{"id":522,"date":"2009-04-08T06:30:03","date_gmt":"2009-04-08T11:30:03","guid":{"rendered":"http:\/\/leavittbrothers.com\/blog\/?p=522"},"modified":"2009-04-08T06:30:03","modified_gmt":"2009-04-08T11:30:03","slug":"before-the-open-70","status":"publish","type":"post","link":"http:\/\/blog.leavittbrothers.com\/?p=522","title":{"rendered":"Before the Open"},"content":{"rendered":"

Good morning. Happy Wednesday.
\nI\u2019m not sure how to read the action over the last two days. We entered the week with the market in a 1-month uptrend\u2026it\u2019s been 3 steps forward and 1 step back, and it\u2019s been several weeks since the market has lost ground for more than 2 consecutive days. Now the market has fallen but volume has been very light. The charts remain in decent shape, but one of our scenarios is playing out\u2026namely we\u2019re getting false breakouts across the board. Many stocks have broken out in the last week or two and have given everything back. The trends remain up, but this isn\u2019t exactly an ideal trading environment. Here are some examples. AMZN, CSCO, QCOM & SHLD broke out to new highs last week and were immediately sold.
\n
\nCouple these false moves with the indicators being in overbought territory and my suggestion to be on your toes makes sense.
\nEarning season is here. I\u2019m sure results will be ugly, but ugly is expected. Don\u2019t assume the market will sell off when bad news hits. Of course you can\u2019t assume the market will ignore the news and rally either.
\nHere\u2019s the 30-min SPX chart. The trend is up, but these falling wedges really zap your trust and confidence in the uptrend. Over the last 14 days, the market has made a higher high and higher low, but 7 days have been up and 7 down\u2026not fun to play with.
\n
\nStay on your toes.
\nheadlines at Yahoo Finance<\/a>
\nstocks to watch MarketWatch<\/a><\/a>
\nupgrades\/downgrades<\/a>
\nearnings & economic releases<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Good morning. Happy Wednesday. I\u2019m not sure how to read the action over the last two days. We entered the week with the market in a 1-month uptrend\u2026it\u2019s been 3 steps forward and 1 step back, and it\u2019s been several weeks since the market has lost ground for more than 2 consecutive days. Now the […]<\/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\/522"}],"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=522"}],"version-history":[{"count":0,"href":"http:\/\/blog.leavittbrothers.com\/index.php?rest_route=\/wp\/v2\/posts\/522\/revisions"}],"wp:attachment":[{"href":"http:\/\/blog.leavittbrothers.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=522"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/blog.leavittbrothers.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=522"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/blog.leavittbrothers.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=522"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}