{"id":8197,"date":"2014-12-26T08:34:19","date_gmt":"2014-12-26T13:34:19","guid":{"rendered":"http:\/\/leavittbrothers.com\/blog\/?p=8197"},"modified":"2014-12-26T08:34:19","modified_gmt":"2014-12-26T13:34:19","slug":"before-the-open-dec-26-3","status":"publish","type":"post","link":"https:\/\/blog.leavittbrothers.com\/?p=8197","title":{"rendered":"Before the Open (Dec 26)"},"content":{"rendered":"

Good morning addicts (yes, if you’re here today, you’re an addict). Happy Friday. Merry Christmas if that’s your thing; otherwise I hope you enjoyed your day off. <\/span>
\n The Asian\/Pacific markets closed up across-the-board (although some were closed). China rallied 2.8%; Malaysia and Taiwan also did well. Europe is closed today. Russia is up 1.4%. Futures here in the States point towards a positive open for the cash market.
\n<\/span>
\n The dollar is up. Oil is up, copper is up. Gold and silver are up. <\/span>
\n Going back to the big up day on Wed, Dec 17, the S&P put in its biggest 5-day rally in three years. Both the S&P and Dow are at all-time highs, and although the small and mid caps have lagged a little overall, they’ve done great recently. <\/span>
\n The key right now is the indicators. If they can climb to healthy levels, a sign of strength will be offered and the market is likely to continue up into the new year. But if the indicators can’t climb much, the rally that started in the middle of last week isn’t likely to last long or go much further. <\/span>
\n The indicators I’m referring to are of course the AD line, AD volume line, new highs, percentage of stocks above certain moving averages and at shorter-term highs. We need to know the strength is broad-based, not concentrated. Pretty simple. Resist having a strong opinion. Let the market guide you. More after the open. <\/span>
\n Stock headlines<\/strong> from barchart.com…<\/span>
\n The International Council of Shopping Centers reports that early retail estimates show the best holiday sales in 3 years.<\/span>
\n Novartis (NVS +0.71%) announced that the Japanese Ministry of Health, Labour and Welfare approved its drug Cosentyx for the treatment of both psoriasis vulgaris and psoriatic arthritis.<\/span>
\n DigiTimes reports that Sony (SNE +2.21%) is set to launch a large-size tablet in Q1 of 2015 that will sell for more than $1000.<\/span>
\n Bloomberg reports that the New York Supreme Court rejected Credit Suisse’s (CS -0.04%) attempt to block a lawsuit seeking $10 billion in damages from the NY Attorney General accusing the bank of fraud in sales of mortgage-backed securities.<\/span>
\n Citigroup (C +0.22%) announced that it has reached a definitive agreement to sell its retail banking business in Japan to Sumitomo Mitsui Banking Corporation.<\/span>
\n The Biotechnology Value Fund reported a 6.29% passive stake in Sophiris Bio (SPHS +4.55%).<\/span>
\nEarnings and Economic Numbers<\/strong> from seekingalpha.com…<\/span>
\n Today’s economic calendar:
\n 4:30 PM Money Supply
\n 4:30 PM Fed Balance Sheet<\/span><\/span><\/span>
\n Notable earnings before today’s open: none<\/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