{"id":482,"date":"2009-05-13T06:30:06","date_gmt":"2009-05-13T11:30:06","guid":{"rendered":"http:\/\/leavittbrothers.com\/blog\/?p=482"},"modified":"2009-05-13T06:30:06","modified_gmt":"2009-05-13T11:30:06","slug":"before-the-open-52","status":"publish","type":"post","link":"http:\/\/blog.leavittbrothers.com\/?p=482","title":{"rendered":"Before the Open"},"content":{"rendered":"<p>Good morning. Happy Wednesday.<br \/>\nAs stated yesterday, I\u2019m officially neutral the market. That doesn\u2019t mean I think the uptrend is over; it just means the market may need to rest and I\u2019m not going to be aggressively long. Semis have been weak; banks need to pullback. Breakouts are not following through. The steady move off the lows has lasted two months. Maybe a top is in place; maybe the market just needs to consolidate before legging up again. I don\u2019t know the answer, and I\u2019d prefer finding out while I have less or no exposure.<br \/>\nHere\u2019s the daily SPX. A breakout of support won\u2019t necessarily spell an end to the rally. It could lead to consolidation; it could just mean the market will move up at a shallower slope. In either case, I\u2019m looking for a pullback to the middle of the Bollinger Bands near 875, and if that level doesn\u2019t hold, the bottom band becomes my target.<br \/>\n<img src=\"http:\/\/leavittbrothers.com\/stocks-options-futures-trading-before-the-open\/images\/spx051309.png\"><br \/>\nThere\u2019s a time to be aggressive, and there\u2019s a time to go fishing (as Jesse Livermore would say). I\u2019m not going fishing, but with the market\u2019s inability to get much traction this week, my style says lay low and let the market figure out what it wants to do next.<br \/>\nFutures are down a bunch before the open. It should be another volatile day.<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\/story\/wednesdays-biggest-gaining-and-declining-stocks-200951374700\">MarketWatch<\/a><\/a><br \/>\n<a href=\"http:\/\/briefing.com\/Investor\/Public\/Calendars\/UpgradesDowngrades.htm\">upgrades\/downgrades<\/a><br \/>\nyesterday&#8217;s <a href=\"http:\/\/leavittbrothers.com\/leaders-laggards\/2009\/05\/12.cfm\">leaders &#038; laggards<\/a><br \/>\n<a href=\"http:\/\/leavittbrothers.com\/economic-releases-earnings-reports\/2009\/05\/10.cfm\">earnings &#038; economic releases<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Good morning. Happy Wednesday. As stated yesterday, I\u2019m officially neutral the market. That doesn\u2019t mean I think the uptrend is over; it just means the market may need to rest and I\u2019m not going to be aggressively long. Semis have been weak; banks need to pullback. Breakouts are not following through. The steady move off [&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\/482"}],"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=482"}],"version-history":[{"count":0,"href":"http:\/\/blog.leavittbrothers.com\/index.php?rest_route=\/wp\/v2\/posts\/482\/revisions"}],"wp:attachment":[{"href":"http:\/\/blog.leavittbrothers.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=482"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/blog.leavittbrothers.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=482"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/blog.leavittbrothers.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=482"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}