{"id":5007,"date":"2011-11-07T08:36:15","date_gmt":"2011-11-07T13:36:15","guid":{"rendered":"http:\/\/leavittbrothers.com\/blog\/?p=5007"},"modified":"2011-11-07T08:36:15","modified_gmt":"2011-11-07T13:36:15","slug":"before-the-open-nov-7","status":"publish","type":"post","link":"http:\/\/blog.leavittbrothers.com\/?p=5007","title":{"rendered":"Before the Open (Nov 7)"},"content":{"rendered":"

Good morning. Happy Monday. Hope you had a nice weekend.<\/span>
\nThe Asian\/Pacific markets closed mixed. Malaysia moved up 1%; no other indexes moved 1%. Europe is currently mostly down, but movement is small. Futures here in the States point towards a negative open for the cash market.<\/span>
\nI don’t have anything to add to the report I posted over the weekend. All the indexes ran into a resistance level of some sort and got turned back. I still consider the trends off the October lows to be up, but the market is now resting. Absent major news, the indexes should leg up again when this consolidation period ends, but we don’t live in a world that is absent news. Last Tuesday we got a huge gap down and sell off when negative news from Greece hit the wires. Those losses were recaptured by Thursday’s close when the news was taken back. It just goes to show you a 50-point S&P move can happen at any time, so risk remains elevated. There are also a handful of breadth indicators which are weakening. This doesn’t mean a top is in place and a downtrend underway, it just means they may need to cycle down for a week or so before moving up and supporting a market rally. At this point, I remain in conservative mode. Here are the 60-min charts showing resistance. Support is harder to read. The Dow and S&P made lower lows last week while the Nas and Russell held their lows. More after the open.<\/span>
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\nheadlines at Yahoo Finance<\/a><\/span>
\ntoday’s upgrades\/downgrades<\/a><\/span>
\nthis week’s Earnings<\/a><\/span>
\nthis week’s Economic Numbers<\/a><\/span>
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