Before the Open (Aug 24)

Posted on by Jason Leavitt

Good morning. Happy Tuesday.
The Asian/Pacific markets closed mostly down. Europe is currently down across the board with several 1% losers. Futures here in the States point towards a sizable gap down open for the cash market.
If I judge the strength or weakness of a day based on the number of stocks that close in the upper or lower parts of its intraday range, yesterday was the weakest day since July 21. Looking back at other such days over the last six months doesn’t reveal an edge for the next day (there were equal number of days that saw a snap back rally as there were days that followed through to the downside), but the next day did see a decent intraday bounce in almost all cases. …just something to keep in mind.
Here’s the daily SPX. 1060 will be taken out at today’s open. A close below significantly increases the odds 1040 is visited soon after.

As I stated yesterday, there is nothing the bulls can hang their hats on right now. And unfortunately for them, the indicators have not gotten into oversold territory yet. 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 (Aug 24)”

  3. Neal: Be careful of the newly launched ETFs such as SQQQ and TQQQ. They trade on relatively light volume and you can get caught if you are in a whipsaw situation. My mansion includes a one bedroom apartment on the upper east side of Manhattan with a parking garage downstairs in the building. I drive a 2007 Buick LaCrosse and consider myself a man of ordinary means. No bling, bling, no Porsche in the driveway. All my bills get paid the moment they come in.
    2)I love Chicago and I have visited your windy city on several occasions. HW

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