{"id":476,"date":"2009-05-06T06:30:58","date_gmt":"2009-05-06T11:30:58","guid":{"rendered":"http:\/\/leavittbrothers.com\/blog\/?p=476"},"modified":"2009-05-06T06:30:58","modified_gmt":"2009-05-06T11:30:58","slug":"before-the-open-46","status":"publish","type":"post","link":"http:\/\/blog.leavittbrothers.com\/?p=476","title":{"rendered":"Before the Open"},"content":{"rendered":"<p>Good morning. Happy Wednesday.<br \/>\nAfter a big up day Monday, the market took the day off yesterday. No big deal in the grand scheme of things. The \u20182 steps forward, 1 step back\u2019 action continues.<br \/>\nBank of America (BAC) has been warned it will need to raise $35 billion \u2013 much more than many expected. I stated yesterday if the stress tests revealed several banks needed to raise a couple billion, the market would react favorably, but $35 billion is a little more than \u201ca couple.\u201d The futures market reacted negatively to the news and stayed negative all night, but more news out this morning has caused the futures to spike higher. Hence we\u2019re looking at an up open (for now).<br \/>\nHere\u2019s my SPX daily. I\u2019m sticking with my targets (925 &#038; 975).<br \/>\n<img src=\"http:\/\/leavittbrothers.com\/stocks-options-futures-trading-before-the-open\/images\/spx050609.png\"><br \/>\nI\u2019ve read lots of negative stuff lately\u2026how rising unemployment will cause more foreclosures and the massive labor pool will cap wages for several years and the increased savings rate will dampen any type of economic growth and how it could take an entire generation for this banking mess to fully work itself out, etc etc, but the market keeps going up and up (yeah I know that\u2019s a run on sentence). Heck, the Russell 2000 is up almost 50% since its March low. It makes no sense, but who am I to argue. If the market wants to move up, I\u2019m not going to stand in its way. That\u2019s why I\u2019m sticking with long trades, and I\u2019m not going to attempt picking a top.<br \/>\nheadlines at <a href=\"http:\/\/biz.yahoo.com\/apf\/archive.html\">Yahoo Finance<\/a><br \/>\nstocks to watch <a href=\"http:\/\/www.marketwatch.com\/news\/story\/Wednesdays-biggest-gaining-declining-stocks\/story.aspx?guid={561038D3-71C5-466E-8D12-42200D3B5ABA}\">MarketWatch<\/a><\/a><br \/>\n<a href=\"http:\/\/briefing.com\/Investor\/Public\/Calendars\/UpgradesDowngrades.htm\">upgrades\/downgrades<\/a><br \/>\n<a href=\"http:\/\/leavittbrothers.com\/economic-releases-earnings-reports\/2009\/05\/03.cfm\">earnings &#038; economic releases<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Good morning. Happy Wednesday. After a big up day Monday, the market took the day off yesterday. No big deal in the grand scheme of things. The \u20182 steps forward, 1 step back\u2019 action continues. Bank of America (BAC) has been warned it will need to raise $35 billion \u2013 much more than many expected. [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[2],"tags":[],"_links":{"self":[{"href":"http:\/\/blog.leavittbrothers.com\/index.php?rest_route=\/wp\/v2\/posts\/476"}],"collection":[{"href":"http:\/\/blog.leavittbrothers.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/blog.leavittbrothers.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/blog.leavittbrothers.com\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"http:\/\/blog.leavittbrothers.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=476"}],"version-history":[{"count":0,"href":"http:\/\/blog.leavittbrothers.com\/index.php?rest_route=\/wp\/v2\/posts\/476\/revisions"}],"wp:attachment":[{"href":"http:\/\/blog.leavittbrothers.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=476"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/blog.leavittbrothers.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=476"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/blog.leavittbrothers.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=476"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}