{"id":9087,"date":"2015-11-16T08:52:57","date_gmt":"2015-11-16T13:52:57","guid":{"rendered":"http:\/\/leavittbrothers.com\/blog\/?p=9087"},"modified":"2015-11-16T08:52:57","modified_gmt":"2015-11-16T13:52:57","slug":"before-the-open-nov-16-5","status":"publish","type":"post","link":"https:\/\/blog.leavittbrothers.com\/?p=9087","title":{"rendered":"Before the Open (Nov 16)"},"content":{"rendered":"

Good morning. Happy Monday. Hope you had a good weekend. <\/span>
\n The Asian\/Pacific markets closed mostly down. Japan, Hong Kong and South Korea dropped more than 1%; Australia and Indonesia were also weak. Europe currently leans to the upside, but movement is minimal. Norway, Russia, Belgium and Portugal are up more than 1%; Finland is also doing well. Greece is down more than 1%; Turkey is also weak. Futures here in the States point towards an up open for the cash market. <\/span>
\n—————
\nS&P Select Week in Review<\/strong><\/a> <\/span>
\n—————
\nThe dollar is up. Oil is up, copper is down. Gold and silver are up. Bonds are up. <\/span>
\n We enter this new week with the S&P down 7 of the last 8 days, but backing up, it’s up 6 of the last 7 weeks. Long term things look good, but short term there’s been lots of selling pressure. <\/span>
\n Oil has fallen 8 straight days.<\/span>
\n Silver has dropped 12 straight days, and gold is down 12 of the last 13. <\/span>
\n Several breadth indicators I follow, which have been diverging from the underlying price action since the beginning of the month, remain weak and trending down, but they’re getting close to levels that have supported bounces in the past. <\/span>
\n The quality and quantity of set-ups right now is as bad as it’s been in a long time. Many high quality stocks surged this fall but are now pulling back, and buying now would be akin to catching a falling knife. Most other stocks are not trading in definable patterns where risk\/rewards are heavily favorable and trading parameters are obvious. Instead it’s just a mish mosh movement that isn’t offering us much. <\/span>
\n Don’t force things right now. Short term traders can do their thing. Swing traders, or those who typically hold for a couple days or weeks, don’t have what I’d consider to be a basket of solid set-ups to work with. Sometimes you have to sit tight and wait, and for most traders, this would be one of those times. <\/span>
\n Overall I still lean to the upside, but in the near term the market is a crapshoot. More after the open.<\/span>
\nStock headlines<\/strong> from barchart.com…<\/span>
\n Marriott International (MAR -2.39%) announced a tender offer to buy Starwood Hotels & Resorts (HOT) for $12.2 billion, which would create the world’s largest hotel company.<\/span>
\n Intercontinental Exchange (ICE -0.62%) is buying BC’s Trayport for $650 million in stock.<\/span>
\n Ross Stores (ROST -6.86%) was added to its Conviction List by Goldman Sachs.<\/span>
\n Exxon (XOM -1.65%) reported a “temporary issue” at its California Torrance refinery<\/span>
\n SunEdison (SUNE +8.59%) fell -0.2% in after-hours on Friday after news that Third Point exited its 3.9% stake. Third Point also exited its stake in Phillips 66 (PSX -0.18%).<\/span>
\n Apple’s (AAPL -2.92%) CEO Cook said he sees “huge” 2015 Apple Watch sales.<\/span>
\n Emerson Electric (EMR +0.93%) may rally 25% in the next few years due to planned divestitures to boost profitability, according to a weekend article in Barron’s.<\/span>
\n Genessee & Wyoming (GWR +0.38%) could rise more than 20% if the company makes acquisitions, according to Barrron’s.<\/span>
\nEarnings and Economic Numbers<\/strong> from seekingalpha.com…<\/span>
\n Today’s Economic Calendar
\n 8:30 Empire State Mfg Survey<\/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>
\n