Before the Open (Mar 22)

Posted on by Jason Leavitt

Good morning. Happy Tuesday.
I don’t think my situation has changed since yesterday. Thanks to warm temps, low humidity, zero precipitation and high winds the fire has spread. It’s now burned over 850 acres, and crews are having a hard time containing it on its north side. If the wind shifts to the east, I would not have to evacuate immediately, but I’d probably get a warning that evacuations could happen at any time on short notice.

The Asian/Pacific markets closed mostly up. Japan rallied better than 4%; no other index move up 1%. Europe is currently mixed with a bearish bias. Futures here in the States are flat.
The market went through a period where for 4 out of 5 days, decliners were 80%. Now we’ve had three consecutive days where advancers have been 70%. Quite a turn. The S&P is now above its pre earthquake levels, but it’s now bumping up against the three weeks of consolidation that took place at the end of Feb and beginning of Mar.
If the market was weak and if it is meant to drop back down and make a lower low, it shouldn’t bounce much more. If it does continue up, I’m going to start thinking a dip will be buyable.
For now be very very nimble. This is still very much a news driven market, so I continue to believe a 20-point SPX move in either direction can happen at any time (like yesterday). This is not a time to take chances. 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 (Mar 22)”

  1. Watch the humidity, its the key to fire advances/leaps where I live. Hope you are insured.
    The market seems unsure of itself right here, and could go either way. The advances yesterday were on less volume than the major decline volumes at the prior pivots. I see some ABC downs in the indexes setting up, but nothing more than testing of prior support or gap filling. That done I suspect the move is up into May 24 which I have ID as the date of high for this move based on cycles (top = about 1350-1400) worth being invested for. BUT……
    Our President has gotten us into another lonely, no win entanglement in N. Africa. Turns out we have the fire power and “coalition” (no names yet) is the Greek Chorus. NO one can do anything anywhere if he can not hold the real estate – Roman Field Manual.
    We confront more inflation and news driven markets. I am slowly buying in via the index ETFs.

  3. the euro looks like its been pumped dry at these lofty hights and perhaps china and japan have lost their appitite and are ready to dump the german merkle
    the much unloved usd may be ready to give the 90% bears a gouging by the 5-10% bulls

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