Before the Open (Apr 13)

Posted on by Jason Leavitt

Good morning. Happy Wednesday.
The Asian/Pacific markets closed up across-the-board. India gained over 2% and Singapore and South Korea rallied over 1%. Europe is also up across-the-board. There are several 1% winners. Futures here in the States point towards a large gap up open for the cash market.

Normally when the market consolidates within an uptrend as it did last week, charts set themselves up for another push upward. This was not the case last week. Instead many charts deteriorated, and we’ve seen the results this week. Many individual stocks charts have broken down the last two days, and many groups charts (tech and semis for example) are breaking down. After yesterday’s close, the most bullish thing I could say was that many sources have either turned bearish or are considering it.
As of now, today’s open will be above yesterday’s high. Absent an intraday drop, yesterday’s candle may be an isolated island that doesn’t overlap its previous or following day.
Overall I’d still consider the trend to be up, but short term, as I stated over the weekend when I didn’t post many new set ups, things aren’t so clear. Last week was tough because the indexes grinded in a tight range. This week hasn’t been much easier because from Monday’s early-morning high to Tuesday’s early-morning low, the S&P dropped 25 points. Now, thanks to today’s gap up, half those losses will be recovered. Most who went short early yesterday will be sitting on losses at today’s open. Be conservative. The near term is unclear. 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 (Apr 13)”

  1. A retired stock broker who I am pretty friendly with
    says that we typically go down into opxpiration, and
    then the following week we tend to go up. 2) I am
    looking for a ‘pop and drop/gap and crap’ possibly
    into and after the President’s speech later today.

  2. Obama for lunch today. Nothing else matters until we see the mans’s plan.
    In the meanwhile, the dollar slides still and maybe headed for new lows – 74.88? The Euro/USD is up and said to be targeted for 1.51. When QE2 ends we will see if the economy and markets can last. Trading is less important than deciding if you are being deluded by currecy losses. So far currency is taking it away faster than you can make it.

  3. Just did a quick scalp in the premarket:
    bought 85 AGQ@ 256 sold 85 AGQ@ 258.25
    Hey, don’t laugh. I give Max, my dog,
    only the very best dog food, you know?

  4. As long as Bernanke keeps the boat afloat, who cares?
    You know Obama doesn’t understand jack shit about
    economics 101, so he drinks the Fed kool aid along
    with all the other members of our beloved congress.

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