{"id":483,"date":"2009-05-14T06:30:07","date_gmt":"2009-05-14T11:30:07","guid":{"rendered":"http:\/\/leavittbrothers.com\/blog\/?p=483"},"modified":"2009-05-14T06:30:07","modified_gmt":"2009-05-14T11:30:07","slug":"before-the-open-53","status":"publish","type":"post","link":"http:\/\/blog.leavittbrothers.com\/?p=483","title":{"rendered":"Before the Open"},"content":{"rendered":"

Good morning. Happy Thursday.
\nFor the first time in over two months the S&P has fallen more than two consecutive days, and over the last 22 days, there have been 11 up days and 11 down days.
\nSPX 875 was resistance on the way up\u2026now we\u2019ll find out if it\u2019s support on the way down. We also have an up-sloping trendline connecting the lows from the last six weeks intersecting around 875 too.
\n
\nI think it\u2019s wrong to assume the uptrend is definitely over. Since the March low, the Russell rallied 50% and the Dow, SPX and Nasdaq rallied 40%. We\u2019ve had dozens of breakouts that went better than 20% and many that went 50% or doubled. If fact we\u2019ve had so many breakouts, we had to start a \u2018spillover\u2019 list to keep track of them.
\nIt\u2019s possible a top is in, but it\u2019s also possible the market just needs a rest. In either case, I watch these situations from the sidelines while keeping new trades short term (usually of the day trading variety).
\nIf the S&P slices through 875, my target is 825. If 875 holds, we\u2019ll have to see if the bulls have any giddy-up in them. Before assume the lows will be tested in the next couple months, remember the role the government is playing. Things that don\u2019t makes sense are happening. The banks were manipulated up solely to give them an opportunity to do secondary offerings at higher levels to shore up their books. The normal forces of supply and demand are not at work here.
\nheadlines at Yahoo Finance<\/a>
\nstocks to watch from MarketWatch<\/a>
\ntoday’s upgrades\/downgrades<\/a>
\nyesterday’s leaders & laggards<\/a>
\nthis week’s earnings & economic releases<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Good morning. Happy Thursday. For the first time in over two months the S&P has fallen more than two consecutive days, and over the last 22 days, there have been 11 up days and 11 down days. SPX 875 was resistance on the way up\u2026now we\u2019ll find out if it\u2019s support on the way down. […]<\/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\/483"}],"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=483"}],"version-history":[{"count":0,"href":"http:\/\/blog.leavittbrothers.com\/index.php?rest_route=\/wp\/v2\/posts\/483\/revisions"}],"wp:attachment":[{"href":"http:\/\/blog.leavittbrothers.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=483"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/blog.leavittbrothers.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=483"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/blog.leavittbrothers.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=483"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}