Before the Open (Mar 24)

Posted on by Jason Leavitt

Good morning. Happy Thursday.
The Asian/Pacific markets closed mostly up. There were a few 1% winners. Europe is up across the board. Half the markets are up at least 1%. Futures here in the States point towards a large gap up open for the cash market.

Yesterday the S&P closed near its pre-earthquake level, so as of today’s open it’ll be about 10 points above that level. Not bad at all. An earthquake, a tsunami, a nuclear crisis – possibly $300B in losses and damage, and the market was able to absorb all of it.
For what it’s worth, yesterday was the first time in 8 days advancers and decliners were relatively equal. The previous 7 days saw one lead the other by at least 7-to-3.
I’ve been saying for a couple days I’m getting less and less interested in shorting a bounce. A week ago I though for sure I’d be shorting a light-volume bounce, but this bounce has been impressive enough to neutralize the negative sentiment. It’s realistic last week’s low is the low and the Feb highs will be tested in the next couple weeks.
There’s lots of overhead resistance to deal with and bad news could provide a road block, but for now the market seems to be in pretty good shape. 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 24)”

  1. Approximately a week ago, after we pulled out of armegeddon,
    the spin doctors on CNBC were all talking about “Sell the
    next rally! Nothing of the sort! In fact, I already put
    my order in for a dozen, cousin, of the Dow 13000 mix & match
    t-shirt/underwear combo special. More realistically, I see
    now S&P 1310 on the radar screen, and then who knows? HW

  2. UP into June. Short Bonds for a while. Will trade for 1350-1400 SP.
    Watch Red Hat (lenux) it could be a sleeper in the communications cloud wars, I am long.
    Top in June if Fed does not start QE3. If QE2 is the end then I expect a decline in the equities and I will go long bonds and more PM as better than cash. FXC and Yuan both are starting to appeal if QE3 materializes.
    Oh yow, the sweat is off in the EU, they decided to ignore the problems for a while longer.

  5. Aussie JS: I don’t know where you get your information
    from, but I tend to agree with you about ‘dump the pump’
    It looks like the daily charts are starting to turn up,
    maybe fill the gap into the Feb 18th high. But on the
    other hand, if the instos begin to take profits look
    out below. Then it’s the usual end of month/beginning
    of month seasonal buying. HW

  6. I agree with everybody – based on technical analysis, of course, i.e. buy the dips & sell the rallies, depending on your trading time frame. How’s that for a waffle?

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