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I was just looking back on yesterday's closing post and noting the irony of me mocking the lack of movement. The calm before the storm?
To summarize this morning's action, it looks like we are in for rough open. S&P futures are down more than seven points and gold continues to get hit. The December gold contract is now down to 415 on another round of selling in the last half hour.
The earnings front is a mixed bag as MER and STT are indicated lower, STT more so than MER. JNJ is indicated marginally higher while TZOO is still shown up 9 percent. As usual, the caveat is that these are just indications which can change once the opening bell rings.
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The weakness in stocks is not (yet) pushing money into gold as it trades down to 420...
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Travelzoo (TZOO) reported earnings and is indicated up nine percent. This is interesting given what we discussed yesterday.
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It looks like State Street (STT) missed earnings estimates by a wide margin and isn't saying much that is positive...
Johnson & Johnson (JNJ) beat consensus estimates by two cents.
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Merrill Lynch (MER) reported earnings and beat consensus estimates by a penny.
While the report is better than expected, those who follow that brokerage sector are probably aware the brokers usually exceed estimates by a large margin. This relatively slim "beat" may not be enough to excite the Street. This is a stock to watch at the open...
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