just mentioned. <\/span>
\n NASDAQ vs. NASDAQ New Highs:<\/strong><\/span>
\n\"\"
\n NASDAQ vs. NASDAQ New Highs-New Lows:<\/strong><\/span>
\n\"\"
\n NASDAQ vs. NASDAQ Bullish Percent Index: <\/strong><\/span>
\n\"\"
\nStock headlines<\/strong> from barchart.com…<\/span>
\n KLA-Tencor (KLAC +1.44%) was upgraded to ‘Buy’ from ‘Neutral’ at B. Riley.<\/span>
\n Affiliated Managers (AMG +0.95%) will replace Forest Labs (FRX -0.19%) in the S&P 500 Index as of today’s close.<\/span>
\n Amedisys (AMED +29.81%) was upgraded to ‘Hold’ from ‘Sell’ at Deutsche Bank.<\/span>
\n DaVita (DVA +1.87%) was initiated with a ‘Buy’ at Jefferies with a price target of $86.<\/span>
\n Yahoo (YHOO +1.75%) rose nearly 2% in pre-market trading after Piper Jaffray raised its outlook on the stock to ‘Overweight.”<\/span>
\n Claren Road Asset reported a 4.96% passive stake in YRC Worldwide (YRCW +3.15%) .<\/span>
\n Martin Marietta (MLM +1.61%) will replace U.S. Steel (X -0.31%) in the S&P 500 as of the close on July 1.<\/span>
\n MSDC Management reported a 5.6% passive stake in Ring Energy (REI -2.76%) .<\/span>
\n D.E. Shaw reported a 5.1% passive stake in Beazer Homes (BZH +2.60%) .<\/span>
\n bebe stores (BEBE +0.64%) said it sees Q4 Same-Store-Sales in the negative low single digit range. The company was then downgraded to ‘Neutral’ from ‘Buy’ at B. Riley.<\/span>
\n Point72 Asset reported a 5.5% passive stake in TRI Pointe Homes (TPH -1.29%) .<\/span>
\nEarnings and Economic Numbers<\/strong> from seekingalpha.com…<\/span>
\n Today’s economic calendar:
\n 9:45 Chicago PMI
\n 10:00 Pending Home Sales
\n 10:30 Dallas Fed Manufacturing Outlook<\/span><\/span><\/span><\/span>
\n Notable earnings before today’s open: none<\/span>
\n Notable earnings after today’s close: IRET<\/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