{"id":9969,"date":"2016-10-05T07:53:12","date_gmt":"2016-10-05T12:53:12","guid":{"rendered":"http:\/\/leavittbrothers.com\/blog\/?p=9969"},"modified":"2016-10-05T07:53:12","modified_gmt":"2016-10-05T12:53:12","slug":"before-the-open-oct-5-5","status":"publish","type":"post","link":"https:\/\/blog.leavittbrothers.com\/?p=9969","title":{"rendered":"Before the Open (Oct 5)"},"content":{"rendered":"

Good morning. Happy Wednesday.<\/span>
\n The Asian\/Pacific<\/strong> markets closed mostly down. New Zealand dropped more than 1%; Indonesia and Australia were also weak. Japan and Hong Kong did okay. Europe<\/strong> is currently mostly down. Portugal is down more than 1%; the Netherlands, Switzerland, Russia and Greece are also weak. Denmark and Turkey are doing well. Futures in the States<\/strong> point towards a positive open for the cash market. <\/span>
\n—————
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\n The dollar is flat. Oil and copper are up. Gold and silver are up. Bonds are down. <\/span>
\n Heading into this week I was neutral in the near term, and even though we’ve started the week with two down days, I remain neutral. The S&P is pretty much sitting in the middle of its 3-month range. <\/span>
\n\"\"
\n The big move has come from gold and silver. After riding big gains the first half of the year, I turned neutral on the groups at the end of August and beginning of September when GDX sliced through its 50-day moving average and then failed to rally back above it. As the days passed, it was apparent a consolidation pattern was forming below the then-declining MA. <\/span>
\n Best case scenario was flat, range-bound trading. Worst case was the pattern would break down and continue its newly-formed downtrend. Unfortunately for the gold bugs, the latter happened. In one fell swoop, gold and silver gapped down and got clobbered yesterday. Anyone clinging to a bullish position in the face of trading below the declining 50-day got a huge wake up call. GDX is now trading at levels not seen since late May. <\/span>
\n\"\"
\n Oil, on the other hand, which has been been flat going back to last May, is trying to re-establish itself in an uptrend. If successful, there will be some huge winners in the group. Many stocks are poised for solid gains. <\/span>
\n\"\"
\nStock headlines<\/strong> from barchart.com…<\/span>
\n Norwegian Cruise Line Holdings Ltd. (NCLH +0.71%) was dowmgraded to ‘Neutral’ from ‘Buy’ at UBS.<\/span>
\n Parker-Hannifin (PH -0.84%) was upgraded to ‘Buy’ from ‘Hold’ at Stifel with a price target of $141.<\/span>
\n State Street (STT +2.19%) was upgraded to ‘Market Perform’ from ‘Underperform’ at KBW with a price target of $69.<\/span>
\n Gigamon (GIMO +0.33%) was downgraded to ‘Neutral’ from ‘Buy’ at DA Davidson with an 18-month target price of $59.<\/span>
\n Twitter (TWTR -2.00%) is up over 3% in pre-market trading on heightened takeover talks from companies that include Salesforce.com, Disney and Google.<\/span>
\n Blue Buffalo Pet Products (BUFF -0.92%) was rated a new ‘Buy’ at DA Davidson with a price target of $29.<\/span>
\n Acacia Communications (ACIA +2.51%) jumped over 5% in after-hours trading after it raised guidance on Q3 adjusted EPS to 83 cents-90 cents from a September 26 view of 72 cents-81 cents.<\/span>
\n Micron Technology (MU +0.39%) lost over 4% in pre-market trading after it reported Q4 gross margin of 18.0%, below consensus of 19.0%.<\/span>
\n Team Health Holdings (TMH +16.46%) gained over 1% in after-hours trading after the WSJ reported the company is in talks with Blackstone and Bain about a possible sale.<\/span>
\n Corbus Pharmaceuticals Holdings (CRBP +2.18%) rallied almost 7% in after-hours trading after it was rated a new ‘Buy’ at Cantor Fitzgerald with a 12-month target price of $17.<\/span>
\n Universal Logistics Holdings (ULH -0.60%) sank over 10% in after-hours trading after it said sees Q3 EPS between 16 cents and 20 cents, well below consensus of 29 cents.<\/span>
\n Cascadian Therapeutics (CASC +3.70%) dropped over 10% in after-hours trading after it said it plans a reverse stock split.<\/span>
\n Tuesday’s Key Earnings<\/strong>
\n Darden Restaurants (NYSE:DRI) +0.6% boosting profit guidance.
\n Micron Technology (NASDAQ:MU) -4.6% AH swinging to a loss.<\/span><\/span><\/span>
\n Today’s Economic Calendar<\/strong>
\n 7:00 MBA Mortgage Applications
\n 8:15 ADP Jobs Report
\n 8:30 Gallup U.S. Job Creation Index
\n 8:30 International Trade
\n 9:45 PMI Services Index
\n 10:00 Factory Orders
\n 10:00 ISM Non-Manufacturing Index
\n 10:30 EIA Petroleum Inventories
\n 5:00 PM Fed’s Lacker: \u201cDoes Federal Reserve Governance Need Reform?\u201d<\/span><\/span><\/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 Wednesday. The Asian\/Pacific markets closed mostly down. New Zealand dropped more than 1%; Indonesia and Australia were also weak. Japan and Hong Kong did okay. Europe is currently mostly down. Portugal is down more than 1%; the Netherlands, Switzerland, Russia and Greece are also weak. Denmark and Turkey are doing well. Futures […]<\/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\/9969"}],"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=9969"}],"version-history":[{"count":0,"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=\/wp\/v2\/posts\/9969\/revisions"}],"wp:attachment":[{"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=9969"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=9969"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=9969"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}