Before the Open (Nov 26)

Posted on by Jason Leavitt

Good morning. Happy Friday. Hope you enjoyed your day off. Today is a half day…the market closes 3 hours early at 1 pm EST.
The Asian/Pacific markets closed mostly down – there were a few 1% losers. Europe is mostly down – there are several 1% losers. Futures here in the States point towards a large gap down open for the cash market.
Here’s the 30-min SPX chart since the first week of Sept. Its uptrend was broken two weeks ago, and now we’ve had sideways movement within a 25-point range. The large losses from Tuesday were almost completely recovered Wednesday, but today’s gap down will erase about half those gains.

Charts of individual stocks are mostly in good shape…although we’re not getting the same follow through we got for most of the Sept/Oct rally.
Charts of the indexes are more neutral. They are after all unchanged over the last month.
Debt worries in Europe and the situation with North and South Korea are moving the market. Bad news is driving prices down; good news or no news is relieving selling pressure. This is not a time to take big chances. When the event risk is high, it’s high in both directions. 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 (Nov 26)”

  1. There is a cycle low in Mid Dec.
    The dollar will hurt all commodities and stocks if it gains on other currencies like today, up .9%. Long UUP expecting 83,89 on the dollar. This is not good short run for equities.
    Mixed about the 2011 scene. Too much going on to see how it works.

  2. Looking at the charts for the NASDAQ over the past month all I can say is “What?” Put call ratios and VXN are not consistent with the charts. As Jason stated best “This is not a time to take big chances.” Or at least keep your stops very tight.

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