Wednesday, June 5, 2013

6 Gut checks pre open


System takeover 728x91
System takeover 300x601
liveintent
ad_choices

MarketWatch
 
Need to Know
JUNE 05, 2013

6 gut checks before the stock market's opening bell

By Shawn Langlois
 
Need to Know
powered by
ad choices
 


Shutterstock
Good morning.

If Tuesday can't deliver, what hope does Wednesday have? So far, not much of one. Stocks were dumped in Japan amid fanned fears of "Abegeddon" , Europe is waffling, and U.S. markets are still in shock over the crushing end of the streak.

A fresh batch of economic news is on the way today, which means more hand-wringing over whether we want stronger or weaker numbers. Whatever happens, it might not be good, or bad, enough, in light of the (cue foreboding music ) Hindenburg Omen's clustering and confirming signals .

Not that anybody is worried.

Even the Bears are Bullish - Meredith Whitney, Nouriel Roubini and David Rosenberg. #stockaction

— Douglas Kass (@DougKass) June 5, 2013

Key market gauges: Abe spoke, investors fled. The Nikkei  dropped 3.3%, reversing early gains after the Japanese prime minister's blueprint for growth disappointed. The rest of Asia  followed suit. Europe  isn't finding much in the way of firm ground either, as stocks in Spain  and Italy  reversed course midday.

Meanwhile, in the U.S., futures on the Dow  and the S&P  are fading in the wee hours, while gold isn't mounting much of a comeback from yesterday's decline. Read: Gold futures gain ahead of U.S. data .

The economy: An appetizer to Friday's jobs report hit early, with the private sector gaining 135,000 jobs in May. The government also releases its second of three updates on productivity before the ISM survey of purchasing managers and the Commerce Department's factory orders numbers follow at 10.a.m. In the afternoon, the Federal Reserve's Beige Book, which is prepared ahead of an interest-rate decision, will be released. The last one said the U.S. economy expanded at a "moderate" pace. The next meeting of the FOMC is June 18 and 19.

The buzz: Investors -- and voyeurs -- just can't get enough of that Lululemon  invisible pants story. The company is among the top headlines on Google this morning after it said its sheer black bottoms will be back on shelves within a few weeks. The stock has rallied nicely for two sessions in a row.

Monsanto  is also grabbing clicks on word that a Kansas farmer is suing the company for unleashing an experimental genetically engineered wheat in an Oregon field that eventually led to plunging prices around the world.

Oddly enough, and for what it's worth, retail brand Michael Kors  scored the highest in terms of bullish intensity on Twitter this past week, according to Downside Hedge. Not far behind are Intel , Ford  and Merck .

On StockTwits, Ambarella  and Infinity Pharma  are two names on the trending list that we don't typically come across, joining some of the regulars like BlackBerry  and AIG .

Salesforce.com  remains in the focus with shares fighting back in the premarket from yesterday's selloff. The company on Tuesday said it agreed to acquire ExactTarget . It's "a good fit, but not the best fit," according to Citi's Walter Pritchard. "We continue to believe the company is emerging as the leader in the next-generation of 'front office' applications, with marketing a key part of that and ET strengthening the CRM product portfolio."

The chart of the day: Michael Arold is calling for a bounce and using what he describes as "one of my favorite short-term market timing tools" to arrive at that forecast. He says the McClellan Oscillator has been "extremely reliable," having successfully signaled higher market moves 11 out of the past 13 times. Beware though, one of the times it misfired was right before the 2011 flash crash. "The indicator has what I call 'black swan characteristics' -- it works most of the time, but the one time it doesn't work, you get killed," he writes. Proceed with caution.
StockCharts.com
The call of the day: The technical stars are aligning for a 13% haircut in shares of eBay , according to a trio of telling charts rolled out by Dragonfly Capital's Greg Harmon. "The auction giant has long been discussed as having some great business and very poor management. Over 2012 the business story seem to have been winning out but now it seems that the stock is ready for a pullback," he wrote.

Random reads: Gridlock at 27,000 feet, "pyramids of human excrement" and icy corpses. Mt. Everest, where do I sign up!

A heartwarming interview between a terrorist and his mom .

The PED scandal is set to hit the fan again . You could fill a New York thimble, maybe, with all the tears to be shed for Alex Rodriguez.

Fill in the blank: "___ in a box."  Unless you're an expectant Finnish mother or completely removed from pop culture, this video and its 40 million views probably springs to mind. But it's "baby in a box" that just went viral.

Let's commemorate the retirement of IKEA's founder with monkey memes .

Need to Know starts early and is updated as needed until the opening bell, but sign up here  to get it delivered once to your e-mail box. Be sure to check the Need to Know item. The e-mailed version will be sent out at approximately 8:45 a.m. Eastern. Follow @slangwise  on Twitter.
Get the latest news on our mobile site: http://www.marketwatch.com/m


MarketWatch has sent you this newsletter because you signed up to receive it.
To ensure you receive this newsletter in the future, please add marketwatchmail.com to your list of approved senders.
Sent to: alanrussell@princetoncap.com

Unsubscribe | Subscribe
Copyright 2013 MarketWatch, Inc. All rights reserved.
MarketWatch, the MarketWatch logo, and BigCharts are registered trademarks of MarketWatch, Inc.
By using this site, you agree to the Terms of Service and Privacy Policy (updated 6/26/07).

MarketWatch - Attn: Customer Service, 201 California St., San Francisco, CA 94111
System takeover 160x601

 

No comments:

Post a Comment