{"id":9977,"date":"2016-10-10T07:46:06","date_gmt":"2016-10-10T12:46:06","guid":{"rendered":"http:\/\/leavittbrothers.com\/blog\/?p=9977"},"modified":"2016-10-10T07:46:06","modified_gmt":"2016-10-10T12:46:06","slug":"before-the-open-oct-10-5","status":"publish","type":"post","link":"https:\/\/blog.leavittbrothers.com\/?p=9977","title":{"rendered":"Before the Open (Oct 10)"},"content":{"rendered":"

Good morning. Happy Monday. Hope you had a great weekend. <\/span>
\nThe Asian\/Pacific<\/strong> markets closed mixed. China rallied 1.5% while South Korea fell 0.7%. Japan, Hong Kong and Taiwan were closed. Europe<\/strong> is currently up across-the-board. Greece is up more than 1%; Germany, France, the Netherlands, Norway, Poland and Italy are also doing well. Futures in the States<\/strong> point towards a moderate gap up open for the cash market. <\/span>
\n—————
\nLB Weekly<\/a> – the indexes, the breadth indicators, a look at the big picture
\n—————<\/span>
\nThe dollar is up. Oil and copper are up. Gold and silver are up. Bonds are down.<\/span>
\nHere’s a link to the LB Weekly<\/a>. My conclusion was that there’s nothing going on. The S&P is trading in a tiny 3-week range, inside a bigger range. In the near term the breadth indicators have weakened, but overall I’m still encouraged by what I see. Swing for singles and doubles until volatility comes back.<\/span>
\nFederal Reserve Vice Chairman Stanley Fischer made some dovish comments over the weekend regarding rates. He said there’s little risk the Fed waits too long to raise rates. Besides S&P futures being up 10 points this morning, gold is up 10 bucks – a big relief move coming off a huge down week. <\/span>
\nHere’s my weekly gold chart with the 90-week EMA. As you can see, with Friday’s close, within a few bucks, is important. A 10-dollar gap up today gives the bulls a little breathing room. <\/span>
\n\"\"
\nBut many of the stocks look like this ABX chart. The stock rode its 50-day MA up…took out the moving average and support…consolidated and then broke down in a big way last week. This is bearish, and until ABX and other gold & silver stocks that are in the same boat can stabilize themselves above their 50’s, rallies should be used as selling opportunities. <\/span>
\n\"\"
\nCan the market wake up this week? We’ll see. More after the open. <\/span>
\nStock headlines<\/strong> from barchart.com…<\/span>
\nMylan (NV) jumped over 10% in pre-market trading after it agreed to a $465 million settlement with the U.S. Department of Justice and other government agencies to resolve questions about classification of EpiPen for the Medicaid Drug Rebate program.<\/span>
\nSherwin-Williams (SHW -1.94%) was upgraded to ‘Buy’ from ‘Hold’ at Argus Research.<\/span>
\nUnder Armour (UA -0.11%) was upgraded to ‘Outperform’ from ‘Market Perform’ at Wells Fargo.<\/span>
\nMattel (MAT -1.44%) was upgraded to ‘Buy’ from ‘Neutral’ at MKM Partners with a 12-month target price of $36.<\/span>
\nTwitter (TWTR -0.10%) dropped nearly 7% in pre-market trading after people familiar with the matter said top bidders have lost interest in bidding for Twitter.<\/span>
\nAmerican Eagle Outfitters (AEO +0.98%) was upgraded to ‘Outperform’ from ‘Market Perform’ at BMO Capital Markets with a target price of $21.<\/span>
\nCVR Energy (CVI -1.48%) was upgraded to ‘Neutral’ from ‘Underweight’ at Piper Jaffray.<\/span>
\nOil-Dri Corp of America (ODC -0.61%) reported Q4 EPS of 72 cents versus 71 cents y\/y with Q4 revenue of $64.91 million, down -0.4% y\/y.<\/span>
\nThe WSJ reports that Viacom (VIA -0.92%) and CBS (CBS -1.76%) boards retained advisors to explore a merger.<\/span>
\nDuke Energy (DUK -0.67%) rose over 3% in after-hours trading after it said it had restored power for 38,000 out of 200,000 customers who were out of power in Florida as of late Friday afternoon.<\/span>
\nTwilio (TWLO -0.18%) lost 3% in after-hours trading after it said it plans to offer $400 million in shares in a secondary offering.<\/span>
\nInotek Pharmaceuticals (ITEK -2.06%) slumped over 10% in after-hours trading after the company said it informed Chief Science Officer, William McVicar, that his employment will be ending.<\/span>
\nToday’s Economic Calendar<\/strong>
\n12:30 PM TD Ameritrade IMX<\/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 Monday. Hope you had a great weekend. The Asian\/Pacific markets closed mixed. China rallied 1.5% while South Korea fell 0.7%. Japan, Hong Kong and Taiwan were closed. Europe is currently up across-the-board. Greece is up more than 1%; Germany, France, the Netherlands, Norway, Poland and Italy are also doing well. Futures in […]<\/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\/9977"}],"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=9977"}],"version-history":[{"count":0,"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=\/wp\/v2\/posts\/9977\/revisions"}],"wp:attachment":[{"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=9977"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=9977"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=9977"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}