{"id":9795,"date":"2016-07-12T07:48:44","date_gmt":"2016-07-12T12:48:44","guid":{"rendered":"http:\/\/leavittbrothers.com\/blog\/?p=9795"},"modified":"2016-07-12T07:48:44","modified_gmt":"2016-07-12T12:48:44","slug":"before-the-open-jul-12-5","status":"publish","type":"post","link":"https:\/\/blog.leavittbrothers.com\/?p=9795","title":{"rendered":"Before the Open (Jul 12)"},"content":{"rendered":"

Good morning. Happy Tuesday.<\/span>
\n The Asian\/Pacific<\/strong> markets closed up across-the-board. Japan rallied almost 3%; Hong Kong and China rallied more than 1%; Singapore, Indonesia and Taiwan also did well. Europe<\/strong> is currently mostly up. Switzerland and Italy are up more than 2%, and Germany, France, Austria, the Netherlands, Russia, Turkey and Spain are up more than 1%. Futures here in the States<\/strong> point towards a moderate gap up open for the cash market.<\/span>
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\nThe dollar is down. Oil and copper are up. Gold is down; silver is up. Bonds are down. <\/span>
\n New all-time high yesterday for the S&P 500 (although it was already at a new high if dividends were considered). At today’s open it’ll add another 10 points. <\/span>
\n Since I’m on record saying I fully believe the S&P will move up 2300-2400, it’s worth asking or pondering how it’ll get there. Will the market bust out and run 200 points in a month or two and completely shock almost everyone? Or will it just kind of slowly grind up and not really make any exciting headlines other than simply making a new high several times\/week? <\/span>
\n In my opinion we’re more likely to get the latter. A slow grind up – equivalent to the proverbial frog in a pot of water which is slowly warming up – that doesn’t ever pull back enough to allow the under-invested bulls to be fully invested and doesn’t scare the bears enough to cover until it’s too late is the most likely course. This type of move – one where the market just slowly moves – would piss off and frustrate traders and investors the most. It’s why I think it’s most likely. Everyone wants answers. Everyone wants fireworks. A slow grind doesn’t offer either.<\/span>
\n Alcoa kicked off earnings season yesterday and is up 4.5% in premarket trading today. More after the open. <\/span>
\nStock headlines<\/strong> from barchart.com…<\/span>
\n Pinnacle Foods (PF -1.83%) was upgraded to a ‘Buy’ at Goldman Sachs.<\/span>
\n Alcoa (AA +3.26%) rallied +4% in pre-market trading after reporting Q2 adjusted EPS of 15 cents, which was better than the consensus of 9 cents. Q2 revenue of $5.30 billion was close to the market consensus.<\/span>
\n Seagate Technology (STX +0.33%) rallied 13% in pre-market trading after its preliminary Q4 revenue beat expectations and the company announced more cost-cutting by cutting 14% of jobs.<\/span>
\n Oracle (ORCL -0.22%) was upgraded to ‘Outperform’ from ‘Market Perform’ at BMO Capital Markets.<\/span>
\n Astec Industries (ASTE +1.36%) was downgraded to ‘Hold’ from ‘Buy’ at BB&T Capital Markets.<\/span>
\n Swift Transportation (SWFT +0.96%) and Marten Transport Ltd (MRTN +0.09%) were both downgraded to ‘Sector Weight’ from ‘Oveweight’ at Keyblanc Capital Markets.<\/span>
\n Fastenal (FAST +0.29%) reported Q2 EPS of 45 cents, below consensus of 48 cents.<\/span>
\n RR Donnelley (RRD +2.33%) rallied 5% in after-hours trading on a report by Bloomberg that Xerox (XRX -0.42%) is in early-stage talks to acquire Donnelley.<\/span>
\n Imperva (IMPV +7.55%) fell -12% in after-hours trading after reporting disappointing adjusted EPS and revenue figures.<\/span>
\n Tesla (TSLA +3.69%) fell -1% in after-hours trading on continued concern about the WSJ report that the SEC is considering whether Tesla failed to report a recent crash as a material event.<\/span>
\n Monday’s Key Earnings<\/strong>
\n Alcoa (NYSE:AA) +3.8% opening Q2 earnings season with a beat.<\/span><\/span>
\n Today’s Economic Calendar<\/strong>
\n 6:00 NFIB Small Business Optimism Index
\n 8:45 Fed’s Bullard speech
\n 8:55 Redbook Chain Store Sales
\n 10:00 Job Openings and Labor Turnover Survey
\n 10:00 Wholesale Trade
\n 1:00 PM Results of $20B, 10-Year Note Auction
\n 10:30 PM Fed’s Mester speech<\/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><\/p>\n","protected":false},"excerpt":{"rendered":"

Good morning. Happy Tuesday. The Asian\/Pacific markets closed up across-the-board. Japan rallied almost 3%; Hong Kong and China rallied more than 1%; Singapore, Indonesia and Taiwan also did well. Europe is currently mostly up. Switzerland and Italy are up more than 2%, and Germany, France, Austria, the Netherlands, Russia, Turkey and Spain are up more […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[2],"tags":[],"_links":{"self":[{"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=\/wp\/v2\/posts\/9795"}],"collection":[{"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=9795"}],"version-history":[{"count":0,"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=\/wp\/v2\/posts\/9795\/revisions"}],"wp:attachment":[{"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=9795"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=9795"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=9795"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}