{"id":8998,"date":"2015-09-11T07:31:55","date_gmt":"2015-09-11T12:31:55","guid":{"rendered":"http:\/\/leavittbrothers.com\/blog\/?p=8998"},"modified":"2015-09-11T07:31:55","modified_gmt":"2015-09-11T12:31:55","slug":"before-the-open-sep-11-5","status":"publish","type":"post","link":"https:\/\/blog.leavittbrothers.com\/?p=8998","title":{"rendered":"Before the Open (Sep 11)"},"content":{"rendered":"

Good morning. Happy Friday.<\/span>
\n The Asian\/Pacific markets were quiet. Only South Korea (down 1.1%) moved 1%. Australia, Malaysia and New Zealand closed down; Indonesia and Taiwan closed up. Europe is currently down across-the-board. Belgium, Netherlands, Norway, Germany, France, Denmark and Spain are weakest. Futures here in the States point towards a down open for the cash market. <\/span>
\nSubscribe to Leavitt Brothers today<\/a>.<\/strong><\/span>
\nThe dollar is up. Oil is down, copper is down. Gold and silver are down. Bonds are up. <\/span>
\n Here’s the S&P 500 over the last 20 days. A big drop in August…a bottom, which took three plunges to form…and now a triangle pattern characterized by converging trendlines is forming. Rallies get sold, dips get bought. Lots of gaps. Many sudden reversals. This is similar to the summer, but the intraday ranges are much bigger and the moves are lasting much shorter. Overall I still favor the downside, but the longer the market sits in this pattern, the more neutral it gets. <\/span>
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\n Trading in the middle of a range which is becoming more neutral is risky…simply because whatever momentum that existed when the range began is waning, so odds of a breakout in either direction move to the center and become equal. Trading at the extremes – shorting a rally or buying a dip – offers better risk\/rewards and higher odds of success. <\/span>
\n Trade but at this juncture, it may be better to wait for a move and then fade it rather than guess which way a move will go. <\/span>
\n Again, trade, but don’t put yourself in a position to lose a lot of money when predicting the next move is coming down to a coin flip. <\/span>
\nStock headlines<\/strong> from barchart.com…<\/span>
\n Mattress Firm (MFRM -0.43%) reported Q2 adjusted EPS of 67 cents, weaker than consensus of 72 cents and then lowered guidance on fiscal 2015 adjusted EPS view to $2.30-$2.45 from $2.50-$2.70, below consensus of $2.59.<\/span>
\n Casey’s General Stores (CASY +0.23%) was upgraded to ‘Market Perform’ from ‘Underperform’ at BMO.<\/span>
\n Premiere Global (PGI +2.07%) will be acquired by Siris Capital for $14 a share or approximately $1 billion.<\/span>
\n Dow Chemical (DOW -0.07%) was initiated with an ‘Outperform’ at Bernstein with a price target of $57.<\/span>
\n Monsanto (MON +0.56%) was initiated with an ‘Underperform’ at Bernstein with a price target of $85.<\/span>
\n Nike (NKE +0.47%) was initiated with a ‘Buy’ at B. Riley with a price target of $126.<\/span>
\n Goldman Sachs reported a 10.4% passive stake in Columbia Pipeline Partners (CPPL +1.34%) .<\/span>
\n Red Hat (RHT +1.02%) was initiated with a ‘Buy’ at BTIG with a price target of $85.<\/span>
\n Oracle (ORCL +1.40%) was initiated with a ‘Buy’ at BTIG with a price target of $44.<\/span>
\n Salesforce.com (CRM +1.03%) was initiated with a ‘Buy’ at BTIG with a price target of $88.<\/span>
\n Restoration Hardware (RH -1.59%) reported Q2 adjusted EPS of 85 cents, better than consensus of 84 cents.<\/span>
\n Wendy’s (WEN -0.88%) was initiated with a ‘Buy’ at Guggenheim with a price target of $11.<\/span>
\n Volt Information Sciences (VISI +1.27%) reported an unexpected Q3 continuing-operations EPS loss of -20 cents, below one estimate of a 31 cent gain.<\/span>
\n Finisar (FNSR +1.08%) reported Q1 EPS of 23 cents, below consensus of 26 cents.<\/span>
\nEarnings and Economic Numbers<\/strong> from seekingalpha.com…<\/span>
\n Today’s Economic Calendar
\n 8:30 Producer Price Index
\n 10:00 Reuters\/UofM Consumer Sentiment
\n 2:00 PM Treasury Budget<\/span><\/span><\/span><\/span>
\nToday’s Earnings here<\/a><\/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>
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