Before the Open (Jun 23)

Posted on by Jason Leavitt

Good morning. Happy Thursday.
The Asian/Pacific markets closed mixed. China and India moved up more than 1%. Europe is currently down across the board. Almost every index is down at least 1%. Futures here in the States point towards a fairly large gap down for the cash market that will fill Tuesday’s gap up and put the indexes back in the middle of their ranges.

The dollar is up about 0.6%. Gold and silver are down. Oil is down more than 2%.
The reason for the weakness most likely stems from comments Bernanke made yesterday…that issues the US economy is dealing with may be stronger and more persistent than originally thought.
So be it. We are traders. No sense fighting reality. It helps to not have a strong opinion. Then you won’t be defensive when the market moves the opposite direction.
Here’s the 15-min SPX chart I’ve been working off. A few days ago I said if 1280 could be taken out, it would be a quick trip to 1290. That’s exactly what happened, but when 1290 was taken out, we didn’t get much follow through. Today’s open will be back under 1280, so for all the ups and downs the last couple weeks, the next change will be zilch. More after the open.

headlines at Yahoo Finance
today’s upgrades/downgrades
yesterday’s sector performance
this week’s Earnings
this week’s Economic Numbers

0 thoughts on “Before the Open (Jun 23)”

  1. just closed out all my ftse-dax-ndx-spx-dji at around the spx 1270 premarket cash level
    so come on bulls take us the gap fill and main piviot
    i want to short some more bulls

      1. i have 3 eyes,long purple hair all over,gaigantic sharp claws and all my 10 arms
        and when i groulllllllll the bulls go running up the charts
        come on bulls just a little further up
        my name is shorty and i am a 3 eyed purple people eater

  2. Where is Pete M? Is the Fed POMO getting acid indigestion
    from the Steak & Cheese hoagies you had a few days ago
    in Philadelphia, PA. Howard W

  4. Trading on Friday, June 24th. Don’t be surprised if
    we see the Dow up +80 to +100 points sometime during
    the trading day. Bulls are not giving up just yet.

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