Before the Open (Apr 12)

Posted on by Jason Leavitt

Good morning. Happy Monday. Hope you had a nice weekend.
The Asian/Pacific markets closed mixed – there were no big winners or losers. Europe is currently mixed – most indexes are close to their unchanged level. Futures here in the States are flat.
This comes off a good week (the market’s 6th consecutive up week and 8th of the last 9) which saw all the indexes close at their high tick.
The trend remains solidly up, but we can’t relax just yet because potential resistance is front and center. The Dow is 3 points under 11,000; the S&P is 6 points under 1200; and the Russell has cleared 700 but hasn’t followed through yet.
Here’s the S&P 60-min chart. What can I say? Higher highs and higher lows – it keeps grinding up. Every time the market drops for one single day the bears get excited, and then a couple days later new highs are made.

One of these days the trend will end and the market will correct. When it happens, I’ll cash out and buy a couple reverse ETFs. But I see no reason to guess when it will happen. More after the open.
headlines at Yahoo Finance
today’s upgrades/downgrades
this week’s Earnings Reports
this week’s Economic Numbers

0 thoughts on “Before the Open (Apr 12)”

  1. back in faz @11.85 this morning. target triple digits of course but i won’t say no to any quick points.
    didn’t get fills in year-end spy puts tihis morning, one more push up to marginally above 120 should do it.
    watch your behinds, things are about to get brutal.

  2. Dear Liar Liar:
    Why do you say that things are about to get brutal?
    Do you know something that nobody else knows about?
    Howard Weinstein
    hweinstein7@nyc.rr.com
    **Maybe the Fed is going to announce higher
    interest rates after the bell tonight…..?

    1. i don’t think i “know” anything that nobody else knows. i definitely don’t have sources of raw information like that. but i don’t know what everybody else knows, so i couldn’t really say whether or not i know something nobody else does 😉
      it is just that my work and view of things suggest what i have stated. nothing more nothing less.

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