{"id":9575,"date":"2016-04-01T07:47:50","date_gmt":"2016-04-01T12:47:50","guid":{"rendered":"http:\/\/leavittbrothers.com\/blog\/?p=9575"},"modified":"2016-04-01T07:47:50","modified_gmt":"2016-04-01T12:47:50","slug":"before-the-open-apr-1-6","status":"publish","type":"post","link":"https:\/\/blog.leavittbrothers.com\/?p=9575","title":{"rendered":"Before the Open (Apr 1)"},"content":{"rendered":"

Good morning. Happy Friday. Happy Employment Numbers Day. <\/span>
\n The Asian\/Pacific markets closed mostly down. Japan fell 3.6%; Hong Kong, Australia, Taiwan and South Korea fell more than 1%. Europe is currently down across-the-board. Germany, France, the Netherlands and Switzerland are down more than 2%; London, Norway, Sweden, Russia, Poland, Finland, Spain and Italy are down more than 1%. Futures here in the States point towards a moderate gap down open for the cash market. <\/span>
\nThe dollar is down. Oil is down a buck; copper is flat. Gold and silver are down. Bonds are up. <\/span>
\n March is in the books. It was a great month that saw solid, across-the-board rallies from the indexes, but in the near term I remain skeptical of the market’s upside. I’ve had a defensive stance for a couple weeks, and even though the indexes pushed to higher highs this week, I don’t see a foundation in place for an extended move. Here’s a report<\/strong><\/a> covering the monthly charts. <\/span>
\n Here are the employment numbers\u2026<\/span>
\n unemployment rate: 5.0% (was 5.0% last month)
\n nonfarm payrolls: +215K
\n private payrolls:
\n average workweek: flat at 34.4 hours
\n hourly wages: up 0.3% to $25.43
\n labor participation rate: 62.9%<\/span><\/span><\/span><\/span><\/span><\/span>
\n January trimmed from 172K to 168K.
\n February raised from 242K to 245K.<\/span><\/span>
\n After the release, futures held their levels being down moderately. <\/span>
\n Be careful out there. Don’t be a hero. Big gains are in place the last six weeks…there’s a lack of quality set-ups to play…breadth indicators have declined. This is not a time for big positions. More after the open. <\/span>
\nStock headlines<\/strong> from barchart.com…<\/span>
\n Tesla (TSLA +1.27%) yesterday evening unveiled and started taking orders on its Model 3 electric car, designed for the mass market with a price point of $35,000. Interest and orders were reportedly strong with more than 130,000 of reservations with a $1000 deposit.<\/span>
\n Chipotle (CMG +1.03%) was downgraded to neutral from buy by Goldman with a price target lower to $500 from $550<\/span>
\n Urban Outfitters (URBN +0.15%) rallied 2% in after-hours trading after reoprting that comparable sales in fiscal Q1 rose in the low-single digits.<\/span>
\n Box Inc (BOX -2.08%) was up +0.6% in after-hours trading after being rated as a new buy at Drexel Hamilton.<\/span>
\n Marvel Technology (MRVL -0.10%) fell by -5% in after-hours trading after saying that it is unable to file its 10k in a timely manner and that it sees a net loss for FY-2016 due to settlement and restructuring charges.<\/span>
\n Marriott (MAR -0.52%) fell -4% in after-hours trading at Anbang said it pulled its $14 billion offer for Starwood (HOT -0.27%), thus clearing the way for Marriott to acquire Starwood.<\/span>
\n SunEdison (SUNE -8.47%) fell by another 9% in after-hours trading after disclosing that it has received a subpeona from the Dept of Justice covering issues that are already being investigated by the SEC.<\/span>
\n Archer Daniels (ADM -0.85%) announced an agreement to sell its sole sugar ethanol plant in Brazil.<\/span>
\nEarnings and Economic Numbers<\/strong> from seekingalpha.com…<\/span>
\n Today’s Economic Calendar
\n Auto sales
\n 8:30 Non-farm payrolls
\n 9:45 PMI Manufacturing Index
\n 10:00 ISM Manufacturing Index
\n 10:00 Construction Spending
\n 10:00 Reuters\/UofM Consumer Sentiment
\n 1:00 PM Baker-Hughes Rig Count<\/span><\/span><\/span><\/span><\/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>
\n