Before the Open (Apr 23)

Posted on by Jason Leavitt

Good morning. Happy Friday.
The Asian/Pacific markets closed mixed with a bearish bias. Europe is currently up across the board. Futures here in the States point towards a moderate gap up open for the cash market.
We entered this week with the near term trend potentially turning, and so far the bulls have done what they’ve been doing for months – dig their heels in and defend their turf. The market has moved up 3 of 4 days and has almost completely recovered last Friday’s stiff sell-off. The S&P is only a couple points from its high and remains in pretty good shape.
Here’s the 30-min S&P chart. Whether you consider the current pattern to be a falling rectangle within an uptrend or a symmetrical triangle within an uptrend doesn’t matter. The trend is up, so my bias remains to the upside.

I looked at many charts yesterday. Some are broken, others are setting up nicely. There seems to be enough participating in the current move to keep the indexes pointing in the right direction. For now I see no reason to fight it or guess when it will end. Don’t get me wrong, there are warning signs. But warnings signs are just that, warnings. Price action rules. Don’t get complacent. 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 23)”

  1. check out the corn and wheat charts, friends and foes. something big is brewing there. wheat has the better looking ending pattern followed by an impulsive wave up, whereas corn put in a higher low already and may be ready to launch in wave 3 or C (doesn’t really matter, both are explosive affairs). how do you spell divergence again?

  2. Dear Liar Liar:
    Forget about the corn and wheat. You better concentrate
    on getting stopped out of your short positions or
    else you will be eating paper cardboard for breakfast! HW

    1. are you kidding me? i am just getting started.i am hoping for higher prices to short more but just not getting them. i took my big position in spy puts @120.50. where did it go? nowhere. give me 125+ so i can add LMAO this is the second best short opportunity i have seen in my lifetime in the stock market. best one was the 2008 drop, which i caught the whole way. the 2000-2002 drop was also good, but i missed the big chunk of the beginning but caught on later.
      i always make much more money in commodities and bonds. margins are so low. i remember when one could trade corn for $400 overnight and euro for $1,200 overnight. they are still very low compared to stock indices. i made a boatload of money in euro shorts this year already (and one long even). 20 points and counting with lotsa contracts. short it every time it goes up a few points and get ready to count the cash. i think it goes on for another couple of years until parity. but bounces will get bigger and wilder at some point. it’s getting too easy, i can sense it. when public joins the party, we’ll start trading it both ways.
      in conclusion, no worries about my breakfast sir. i learned to trade long time ago so i will always make money, even when i am dead wrong on the direction. in fact, even when i am dead! LMAO
      best of luck mr HW 🙂

  3. Ladies and gentlemen, friends and foes:
    It has become apparent that the time has come for liar liar to sail from the lb blog. I am having fun interacting and sharing opinions, but obviously I am (nearly) alone in that joy. Esp the boss is far from having fun it seems like LOL
    After all, it is not fair to use the marketing & advertising venue Mr Leavitt pays for and provides to criticize (or bash or defame or whatever else he would call it) himself. In the end, it is his playground 🙂 That is not my intent and I am definitely not doing that, but he thinks I am and perception becomes reality at some point. Sense of humor also seems to be lacking, which makes communication particularly hard in a stressful job like trading.
    After years of dealing with me, I think Mr Leavitt deserves a break (a long one, that perhaps lasts till the end of his life LMAO). I am looking forward to that character defamation lawsuit, I even found my attorney LOL Everybody is invited to the hearing 🙂
    Peace and prosperity to all.

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