Before the Open (Mar 28)

Posted on by Jason Leavitt

Good morning. Happy Monday. Hope you had a nice weekend.
The Asian/Pacific markets closed mixed; there are no 1% movers. Europe is currently mixed; there are no big winners or losers. Futures here in the States point towards a positive open for the cash market, but this could change because as of this writing, the market still doesn’t open for two more hours.

Sentiment in the near term is very bullish, perhaps too bullish.
On Friday, 811 S&P 1500 stocks hit a new 10-day high – this is the highest number since Dec 7. As of Friday’s close, 1309 S&P 1500 stocks were above their 10-day MA – the highest number since Dec 3.
Backing up slightly, 1030 S&P 1500 stocks are above their 20-day MA – the highest number since Feb 18 (the high), and on Friday 344 stocks made a new 20-day high – also the highest number since Feb 18.
Needless to say, on a very short term basis, the market has gotten stretched out. The risk/reward for new trades is not great because a little give back isn’t far off. Manage what you have, but I wouldn’t be super aggressive here with new entires. 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 28)”

  1. Consumer spending up big.7%, but consumer income disappointing. How does that work? No savings?
    The RSI for last 14 days is weak, volume is weak BUT the BUCK factory is still running.
    The correlation of SP5 with Fed stimulus in the prior week period is 68%. We are driven, not by common sense, but institutional investors which have more damned money than they know what to do with it. Seasonally, bet on the $RUT for April.That And some luck and you make money.
    Silver leveraging suggests we get a correction soon, it will be substantial, I think.
    Cheers

  4. with small ranges like this its not worth trading
    sideways till april fools for window dress lying,then down with the long onlys
    made a few bucks on the dax with its intraday sideways chanell
    i read ur web site,Neal and i must say that pattern traper is good
    he trades like me and i was impressed that he uses the ny tick ind–it tells me what the market is doing every minute

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