Before the Open (Aug 17)

Posted on by Jason Leavitt

Good morning. Happy Friday.
The Asian/Pacific markets closed mixed and with an upward bias. Australia, Hong Kong and Japan did fairly well. Europe is currently mostly up. Belgium is up 1.1%; Austria and Stockholm are also doing well. Futures here in the States point towards a slight down open for the cash market.

The dollar is up. Oil is down; copper is up. Gold and silver are down.
Spanish bad bank loans have hit a new high. Otherwise there isn’t any noteworthy news from overseas – just the usual rumblings.
Today is options expiration day here in the US. I don’t expect it to have a big effect. Most of the movement that needed to take place has already taken place, and most positions that needed to be unwound have already been exited. The media will make this out to be a big day, but that’s just because they need something to talk about. It’s just another day during a slow month.
Here’s an updated of the daily index charts. The Dow broke out from its flag pattern and can now eye its summer high. The Nas followed through on the breakout that took place two days ago. The S&P has invalidated the small rising wedge that was forming. The Russell busted out and closed at its highest level since early July. Solid, across-the-board movement.

But don’t get lazy out there. Don’t get complacent. News from Europe has dried up this month, so you never know. My bias remains to the upside (we had many pretty good set ups to play the last few weeks), but I’m not putting all my chips on the table. I believe this is still a time to play it safe and preserve captital. More after the open.
headlines at Yahoo Finance
headlines at MarketWatch
today’s upgrades/downgrades
this week’s Earnings
this week’s Economic Numbers

0 thoughts on “Before the Open (Aug 17)”

  1. When vacations end in Europe the wheels grind again. Draghi will likely get some support from Germany, but not for much QE and no EU (German backed) bonds. The southern banks go flat, maybe broke.
    It will become clear that Spain, and Italy are in for austerity, severe austerity. They will buy US Treasuries again as the money moves out of the EU. Meanwhile in Washington, Nothing but talk. Be cautious all the summer fun was for likely for naught.

  4. a different veiwpoint
    elections in germany –usa
    the mafia runs the world,and their are 12 pschyco’s that want to run the world that control the mafia—so who is the mafia going to elect to usa/germany
    if the market gos up maybe they will continue to suport oslama
    if their henchmen the insto banks push the market down,then like 2008 their will be a change
    i dare everyone to goggle —-“none dare call it conspiracy.”””
    download the book in pdf format and read it

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