{"id":8768,"date":"2015-07-07T07:41:55","date_gmt":"2015-07-07T12:41:55","guid":{"rendered":"http:\/\/leavittbrothers.com\/blog\/?p=8768"},"modified":"2015-07-07T07:41:55","modified_gmt":"2015-07-07T12:41:55","slug":"before-the-open-jul-7-4","status":"publish","type":"post","link":"https:\/\/blog.leavittbrothers.com\/?p=8768","title":{"rendered":"Before the Open (Jul 7)"},"content":{"rendered":"

Good morning. Happy Tuesday. <\/span>
\n The Asian\/Pacific markets closed with a lean to the downside. Japan and Australia rallied more than 1%; Hong Kong and China fell more than 1%. South Korea and Taiwan were also weak. Europe and Africa are currently mostly down. Amsterdam, South Africa, Hungary and Egypt are down more than 1%; Austria, France, Germany, Finland, Spain, Italy and Portugal are also weak. Futures here in the States point towards a positive open for the cash market.
\n<\/span>
\nPodcast with Brandon at Trading Story<\/strong><\/a><\/span>
\nThe dollar is up. Oil and copper are down. Gold and silver are down. Bonds are up. <\/span>
\n I’ll repeat what I wrote yesterday after the close. We got negative news yesterday – negative meaning Greece won’t be kicking the can down the road. Asia was weak. Europe was weak. The US started the day weak, but ended the day well off its low and only posting small-to-moderate losses. The bears could have taken control and pushed prices down like they did the previous Monday, but they didn’t. When the market fails to move down on bad news, the shorts need to be careful. It would have been better if the market moved up, but the late-day rally is at least a glimmer of strength. Considering this, we need to consider the possibility the market rallies very soon. Maybe today. Maybe tomorrow. In any case, don’t relax with your shorts. The biggest up days occur within downtrends, and given yesterday’s close, the stage is set for a surprise rally. Be ready. <\/span>
\nStock headlines<\/strong> from barchart.com…<\/span>
\n Lloyds Banking (LYG -2.03%) was upgraded to ‘Buy’ from ‘Hold’ at Canaccord.<\/span>
\n Broadcom (BRCM -1.34%) was downgraded to ‘Perform’ from ‘Outperform’ at Oppenheimer.<\/span>
\n Marvell (MRVL -1.19%) was upgraded to ‘Perform’ from ‘Underperform’ at Oppenheimer.<\/span>
\n Dillard’s (DDS -0.39%) was downgraded to ‘Underperform’ from ‘Neutral’ at BofA\/Merrill Lynch.<\/span>
\n Disney (DIS +0.63%) was upgraded to ‘Overweight’ from ‘Neutral’ at Atlantic Equities.<\/span>
\n BTIG initiated Teva (TEVA +0.16%) with a ‘Buy’ rating and a $77 price target.<\/span>
\n Baxter (BAX -0.68%) was downgraded to ‘Market Perform’ from ‘Outperform’ at BMO Capital.<\/span>
\n W. R. Berkley (WRB +1.19%) was upgraded to ‘Hold’ from ‘Sell’ at Deutsche Bank.<\/span>
\n Electronic Arts (EA +0.31%) and Kansas City Southern (KSU -0.82%) were both upgraded to ‘Buy’ from ‘Neutral’ at UBS.<\/span>
\n Tesla (TSLA -0.11%) was downgraded to ‘Hold’ from ‘Buy’ at Deutsche Bank.<\/span>
\n Advance Auto Parts (AAP +0.81%) will replace Family Dollar (FDO +0.05%) in the S&P 500 as of the close of trading on Wednesday July 8.<\/span>
\n A. Schulman (SHLM -2.25%) reported Q3 adjusted EPS of 72 cents, below consensus of 77 cents, and then lowered guidance on 2015 EPS to$2.37-$2.42, weaker than consensus of $2.47.<\/span>
\n Luxor Capital Group reported a 5.03% passive stake in Northstar Realty (NRF -1.14%) .<\/span>
\n Advanced Micro Devices (AMD -2.37%) lowered guidance on Q2 revenue view to down 8% versus Q1, weaker than an earlier estimate of down 3%, plus or minus 3%.<\/span>
\nEarnings and Economic Numbers<\/strong> from seekingalpha.com…<\/span>
\n Today’s economic calendar:
\n 8:30 International Trade
\n 8:30 Gallup US ECI
\n 8:55 Redbook Chain Store Sales
\n 10:00 Job Openings and Labor Turnover Survey
\n 1:00 PM Results of $24B, 3-Year Note Auction
\n 3:00 PM Consumer Credit<\/span><\/span><\/span><\/span><\/span><\/span><\/span>
\n Notable earnings before today’s open: MSM<\/span>
\n Notable earnings after today’s close: TCS<\/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