{"id":9116,"date":"2015-11-23T08:49:54","date_gmt":"2015-11-23T13:49:54","guid":{"rendered":"http:\/\/leavittbrothers.com\/blog\/?p=9116"},"modified":"2015-11-23T08:49:54","modified_gmt":"2015-11-23T13:49:54","slug":"before-the-open-nov-23-5","status":"publish","type":"post","link":"https:\/\/blog.leavittbrothers.com\/?p=9116","title":{"rendered":"Before the Open (Nov 23)"},"content":{"rendered":"

Good morning. Happy Monday. Hope you had a good weekend. <\/span>
\n The Asian\/Pacific markets closed mixed. New Zealand rallied more than 1%; South Korea, Malaysia and Australia also did well. China, Singapore and Indonesia were weak. Europe currently leans to the downside. Greece is down more than 2%, Switzerland, Poland and Belgium more than 1%, and France, Netherlands and Turkey are also weak. Russia and Turkey are doing well. Futures in the States point towards a slight down open for the cash market. <\/span>
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\nThe dollar is up. Oil and copper are down. Gold and silver are down. Bonds are down. <\/span>
\n The market posted its biggest up week of the year last week – not bad coming off its second biggest down week of the year, but I wasn’t overly impressed with the internals. In my view the bulls still have some proving to do. <\/span>
\n The Dow, Nasdaq and S&P have resistance just overhead, and the small caps and mid caps are back to their lagging ways. <\/span>
\n The internals moved up but not as much as one would expect given the big move from the indexes. <\/span>
\n The quality and quantity of trading set-ups is below average. Given the proximity to the highs, this is a subtle warning. There should be better set-ups to play. <\/span>
\n Overall I still like the market, but I believe it deteriorated a little last week. Nothing will be given to the bulls. They’re going to have to earn it. <\/span>
\n This is holiday-shortened week. The market is closed Thursday, and Friday will be a half day. Wednesday will be very slow, so that leaves today and Tuesday and the only legit full days. I don’t care what the stats are regarding the market’s movement into Thanksgiving, but I do know that lower volume increases the odds things get more volatile. <\/span>
\n I like the market, but I don’t love it. More after the open. <\/span>
\nStock headlines<\/strong> from barchart.com…<\/span>
\n Freeport McMoRan (FCX -1.90%) and Royal Gold (RGLD -2.99%) are both down nearly 2% in pre-market trading as metals prices plunged in early trade on Monday, with Dec copper falling to a fresh 6-1\/2 year low.<\/span>
\n Tyson Foods (TSN -1.82%) reported Q4 EPS of 83 cents, below consensus of 88 cents.<\/span>
\n Chipolte Mexican Grill (CMG -12.32%) was downgraded to ‘Neutral’ from ‘Buy’ at Sterne Agee CRT.<\/span>
\n Novartis (NVS -0.25%) was cut to ‘Hold’ from ‘Buy’ at Vontobel.<\/span>
\n Kellog (K -0.33%) was upgraded to ‘Outperform’ from ‘Neutral’ at Credit Suisse with a price target of $76.<\/span>
\n Allergan Plc (AGN +3.45%) is up over 5% in pre-market trading on speculation that Pfizer may acknowledge, as soon as today, a deal that it will acquire the company in an agreement worth more than $150 billion.<\/span>
\n Panerea Bread (PNRA +0.20%) was upgraded to ‘Buy’ from ‘Hold’ at Maxim Group with a 12-month price target of $210.<\/span>
\n Hewlett Packard (HPQ +1.96%) was upgraded to ‘Buy’ from ‘Hold’ at Maxim Group with a 2-month price target of $17.<\/span>
\n Peabody Energy (BTU -4.65%) will sell New Mexico and Colorado coal assets for $358 million to Bowie Resource Partners LLC, which will also assume $105 million in liabilities.<\/span>
\n Novacure (NVCR -1.65%) jumped over 10% in after-hours trading after Phase 3 data showed brain cancer patients who were treated with its Tumor Treating Fields therapy lived longer than patients who received chemotherapy alone.<\/span>
\n TerraForm Power (TERP +9.65%) rose over 1% in after-hours trading after BlueMountain Capital raised its stake in the company to 10.1% from 7.3%.<\/span>
\nEarnings and Economic Numbers<\/strong> from seekingalpha.com…<\/span>
\n Today’s Economic Calendar
\n 8:30 Chicago Fed National Activity Index
\n 9:45 PMI Manufacturing Index Flash
\n 10:00 Existing Home Sales<\/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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